Dianne Feinstein certainly knows how to work the system. Feinstein served as San Francisco’s first (and so far only) female mayor, and is now our State’s Senior Senator. She has come under scrutiny in the past due to the fact that her husband is quite a heavyweight in winning government contracts. She's been in trouble for this kind of thing before. Today however, according to the Washington Times:
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 a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms.
How much higher? If we read on we find that:
Under the FDIC contract, CBRE charges a $5,000 sales commission for each property and can collect an additional $2,500 incentive fee if they sell it in under six months. In other words, they can collect as much as $7,500 on the sale of a property worth $25,000 or less - which works out to a sales commission of 30 percent or more.
The entire article is well worth a read, and not just because there are legitimate questions about who knew what, and when they knew it. My personal favorite line in the entire article comes from Milt Shaw, who (according to the article) is senior vice president of LPS Asset Management Solutions, managing nearly 20,000 foreclosed properties for banks and other clients. Shaw said the compensation package was “a little egregious.” A little egregious? What does that mean? This situation is a just a smidgen unbelievably terrible?
I think that Milt Shaw is quite brave for making the accusation at all, even with the neutering qualifier he manages to slip in. In a market that is increasingly under the thumb of federal bureaucrats, you might think it makes more sense to initiate the kind of ring-kissing that Allstate’s CEO recently undertook in his NYT opinion piece “Regulate Me, Please.” Or maybe Milt Shaw knows that since he isn’t the third husband of a career bureaucrat, he probably won’t be getting much of that sweetheart business anyway.
Comments
Let's fire Feinstein, and take her to court! NOW!!!
Back in my college days if I had known there was so much money to be made as a PROFESSIONAL POLITICIAN I would have changed majors. How many times does it take? Get rid of her and Pelousy at the same time!!!!
They do the same thing on Wall Street. It is called insider trading. It is illegal on Wall Street, but OK in DC.
Feinstein and Boxer need to go.. fire them now. They are both corrupt politicians.
I made the mistake of voting for them before but not anymore.
When are we going to wake up and get rid of these thieves? Feinstein, Boxer....how embarrassing. Feinstein needs to be taken away in handcuffs and sent to prison. Isn't that what they did to Martha Stewart?
Are the major newspapers in SF covering this story? I am from Illinois and nobody is talking about it except one radio station. No wonder California is in such financial trouble with leaders like Pelosi and Feinstein.
How many more examples do we need in order for this country to vote in term limits? Thia is a total disgrace.
I think its funny that you managed to misspell her name twice.
Its really a joke, vote these two senators out, impossible. Most all people of California have in there heads about the IQ of the outside temp now.
Dems in this state are dug in so deep, like an alabama tick. In for good.
Another example of why we are in so much trouble in California and this country. Politicians who take care of themselves and there own, while we pay the bill. Time to get rid of Feinstein,Boxer,Peloski, Franks, the list is long.
Now everyone imagine if the names were substituted with the same scenario and we were talking about Elizabeth Dole allocating the money to Bob Dole's newly founded company doing the same thing. It would spell IMPEACHMENT for Mrs. Dole
feinstein couldn't even stand that blum guy when they first met, so the dirty sex between the two must be good or rather competitive against other politicos.
This is why Jews are despised by many. Not me per se, I have Jewish friends but even they tell me they dont trust their relatives!
I knew i hated her for a reason.... now it is clear. lofl!
Got something to say?
Examiner.com is looking for writers, photographers, and videographers to join the fastest growing group of local insiders. If you are interested in growing your online rep apply to be an Examiner today!