Jerome Corsi, who writes for the right-wing rag, the WORLD NUT DAILY, has outdone himself as his relentless attacks on Barack Obama continue. To start out, Corsi is NOT a neutral reporter. He claims that an Obama presidency would, in his words, be "a repeat of the failed extremist politics that have characterized and plagued Democratic Party politics since the late 1960s." A Corsi book claims that Obama is a dangerous, radical candidate for president and includes innuendoes and false rumors such as he was raised a Muslim and attended a radical black church. Corsi made a trip to Kenya to try to prove that Obama was actually born there and was deported for his conduct in that country.
This is the background of the man who has written the following article for WORLD NUT DAILY: "Rezco Attorney "Owns" Obama Mansion". His article relies upon information in an article posted on an insignificant right-wing blog called: News and Commentary for Thinking People, in which it is pointed out that property tax bills on Obama's property are sent to the "owner", William Miceli, an attorney for the law firm that put together the real estate transaction. That article is very revealing. The author, Gina Cobb, knows nothing about the use of a land trust for holding title. Neither does Jerome Corsi. His article tries to sensationalize the fact that Barack Obama's home in Chicago is listed as owned by Miceli and infers that there is something sinister, unethical or illegal about this. Here is Corsi's revelation:
WND confirmed the tax bill for the Obama home is mailed to Miceli, not to Obama or the Northern Trust account through which Obama has claimed the home was purchased. Records from the Cook County Treasurer's Office give the PIN number for the Obama property as 20-11-115-037-0000 and list Miceli as the person who receives Obama's property tax invoice by mail. Eric Herman, a spokesman for the Cook County assessor, confirmed to WND that the Treasurer's Office records were correct and that Miceli did receive the Obama property tax invoice by mail.
THE IGNORANCE OF CORSI AND COBB
Corsi and Cobb give passing reference to the fact that this transaction was set up using a land trust, but since neither understand how a land trust works or why it is used, both just ignore it and insist that Attorney Miceli owns Obama's property and therefore something untoward must have occurred.
As a Certified Land Trust Specialist, I am very knowledgeable when it comes to this method of holding title. The land trust concept, fully developed by Chicago Title Company in the 1920's, is now fully accepted in the US as the preferred arrangement by which one person can hold property for the benefit and use of another. It is a method that provides anonymity for the homeowner as well as asset protection, in that the property is shielded from liens and encumbrances.
A Land Trust has been in use throughout the United States for more than 100 years. It has the effect of converting ownership of real property to ownership of personal property, even though such ownership is characterized for income tax purpose as ownership in real estate. The primary purpose of the trust is to provide its beneficiaries a practical, economical (and anonymous) alternative form of real estate ownership and use.
Because both legal and equitable title is held in the name of the Trustee, all notices related to the property including property tax notices are sent to the Trustee. This is normal in all land trust transactions and IS NOT THE BLOCKBUSTER BREAKING NEWS that Corsi would like us all to believe. Responsibility for payment of the mortgage as well as property taxes, etc., rests with the Beneficiary (the Obamas). This is standard procedure in any land trust transaction. In fact, Disneyland was purchased using a land trust, which is used by the wealthy and many public figures for privacy purposes.
I use a land trust for my own home. My property tax bill is sent to my Trustee as the title holder. Responsibility for payment is mine. It's not brain surgery.
It would be really nice if Corsi would put his Harvard PhD to better use than running around the world trying to find something, ANYTHING, to discredit Barack Obama. He is becoming an embarrassment to himself and the rest of the right-wing nutcases who are pursuing the same path such as Berg, Donofrio, Martin, etc.