Miami Herald: Why Rubio's equity loan is our business

[seafan]

Why Rubio's equity loan is our business


FL House Speaker Marco Rubio


BY ANA MENENDEZ
April 2, 2008

Some people go to the supermarket and forget to buy milk. State House Speaker Marco Rubio gets a $135,000 equity loan and forgets to disclose it. So it goes: Memory is an untrustworthy friend.
But Monday, Rubio was laughing. ''I'm sorry,'' he said between chuckles, ``I'm still puzzled on why this is newsworthy.''

I'll explain. But first a recap: The Miami Herald reported Saturday that Rubio had quickly amended his financial disclosure forms after the paper asked why they were missing the loan from US Century Bank. Rubio called the omission ``an oversight.''
The bank, whose board of directors includes prominent supporters, had extended the $135,000 equity line 37 days after Rubio and his wife bought a $550,000 home in West Miami in late 2005.

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The reason politicians are required to disclose their financial dealings is to ensure transparency. Those of us who send our tax dollars to Tallahassee have a right to know the friends and business partners of the politicians entrusted with our money.
If Rubio is going to ally himself with developer Sergio Pino against slots, we need to know that he's banking with him. If Rubio enjoys the support of Floridians for Property Tax Reform, we need to know that Jose Cancela, involved with the pro-tax-cut group, is also on the board of US Century.
And if Rubio does run for county mayor later this year, voters need to know that the bank that holds his loans is run by men who might be pleased if the county extended the urban development boundary (UDB) to allow development in what is today farmland.

In addition to Rasco, US Century's board includes Pino, Armando Guerra, Agustin Herran and Carlos Garcia. Those men are affiliated with Neighborhood Planning Co., which has partnered with Lennar and the Easton Group to develop some 800 acres outside the UDB.

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Rasco acknowledged the connection Tuesday, saying Lennar was ``leading the effort to present the plan.''
He added: ``Back to the bank, I don't know how I can convey that we don't make loans to curry political favor with anyone.''

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But if I were Rubio, I might think twice about banking with US Century. If some day Rubio is mayor of Miami-Dade County and his bankers want the UDB extended? Forget corruption -- it's hard to say no to friends, especially ones who lend you cash.
Rubio told me the UDB should be kept in place in ''the short term,'' which he described as ''five years.'' And then what?
Politicians have tremendous power. Developers have tremendous appetites. That's why, even when everything is aboveboard, dealings between the two must be disclosed.

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Rubio is steeped in Jeb Bush ideology and has grand plans for *higher office*, starting with a run for Miami-Dade Mayor in November, although he claims he's just 'considering it' at this point.


It's high time to scrutinize Rubio.

Kudos to Ms. Menendez at the Herald.

[slackmaster]

1. Mmmmmmmmmmmmmmmmmm, Rubio's

Fish tacos.........