Isn’t it interesting? Sen. Diane Fienstein (D-CA) pushed to provide $25Billion for a company contracting business with her husband’s firm?!
- On the day the new Congress convened this year, Sen. Dianne Feinstein introduced legislation to route $25 billion in taxpayer money to a government agency that had just awarded her husband’s real estate firm (CB Richard Ellis Group (CBRE)) a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms.
Mrs. Feinstein’s intervention on behalf of the Federal Deposit Insurance Corp. was unusual: the California Democrat isn’t a member of the Senate Committee on Banking, Housing and Urban Affairs with jurisdiction over FDIC; and the agency is supposed to operate from money it raises from bank-paid insurance payments – not direct federal dollars.
So we are asked to believe that Sen. Feinstein and her husband, Richard Blum – chairman of the board of CBRE, didn’t know about CBRE’s business with FDIC. Right. Oh. And by mere coincidence:
- About the same time of the contract award, Mr. Blum’s private investment firm reported to the Securities and Exchange Commission that it and related affiliates had purchased more than 10 million new shares in CBRE. The shares were purchased for the going price of $3.77; CBRE’s stock closed Monday at $5.14.
What spectacular timing all around!