Posted by
Roxanna M. on Tuesday, April 21, 2009 11:23:32 AM
On October 30, 2008, Sen. Dianne Feinstein (D-CA) wrote to the Federal Deposit Insurance Corporation (FDIC) and offered to help it obtain money to help in its efforts to stem rising foreclosures. On November 13, 2008, the FDIC signed a contract with CB Richard Ellis Group (CBRE) to sell foreclosed properties that the FDIC had inherited from failed banks. On the first day of the new congress, Dianne Feinstein (D-CA) introduced legislation to route $25 billion to the FDIC, even though the FDIC is supposed to operate with money it receives from insurance payments made by banks and not taxpayer dollars.
The chairman of the board of CBRE is Richard Blum, Mr. Di Fi. Surprise! At about the same time that the contract was awarded, Mr. Di Fi's private investment firm reported that it and its related affiliates had purchased more than 10 million new shares in CBRE. Those shares were purchased for $3.77 and are now worth $5.14. A cool $13.7 million profit in five months. Not bad.
According to spokesmen for this cozy triad, there was no connection, no connection at all, between the legislation and the contract. Further, Mr. and Mrs. Di Fi didn't even know about CBRE's business with the FDIC until after the contract was awarded.
Yea right. The chairman of the board of CBRE didn't know what CBRE was doing. Mr. Blum didn't know what his own private investment firm was doing.
Since people keep on electing her to office, is it any wonder that she thinks we'll buy this.
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