Hastert Sought To Boost Income While Making Secret Payoffs
Former House Speaker Dennis Hastert was searching for ways to further boost his income while he was making secret payments to cover up allegations he was involved in child sexual abuse when he was a high school wrestling coach, J. David John, a former friend and business associate alleges.
John asked financial advisers on Hastert's behalf in 2010 for advice on how to create an annuity that would provide a large cash payout each year. John did not tell the advisers that he was working for Hastert.
"I did not think much about it at the time, but looking back at it, it does seem strange," John told the New York Times. "He just said he needed to generate some cash."
Hastert became a lobbyist after he retired from politics in 2007 and had a net worth of several million dollars, but very little of it was liquid. Around the same time as John's inquiries, the former lawmaker stepped up his lobbying work, putting in long hours on behalf of several clients.
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