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Envoy had business ties to Pelosi’s hubby
“We are not going to comment on the process by which ambassadors are selected,” said the spokesman.
Until her appointment, Mrs. Tsakopoulos-Kounalakis was president of AKT, one of the largest land development companies in Northern California. She was replaced at AKT in October by her brother, Kyriakos Tsakopoulos, an Obama bundler who pledged to raise $50,000 for his presidential campaign.
The four partnerships reviewed by The Washington Times in which Mr. Pelosi was involved with AKT were active at some point during a time that Mrs. Tsakopoulos-Kounalakis was either an employee or president of the company.
According to Mrs. Pelosi’s House financial disclosure statements, Mr. Pelosi made two investments with the Tsakopoulos family in 1991 - a partnership known as Grantline 208, a 208-acre parcel of vacant land, and another called Mosher Partners, which included 550 acres.
Mr. Pelosi put up between $250,001 and $500,000 in the Grantline partnership, whose value jumped to between $500,001 and $1 million two years later, according to the speaker’s financial disclosure forms. He exchanged his Grantline interest in 1997, although the forms are not clear on what happened to the investment after that.
Also in 1991, Mr. Pelosi invested between $250,001 and $500,000 in the Mosher partnership, coming up with an additional $50,001 to $100,000 in 1997, according to the disclosure forms, which noted that the property jumped in value to $1 million to $5 million in 2002.
In 2003, the Mosher partnership sold part of the land and Mrs. Pelosi reported that her husband had a capital gain of between $100,001 and $1 million. On her financial disclosure forms, she valued his remaining interest in the Mosher partnership at between $250,001 and $500,000 at the end of 2008, the last period for which records are available.
In 1995, Mr. Pelosi invested $250,001 to $500,000 in a partnership with Mr. Tsakopoulos called Trux Gate, which owned land near Sacramento. Twenty months later, the partnership sold part of the land to a shopping center developer, earning Mr. Pelosi a capital gain of $1 million to $5 million, according to his wife’s disclosure statements.
Mr. Pelosi, Mrs. Tsakopoulos-Kounalakis and a third partner sold the remaining Trux Gate property in 2004 for $2.6 million, with a capital gain for Mr. Pelosi of at least $100,001, public records and the disclosure forms show.
In 1997, Mr. Pelosi invested between $1 million and $5 million in another AKT partnership known as Stoneridge, reporting capital gains of $100,001 to $1 million in both 2003 and 2004, according to his wife’s disclosure statements. He valued his remaining interest at $500,001 to $1 million at the end of 2008, the last year for which the disclosure records are available.
Last year, Mr. Pelosi bought the California Redwoods of the newly created United Football League, and has since changed the team’s name to the Sacramento Mountain Lions. Angelo Tsakopoulos is a minority investor in the team.
About the Author
By Tom Fitton
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