Sanctimonious Rick Santorum: Czar of Ethics or Con Man on the Take?

American Prospect has done some homework, starting with:

Exclusive: An investigation into the private and public finances of Rick Santorum suggests that the Senate GOP might want to reconsider making him its ethics czar.

“In far too many families with young children, both parents are working, when, if they really took an honest look at the budget, they might find they don’t both need to.”
-- U.S. Senator Rick Santorum, in his 2005 book, It Takes a Family: Conservatism and the Common Good

And then:

Initially, according to Loudoun County property records, the purchase was financed with a $405,000 mortgage from a conventional lender, Westminster Mortgage Company. But a year later, the couple refinanced for $500,000. That was not unusual in the fall of 2002, when many homeowners were refinancing to take advantage of plunging interest rates, while also cashing in on the rising equity in their homes. What was curious was the source of the increased mortgage. It was a new private bank catering to “affluent investors and institutions” -- whose officers have contributed $24,000 to Santorum’s political action committees and re-election campaign -- called Philadelphia Trust Company.

Rick and Karen Santorum do not appear to fit the profile of customers to whom the financial institution would normally issue a loan of any kind. According to information currently posted on Philadelphia Trust’s Web site, banking services “are offered at no additional charge to our clients” and “are available only to investment advisory clients whose portfolios we manage, oversee or administer. Interest rates on loans and deposits are competitive. Loan payments will be customized to match each client’s specific needs. Approved loans will be collateralized by your investment portfolio.”

Santorum’s financial disclosure forms filed with the clerk of the Senate show that he has never maintained an investment portfolio with Philadelphia Trust. For that matter, the senator would hardly fit the profile of the “affluent investor” that the Philadelphia bank seeks -- namely, people with investment assets of at least $250,000. On his 2002 disclosure form, Santorum listed liquid assets, primarily retirement accounts and life insurance, in a range no greater than $140,000.

Santorum’s campaign refused to disclose any specific information about the loan, and neither would officials from Philadelphia Trust. Bank Chairman George Marlin claimed that discussing any customer’s transaction would violate not only banking privacy laws but also, curiously, the USA PATRIOT Act. A bank director, Karen Iacovelli, who has a background in public relations, also refused to answer any questions in detail. Asked whether Philadelphia Trust does any loan business with non-investment clients, she said, “Yes and no -- it’s a judgment call.” Michael Crofton, the ceo of Philadelphia Trust, did not return three phone messages.

You remember Ricky, don't you? The one who told The Times last spring he lives paycheck to paycheck and relies on checks sent by his retired Mom and Dad to support his SIX kids? The one who travels everywhere in Wal-Mart jets but is just loved by Hispanics for understanding where they are coming from (Rick probably thinks it's Hispanics who CLEAN the Wal-Mart corporate jets).