Monday, February 26, 2007
Say it ain't so Joe.......alas...another myth destroyed........andy
"It is an oft-told tale that has become part of Albany lore. Long before he became the State Senate majority leader, Joseph L. Bruno borrowed $5,000 to start a telephone equipment company, built it into a profitable business and sold it for $23 million in 1990. Born into poverty, Mr. Bruno became a millionaire.
Or did he?
A review of records and interviews with his former partners showed that while Mr. Bruno indeed built his publicly traded firm, Coradian Corporation, from scratch, its sale did not make him a millionaire. In fact, the company had been steadily losing money, and Mr. Bruno made less than $400,000 from the transaction.
As a result, Mr. Bruno began to pursue other sources of money, and those pursuits are now the subject of a federal investigation. " for the rest of this article...click here........andy