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my gut reaction is "no one is that naive" ... and I wonder about the advice of his lawyer and accountant, not to mention the "ethics committee"
A very small piece of land, what might easily be seen as a step up from an "easement," in the right location can add significant value to a property...
that he got a discounted price on the house as well ...
again, "boneheadedness" really isn't enough when someone is offering you money-equivalents for "nothing" ...
The fallback excuse is something like "greed" or "self-delusion" -- wanting something you can't afford SO MUCH that you do something dumb like this, throwing caution to the wind ... a bit troubling...
Obama's far to smart to plead "dumb".