September 1, 2005

Ethics Update

Here's the latest on the investigation - or, rather, the non-investigation - into state Sen. Jerry Cooper's use of his elected position to get a state grant to fund a rail spur to a piece of real estate he owned so he could sell it for $1.3 million. The deal has already resulted in three people being indicted. And now Lt. Gov. John Wilder admits he was involved in his bank loaning money to the buyers.

Lt. Gov. John Wilder acknowledged yesterday that he played a role in a $1.77 million loan from a bank he co-owns to an Alabama couple who now stand under federal indictment. Wilder's bank lost money on the deal. But his role in the transaction raised questions, especially after he involved himself in secret meetings yesterday with members of the Senate Ethics Committee who were considering an investigation.

Wilder met briefly with key members of the Senate Ethics Committee just before they were to decide whether to investigate Sen. Jerry Cooper, D-Morrison, who helped obtain the loan so the couple could buy his lumber mill in Smartt, Tenn. After meeting with Wilder, the panel decided to investigate neither Cooper nor the loan deal.