Word: zaccaro
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...York Bureau Chief John Stacks first covered Geraldine Ferraro last spring, when she was still a Queens Congresswoman. For this issue, he and Correspondent David Beckwith talked for an hour with the vice-presidential candidate and her husband John Zaccaro. Recalls Stacks of the reunion: "Less than four months ago, a visit to Geraldine Ferraro's home in Queens was like a visit to any upper-middle-class dwelling. The dog roamed around the house. Ferraro was busy but not harassed. Her husband was gracious and relaxed." This week Stacks found Secret Service agents prowling the grounds...
Ferraro certainly showed that she has an astonishing knack for handling journalistic inquisitors. The reporters in New York were as jumpy and eager as hounds. For 18 hours they had been able to examine the financial records of Ferraro and her husband John Zaccaro, a real estate executive. The candidate was open to a slew of questions about her compliance with congressional finance rules. In 1978, during her first run for Congress, Ferraro's husband and children had loaned her $134,000; federal election law permits only $1,000 from each family member...
...Federal Election Commission notified her of the violation; to repay the loan, Ferraro arranged through her husband to sell her share of a Manhattan building. The property was bought by a middleman, then repurchased by Zaccaro?a curious transaction resulting from Zaccaro's apparent ignorance of campaign finance laws. Then the couple miscalculated their profit on the deal and ended by owing the IRS $29,709 in back taxes plus interest of $23,750 (see following story...
...intriguing to the press was Ferraro's apparent misinterpretation of the 1978 Ethics in Government Act, which requires members of Congress to disclose their spouses' income and assets if they stand to benefit from them, as well as their personal assets. Ferraro, who is a lawyer, had never disclosed Zaccaro's; she says she believed their separate careers entitled her to an exemption. Finally, Ferraro would have to answer for her husband's sometimes haphazard and occasionally controversial business dealings...
...fined the Ferraro campaign $750 for the violation, after accepting the sworn statements of Zaccaro, who served as campaign manager, and the committee treasurer that they had been assured that the loans were proper by David Stein, a former FEC attorney. Last week Stein issued a statement claiming that he informally advised the Ferraro campaign that "I did not believe that it would be permissible" to accept large family loans. Zaccaro and the campaign treasurer continued to stick to their original account...