Tuesday, April 21, 2009

Now This Is How You Butter The Bread

The characters:

Sen Diane Feinstein (D-CA)

Richard Blum - Chairman of the Board CBRE (also happens to be husband of the Senator)

The time line:

10/30/08 - Feinstein writes letter and agrees to initiate legislation to direct TARP money to the FDIC so it can hire an outside company to sell foreclosed properties.

11/12/08 - Blum Partners LLP (yes the same Richard Blum) purchase 10 million new shares of CBRE (price per share $3.75).

11/13/08 - FDIC awards contract to sell foreclosed properties to CBRE.

1/6/09 - Feinstein introduces S 73 (legislation to allocate $25 billion of TARP money to the FDIC).

4/21/09 - Feinstein issues press release:

"There was no connection between my promise to get federal money over to the FDIC, the awarding of the contract to my husbands company, the purchase of stock by my husband the day before the contract was awarded, and the legislation I introduced."

Today's Price per share of CBRE $5.73/share.

Profit (so far) to Blum Partners LLP on those 10 million new shares = $19,800,000.

And this answers the eternal question of why anyone would spend $5-10 Million dollars campaigning for a US Senate seat that has a pay rate of $170,000. Now that's a return on investment.

Wednesday, March 4, 2009

It's Too Late Now

Now that the economy is in a death spiral and moderate policies are being unraveled at an alarming rate, the talking heads are coming out with their mea culpas. here's David Brooks, who can be found blathering away on all the political talk shows.

David Brooks, New York Times 11/21/2008:

"Believe me, I’m trying not to join in the vast, heaving O-phoria now sweeping the coastal haute bourgeoisie. But the personnel decisions have been superb. The events of the past two weeks should be reassuring to anybody who feared that Obama would veer to the left or would suffer self-inflicted wounds because of his inexperience. He’s off to a start that nearly justifies the hype."


And just 15 weeks later:

David Brooks, New York Times, 3/2/2009

"The U.S. has never been a society riven by class resentment. Yet the Obama budget is predicated on a class divide. The president issued a read-my-lips pledge that no new burdens will fall on 95 percent of the American people. All the costs will be borne by the rich and all benefits redistributed downward.

The U.S. has always been a decentralized nation, skeptical of top-down planning. Yet, the current administration concentrates enormous power in Washington, while plan after plan emanates from a small group of understaffed experts.

The U.S. has always had vibrant neighborhood associations. But in its very first budget, the Obama administration raises the cost of charitable giving. It punishes civic activism and expands state intervention.

In the past weeks, Democrats have legislated provisions to dilute welfare reform, restrict the inflow of skilled immigrants and gut a voucher program designed for poor students. It will be up to moderates to raise the alarms against these ideological outrages."


It's too late now Mr Brooks

Saturday, February 14, 2009

The Truth takes a hit ....again


Soon to be Ex-Senator Burris' attorney claims that the "fluid nature" of the questioning prevented him from telling the truth under oath.

Burris' lawyer, Timothy Wright III, said that the "fluid nature" of the questioning and a review of the transcript showed Burris that he "was unable to fully respond to several matters."

UPDATE 2/16/09: New Affidavit Forthcoming

As reported in the Chicago Tribune today, soon to be ex-senator Burris has now acknowledged that he did offer to raise some money in exchange for the Senate seat. Guess that menas that last week's affidavit should be considered as a Work in Progress.


Thursday, February 12, 2009

Mice Relocation Act of 2009

In an effort to relocate the mice population prior to the 2010 census and ensure her re-election, Speaker Nancy Pelosi has made sure that $30 million dollars has been set aside to restore their habitat in the San Francisco area.


No word on whether ACORN has plans to open a satellite office to ensure complete voter registration.

I was for my appointment before I was against it

Thus says Commerce Secretary Designate Judd Gregg in announcing his decision to withdraw from consideration to be part of the Cabinet of President Obama (PO).


It appears that the decision to wrest control of the Census away from the Commerce Department was the final straw for Gregg. Any claims that Gregg did not agree with the fiscal policy of PO and the stimulus/porkulus/spendulus Bill are unfounded as the socialization of the economy and plans to expand government were the hallmark of PO's campaign.

When asked for his reaction after the Gregg withdrawal, former Presidential candidate John Kerry said "I was against the appointment before I was for the appointment but now I'm against the appointment"

Speaker Pelosi refused comment saying "I have to worry about the mice in my District"