Not surprisingly my California Senator who "represents" me is benefitting from the current mortgage foreclosure debacle. Her husband, Richard Blum is Chairman of the Board of CB Richard Ellis (CBRE), a large commercial real estate firm. CBRE won the government contract to sell foreclosed properties that the FDIC had inherited. Feinstein sent a letter to the FDIC offering to help them secure funding to help stem the rise in home foreclosures just days before the FDIC determined that CBRE would be awarded the contract.
Around the same time as the contract award, Blum's private investment firm reported to the SEC that it and it's affiliates had purchased ten million new shares in CBRE. The shares were purchased at the going price of $3.77. Shares closed Monday at $5.14. Gosh, what great coincidental timing for that purchase. That makes a profit of nearly fourteen million dollars!
They're all a bunch of crooks in D.C. They need to be thrown out on their butts! Both sides of the aisle.
Click the post title for the full story at the Washington Times