Senator Trent Lott, the Republican Minority Whip and former Senate Majority Leader, who had been re-elected to a fourth term in 2006, yesterday announced his plans to resign before the end of the year. While many media accounts attribute Trent Lott’s retirement to his assessment of the obvious, that the GOP faces long odds next year, some stories suggest his motivation was mainly financial, others say there might be other deeper, darker issues surrounding the Conservative representative Lott who once expressed support for former Sen. Strom Thurmond’s failed presidential campaign, which was firmly grounded in racial segregation. Lott’s sudden announcement on Monday of his pending resignation ignited heavy speculation that Lott decided to step down in order to avoid a scandalous exposé about his personal life, courtesy of Hustler Magazine publisher Larry Flynt.

A short ambiguous statement was posted on LarryFlynt.com :

HUSTLER Magazine has received numerous inquiries regarding the involvement of Larry Flynt and HUSTLER in the resignation of Trent Lott. Senator Lott has been the target of an ongoing HUSTLER investigation for some time now, due to confidential information that we have received.

While the speculation started almost immediately in the blogoshpere, that Flynt had Lott’s number in some DC male escort service imbroglio rumoured at Big Head DC, the real truth behind the lie is that there has been a change in the ethics rules for outgoing members of Congress. Currently, those leaving office have to survive one entire year on their pensions, which is 80% of $175,000, plus cost of living expenses. As of the new year 2008, the ethics rule will require outgoing members of Congress to restrain from accepting lobbying positions for two full years. If Trent Lott resigns before the end of 2007, he will be bound to the old one year rule before he can go on to a lucrative career at a Washington lobbying firm for millions of dollars per year in compensation.

Lott is expected to be wooed by several major Washington lobbying and investment houses. Among those expected to be interested is the legal-lobbying power house Patton Boggs however, inside sources have also said that at least two unidentified investment houses with operations in Washington are interested in courting Lott’s politial ifluence and Congressional connections.

The change in the ethics rule also explains why Illinois Republican and former Speaker of the U.S. House of Representatives, Dennis Hastert has announced his resignation before the end of 2007 as well.