Darrel Issa Busy Helping Himself
Here on the third floor of a gleaming office building overlooking a golf course in the rugged foothills north of San Diego, Darrell Issa, the entrepreneur, oversees the hub of a growing financial empire worth hundreds of millions of dollars.
Darrell Issa’s businesses have prospered since he was elected in 2000. The properties his management company in California owns include a building housing a Hooters restaurant.
Representative Darrell Issa, the powerful Republican congressman, runs the local district office where his constituents come for help.
The proximity of the two offices reflects Mr. Issa’s dual careers, a meshing of public and private interests rarely seen in government.
Most wealthy members of Congress push their financial activities to the side, with many even placing them in blind trusts to avoid appearances of conflicts of interest. But Mr. Issa (pronounced EYE-suh), one of Washington’s richest lawmakers, may be alone in the hands-on role he has played in overseeing a remarkable array of outside business interests since his election in 2000.
Mr. Issa’s interests are so varied that some of the biggest issues making their way through Congress affect him in some way.
After the forced sale of Merrill Lynch in 2008, for instance, he publicly attacked the Treasury Department’s handling of the deal without mentioning that Merrill had handled hundreds of millions of dollars in investments for him and lent him many millions more.
And in an era when the auto industry’s future has been a big theme of public policy, Mr. Issa has been outspoken on regulatory issues affecting car companies, while maintaining deep ties to the industry through the auto electronics company he founded, DEI Holdings.
He has a seat on its board, and his nonprofit family foundation, which seeks to encourage values like “hard work and selfless philanthropy,” has earned millions from stock in DEI, which bears his initials. Mr. Issa’s fortune, in fact, was built on his car alarm company, and to this day it is his deep voice on Viper alarms that warns potential burglars to “please step away from the car.”
Hypocrisy at its best!