But the $420,000 was just the beginning of what Ross and his pharmacist wife, Holly, made from the sale of Holly's Health Mart. The owner of USA Drug, Stephen L. LaFrance Sr., also paid the Rosses $500,000 to $1 million for the pharmacy's assets and paid Holly Ross another $100,0001 to $250,000 for signing a non-compete agreement. Those numbers, which Ross listed on the financial disclosure reports he files as a member of Congress, bring the total value of the transaction to between $1 million and $1.67 million. snip Ross, a member of the committee, told reporters on Aug. 5 in Little Rock, "We held the bill hostage in committee for 10 days to make it better. ... We protected small businesses. ... And we ensured that if there is a government option, it will be just that, an option. It will not be mandated on anybody." snip The Rosses bought the lot in 1999 for $10,000, then constructed a building that the county assessed at $225,000. Two months after the 2007 sale, LaFrance's concerns about health care reform were spelled out in an article in the Arkansas Democrat-Gazette. "Universal health care will ruin our health care in America," LaFrance told the reporter. "There'll be long lines, they won't be able to get treated, potential doctors will be afraid to go into medical school, there will be an outflux of doctors -- in my opinion. It's not broke and don't fix it."

ProPublica: Mike Ross Raises Eyebrows With Healthy Haul

Read the entire article. It looks bad for this blue dog.

I feel a new firedoglake advertisement coming!

Here's their current ad:

Update I: About ProPublica:

ProPublica is an independent, non-profit newsroom that produces investigative journalism in the public interest. Our work focuses exclusively on truly important stories, stories with "moral force." We do this by producing journalism that shines a light on exploitation of the weak by the strong and on the failures of those with power to vindicate the trust placed in them. Investigative journalism is at risk. Many news organizations have increasingly come to see it as a luxury. Today’s investigative reporters lack resources: Time and budget constraints are curbing the ability of journalists not specifically designated "investigative" to do this kind of reporting in addition to their regular beats. This is therefore a moment when new models are necessary to carry forward some of the great work of journalism in the public interest that is such an integral part of self-government, and thus an important bulwark of our democracy. The business crisis in publishing and — not unrelated — the revolution in publishing technology are having a number of wide-ranging effects. Among these are that the creation of original journalism in the public interest, and particularly the form that has come to be known as "investigative reporting," is being squeezed down, and in some cases out. ProPublica is led by Paul Steiger, the former managing editor of The Wall Street Journal. Stephen Engelberg, a former managing editor of The Oregonian, Portland, Oregon and former investigative editor of The New York Times, is ProPublica’s managing editor.

Update II: A key point:

At the time of the 2007 sale, the county assessor's office valued the pharmacy's building and the land on which it sits at $263,000 -- nearly $160,000 less than the Rosses got for it. Because assessors' valuations don't always reflect true market value, ProPublica hired Guthrie to appraise the property. He placed the current value of the lot and building at $198,000, substantially lower than the county's assessment, which was raised from $263,000 to $269,000 this year. Guthrie explained the difference between his appraisal and the county assessment by saying that county assessments have been running higher than actual market value.

ProPublica: Mike Ross Raises Eyebrows With Healthy Haul

Update III: Just to be clear, the Rosses sold the land and Holly's Health Mart, which appears to be a pharmacy, to USA Drug and LaFrance. You have to wonder what a pharmacy not owned by a congressman would have sold for. Hopefully, someone will look at the comparable data for the entire deal. On its face, it looks like a windfall for the Rosses (why do you need a non-compete if she works for the chain?) and a bad deal for the chain, unless they were paying for "access" and the "good will" of Congressman Ross. On its face.

This is how it's done nowadays. It may well be completely legal, but is it right? I don't think the people of his district will be very impressed by his windfall as they struggle to make ends meet.

I hope there is a real Democrat down there reading about this and saying, I think he needs a primary opponent.

Update IV. In the comments, people asked about donations to ProPublica. They are funded by donations from people and philanthropic organizations.

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