Word: zaccaro
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Dates: during 1980-1989
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Geraldine Ferraro and John Zaccaro are the victims of probably the largest invasion of privacy in history...
...back meant that Zaccaro was indirectly subsidizing his wife's campaign. In effect, she was selling her share of the property to him, with Lerman acting as an intermediary, and then using the proceeds to repay her husband and children. This would not be considered a gift and therefore a violation of election laws unless the value of the property was inflated, exceeding a fair market price at the time she sold her share...
...Ferraro campaign staff points out that Zaccaro could have simply bought his wife's property directly without going through Lerman, but "because of the recent FEC experience it did not occur to him." Again, for such a transaction to be legal it would have to be an arm's-length, market-value deal. In view of Ferraro's whopping profit after just five months, it is not entirely certain that the sale and repurchase met this standard...
Ferraro repaid the illegal campaign loans in October 1978 with the proceeds from 231 Centre Street and $30,000 from the sale of her interest in an unrelated mortgage. The FEC eventually fined her campaign $750. Zaccaro bought back the interest in 231 Centre Street in January 1979, after his wife's election to Congress. Ferraro says she only learned of the buy-back early in 1984. "Why did you do it?" she said she had asked Zaccaro. "He said it was legal and I said, 'Sure it was, but it doesn't look...
When Ferraro and Zaccaro filed their last joint tax return in April 1979 (they have since filed separately), they substantially underestimated the profit on the building sale. They listed the original purchase price as $90,311, which was accurate enough ($87,750 plus $2,561 in closing costs). But they said the building was sold for $96,500, for a capital gain of only $6,189. This ignored the fact that Lerman had assumed her $62,300 mortgage. Accountants from Arthur Young & Co., recently hired by Ferraro to review her finances, discovered the omission almost at once. It meant that...