Word: coelho
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...atmosphere in Congress had truly turned poisonous in the week since Wright's position crumbled and majority whip Tony Coelho resigned rather than face similar investigations into his advantageous insider acquisition of a $100,000 junk bond. Republican Newt Gingrich of Georgia, who first leveled the charges against Wright, crowed over his victory and declared that at least ten other Democrats were guilty of similar violations...
Wrapped up in the furor surrounding the nomination of former Texas Senator John Tower as Secretary of Defense and the recent allegations of ethics violations involving House Speaker Jim Wright (D-Tx.) and Majority Whip Tony Coelho (D-Ca.), Congress itself is only now beginning to address the drug crisis...
...same could not be said of whip Tony Coelho, who had hoped to bump up a notch to majority leader. The Justice Department is reportedly in the preliminary stages of a criminal investigation of Coelho's investment in a $100,000 junk bond sold by indicted inside trader Michael Milken's firm, Drexel Burnham Lambert. Late Friday, after Common Cause asked the ethics committee to determine whether the bond deal was a favor, Coelho could see what lay ahead. He announced that he was quitting his leadership post immediately and resigning from Congress on June 15, his 47th birthday...
That cleared the way for Richard Gephardt, who has already passed professional, financial and sexual scrutiny as a candidate for President, to run for majority leader. Gephardt had been lying low until Coelho dropped out -- he and Coelho have a noncompete clause in their friendship contract -- so late Friday he was scrambling to get members' home phone numbers to campaign over the weekend. Georgia's Ed Jenkins, an ally of powerful Chicago Congressman Dan Rostenkowski, is another likely candidate. Former Budget Chairman Bill Gray, Arkansas' Beryl Anthony and Michigan's David Bonior will probably fight it out for Coelho...
NATION: As Jim Wright's fate is sealed, the Capitol Hill ethics purge also topples majority whip Tony Coelho...