Monday, February 26, 2007

The State Senate majority leader, Joseph L. Bruno, has said that he never used his power to enrich himself.
(photo courtesy Nathaniel Brooks for The New York Times)

MIKE McINTIRE NY TIMES

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



Comments: Post a Comment

Links to this post:

Create a Link



<< Home

This page is powered by Blogger. Isn't yours?