Saturday, April 25, 2009

Calling Them Out - Senator Feinstein

I will begin writing on and commenting on various public figures. I will do this in a noninflationary fashion and will only present the facts.

1. Diane Feinstein is not a member of the Senate banking committee and as such is not involved in the financial industry.
2. The head of the FDIC, Blair, sought support from the government in October, but the Treasury Department denied her request.
3. Feinstein's husband, Blum, is a board member of the commercial real estate firm, CB Richard Ellis.
4. The FDIC awarded CB Richard Ellis a big fat contract to help sell foreclosed houses - not commercial property, that is their business - residential properties. This occurred in November after the Treasury had denied the FDIC request for funding.
5. Blum bought $10 mil worth of CB Richard Ellis stock at $3.77/share in January.
6. Three days later, the first session of the 111th Congress, Diane Feinstein, his wife, proposed the funding of $25 million of tax payer money to the FDIC.
7. The stock closed Friday at $5.14/share.

Questions: Why did the Treasury initially turn down the FDIC's request for money in the midst of the TARP distribution?

Why was CB Richard Ellis chosen as the recipient for this contract when this is not their core business?

If Blum was merely buying stock in his company, why didn't he do it right after the contract was awarded in November?

What type of contact did Feinstein have with Blair?

Would you tell your wife if you were planning to invest $10 million dollars in something?

Would you know that your husband's firm had been awarded a huge government contract?

Would you have no knowledge that legislation you were introducing, that is outside of the scope of your committe responsiblities had no impact on your personal finances?

Senate ethics rules prohibit even the appearance of impropriety.

Google the news results - no reporting by ABC, NBC (any of them), CNN, CBS, NY Times - the San Fransisco Chronicle spun this so left as to make it appear a minor nuisance.

God help us.

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