Friend of Angelo Conrad's Taxes
Thanks to Conde Nast Portfolio magazine, you probably know that Sen. Kent Conrad of North Dakota "borrowed $1.07 million in 2004 to refinance his vacation home with a balcony and large porch in Bethany Beach, Delaware, a block from the ocean. [Countrywide Financial CEO Angelo] Mozilo instructed a subordinate to 'take off 1 point,' or $10,700, according to a March 17, 2004, email."
Conrad has been trying to limit the political damage by saying he decided to donate his discount to a charity.
Set aside the possibility that he donates to charities every year and that he might not increase his giving this year by at least $10,700, he still comes out ahead. If he can afford a second home that costs over $1 million, he's probably in a very high tax bracket.
So at least he will harvest probably over $3,500 in tax savings from his discount from his friend Angelo.
