'Unethical?'

Summary
An ad released jointly by the McCain-Palin campaign and the RNC claims Obama "rewards his friends with your tax dollars" and calls his actions "unethical." Some of what the ad says is false or misleading. Here are the facts:

The ad claims that Obama supporter and Chicago real estate developer Allison Davis received $20 million in taxpayer money. That's false. Davis didn't get this money. Instead, the federal grant went to the Chicago Housing Authority, replacing money it had already put forward for a mixed-income housing project on which Davis was a developer. The grant didn't go to Davis, nor did it help him pocket any additional funds.

The ad says Obama gave Tony Rezko $14 million of taxpayer money. That's misleading. It's true the housing project Rezko was working on cost $14 million in taxpayer cash. Rezko and his partner netted $855,000 in fees.

Obama worked to get Kenny Smith a $100,000 grant to build a park, which Smith later failed to complete. Smith has since caught the attention of the state attorney general. But, according to reports, Obama isn't under investigation for helping Smith get the grant.
The RNC and McCain may consider Obama's actions to be "unethical"; that's a matter of opinion. But the fact is, as far as these three incidents are concerned, Obama has not been officially accused of any wrongdoing, and there's been no report that his actions are the subject of any official investigation.

Analysis
The joint ad from the McCain-Palin campaign and the Republican National Committee accuses Sen. Barack Obama of being "unethical," citing instances in which individuals connected to Obama received federal or state funds. Sen. John McCain's campaign and the RNC have spent $5.9 million so far airing the ad in 17 states, including Pennsylvania, where $1.2 million has been spent on the ad, and North Carolina, where it has aired a total of 1,629 times, according to the Campaign Media Analysis Group of TNS Media Intelligence. The ad started airing on Oct. 14.

RNC/McCain-Palin Ad: "Unethical"
Announcer: Obama rewards his friends with your tax dollars. Tony Rezko, fourteen million. Allison Davis, twenty million. Kenny Smith, one hundred thousand.  That's unethical. Congressional liberals promise to raise your taxes to reward their friends with wasteful pork.  Taxes for you.  Pork for them. Who's gonna' stop 'em? Congressional liberals? Or him.

McCain: I'm John McCain and I approve this message.

$20 Million? Try Zero
The ad claims that real estate developer Allison Davis received $20 million of taxpayer money thanks to Obama. But that's false. Davis didn't get any of this money. The ad cites a story from The Washington Times, but the article says that "city housing authorities confirmed" that the "grant money won't go to Mr. Davis or his company."

According to documentation provided by the Chicago Housing Authority (CHA), a letter was ghostwritten for Obama, Sen. Dick Durbin (D-Ill.) and others by the CHA in support of a project called Stateway Gardens – an urban revitalization effort to transition crime-ridden high-rises into mixed-income housing. The letter was sent to the U.S. Department of Housing and Urban Development in an effort to acquire a fiscal year 2008 grant of $20 million to support the project, of which Davis, a supporter of Obama, was one of the developers.

We spoke with Housing and Urban Development (HUD) spokeswoman Donna White, who told us that the money was not awarded to Davis, but to the Chicago Housing Authority: