Tuesday, July 14, 2009
The other big story in Philadelphia today is that former State Senator Vince Fumo will be sentenced today on corruption charges. A side story, but an important one, is that part of Fumo's political empire, when there was an empire, was a nonprofit he created called Citizens Alliance for Better Neighborhoods. Created in 1991 to address trash removal problems, the nonprofit received $17 million from Peco Energy Corp. as part of a settlement of a case heard by the Public Utility Commission. The nonprofit began investing in real estate and now owns a lot. The organization's IRS statement listed its 2007 assets as nearly $18 million, including $7 million in a for-profit holding company.