Liz Ruskin reports on Alaska senior senator Ted Stevens' business venture with Anchorage developer Bob Penney in today's Anchorage Daily News: "Stevens-Penney venture pays well, at least on paper".
"Stevens joined Penney and other partners to develop a subdivision in Grantsville, Utah, starting with an investment of $15,000 or less in 1998, according to the financial disclosure form Stevens filed for that year. His share of the subdivision project is now worth at least $100,000 and possibly as much as $250,000, according to the senator's latest report...
Penney said he and his business partners invited Stevens to join them in "appreciation for all he's done for Alaska and the country. We respect him very, very much...
...The Utah development "is one where we asked Ted to come in and join us because we'd like to have him for a partner out of due respect and our way of giving him a thank-you and consideration for what he's done for all of us and all our kids," Penney said.
When you look for business partners, it makes sense to choose from people you like and admire rather than strangers, Penney said."
In December 2003 I posted on two genres of Stevens' stories: (a) stories about how much money he brings to Alaska as chair of the Senate Appropriations committee, and (b) stories about his connections with Alaska business figures and their profitable investments together: "It helps to have a Senator on the Appropriations Committee"
Two earlier posts referenced in December - Last summer Liz Ruskin reported on Stevens' connections with Anchorage developer John Rubini: "Business and politics" Also last summer the Associated Press reported that "Alaska gets $1.91 back for every $1.00 in Federal taxes"