Judge Gorsuch destroys (((Sen Feinstein))) in SCOTUS hearing
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Date: March 21st, 2017 4:24 PM Author: tan resort
In 1980, Feinstein married Richard C. Blum, an investment banker. In 2003, Feinstein was ranked the fifth-wealthiest senator, with an estimated net worth of US$26 million.[50] By 2005 her net worth had increased to between US$43 million and US$99 million.[51] Her 347-page financial-disclosure statement[52] – characterized by the San Francisco Chronicle as "nearly the size of a phone book" – draws clear lines between her assets and those of her husband, with many of her assets in blind trusts.[53]
And now let us pause to contemplate Richard Blum’s participation in the destruction of the American dream at the hands of a new phenomenon known as the “Wall Street landlord.”
Blum’s wife is U.S. Sen. Dianne Feinstein. The California legislator’s latest financial disclosure report, filed with the U.S. Secretary of State on May 15, includes a 2014 Blum Family Partners investment of at least $1 million in Colony American Homes Holdings.
Blum is the billionaire founder of the private-equity firm Blum Capital Partners. Colony homes are owned under the umbrella of Colony Capital, one of the largest investment firms in the world. The senator’s disclosure describes Colony American Homes as a “leading owner and provider of high-quality single-family residences for rental across the United States.”
What it doesn’t say is that the rental stock is made up of foreclosed homes purchased by a handful of investor groups and hedge funds in the aftermath of the 2007–08 financial crisis and real estate crash.
Blum is often identified as a quintessential Democratic Party insider, with ties that run the gamut from Jimmy Carter to the Dalai Lama. His private-equity firm manages about $500 million in assets, and the bulk of the fund’s portfolio is dominated by holdings in CBRE, the world’s largest commercial real estate services firm.
Though Blum has taken pains to deny it, reports say he’s worth at least $1 billion. According to a recent Roll Call survey, Feinstein’s net worth is $45.3 million, which puts her in the top tier of wealthy Washington lawmakers.
Colony American Homes was one of several investor-owned landlords highlighted in a June report from the anti-poverty advocates at the California Reinvestment Coalition (CRC). That study focused on the rise of the Wall Street landlord and its impact on California renters and would-be homeowners.
The verdict from the CRC is that Colony American Homes has not been an especially good landlord: rents are above average, utilities generally aren’t included, and maintenance is poor, at best. Moreover, would-be first-time homeowners in California often find themselves squeezed out by cash-rich corporate buyers like Colony American Homes. Rents are going up, and the landlord is nowhere to be seen.
“Neighborhoods are changing, income diversity is changing, the tenure of residents is changing,” says CRC associate director Kevin Stein, an author of the report. The investor grab of housing stock, he says, “is destabilizing neighborhoods and creating a lot of displacement.”
The CRC survey found that real estate investment trusts, private equity firms and hedge funds have spent $25 billion buying over 150,000 distressed homes around the country since 2012.
“This whole situation is only possible because of a financial crisis that was engineered by Wall Street,” says Stein. “This is investors profiting off of foreclosure.”
(http://www.autoadmit.com/thread.php?thread_id=3559969&forum_id=2#32882601) |
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Date: March 21st, 2017 4:49 PM Author: tan resort
to be clear: the point was that she's up there pretending to be the champion of the "little guy," when she is anything but that. i hate that hypocrisy. Pelosi, Kerry, Kennedy, Feinstein, Clinton and all those filthy rich Dems are all pious about it, but not one of them has earned money the honorable way.
Harry Reid was a civil servant his entire life and his net worth was $25 million.
(http://www.autoadmit.com/thread.php?thread_id=3559969&forum_id=2#32882811)
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