Blagojevich In Deeeep Debt... Owes Over $1M In Legal Fees and Mortgage Payments

Submitted by SadInAmerica on Sat, 12/13/2008 - 1:39am.

A criminal complaint isn't the only problem Governor Rod Blagojevich and his wife have to deal with. CBS 2's Dorothy Tucker reports their financial future looks as dim as any political future.

According to published reports, when times were good for Governor Blagojevich and his wife, the couple made nearly a million dollars a year. Most of it was from Patti Blagojevich's real estate commissions. As of late, Patti's position as a fundraiser for a social service agency makes her only $80,000 dollar a year. Her salary combined with her husband's yearly salary of $177,000 is just over a quarter of a million dollars. That is not bad for most, but perhaps not good enough for the governor.

Cindy Canary is with a non partisan public advocacy group. She says the governor seems to be in a good deal of personal financial debt.

Blagojevich owes $750,000 in first and second mortgages on his Chicago home, another $150,000 on a Washington condo, and $500,000 in legal fees and if he decides to fight his latest legal problems, Canary says corruption cases can cost millions of dollars.

"One would assume that that pension when he would still be a relatively young man at 62 might have been in the plans for their college tuitions, their retirement, that is a tremendous amount of money to lose," Canary said.

The governor would keep his salary while waging his legal battle, but if he's convicted or even impeached that $177,000 paycheck immediately disappears. His state pension which also amounts to $177,000 that he would collect every year once he reaches age 62 would also be gone.

"Anybody that involved himself in things that are illegal should really pay the price, regardless of his financial situation," said Chicago resident Chris Goode.

Illinois resident, Ray Case said, "I'm sorry for his family, but not him. He bought his own bed, let him lay in it."

If convicted, the governor would also lose his federal pension. He spent six years as a U.S. Congressman and that could amount to several thousand dollars lost.

Dorothy Tucker - December 12, 2008 - source CBS2Chicago 

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Submitted by SadInAmerica on Sat, 12/13/2008 - 1:39am.