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Wash Times: Democrat Sen. Feinstein Helped her Husband's Firm to the Tune of $25B

Democrat Senator Dianne Feinstein has some explaining to do. The Washington Times has the exclusive:

On the day the new Congress convened this year, 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.

Mrs. Feinstein's intervention on behalf of the Federal Deposit Insurance Corp. was unusual: the California Democrat isn't a member of the Senate Committee on Banking, Housing and Urban Affairs with jurisdiction over FDIC; and the agency is supposed to operate from money it raises from bank-paid insurance payments - not direct federal dollars.

Documents reviewed by The Washington Times show Mrs. Feinstein first offered Oct. 30 to help the FDIC secure money for its effort to stem the rise of home foreclosures. Her letter was sent just days before the agency determined that CB Richard Ellis Group (CBRE) - the commercial real estate firm that her husband Richard Blum heads as board chairman - had won the competitive bidding for a contract to sell foreclosed properties that FDIC had inherited from failed banks.

Isn't that convenient. It's also highly unusual since, as the WashTimes explains, the FDIC is supposed to get its funds from insurance fees paid by the banks, not from the federal government. And that is not the only unusual aspect of this deal, but Feinstein insists there's nothing to see here and advises us to move along:

Feinstein spokesman Gil Duran said there was no conflict of interest between Mr. Blum's firm getting the contract and the senator's legislation. He said she introduced the legislation because it would help prevent home mortgage foreclosures at a time when many Californians were in danger of losing their homes.

"She was not aware of the contract before she introduced the legislation," Mr. Duran said. "There is no evidence of any relationship or conflict between this foreclosure relief bill and the contract. Senator Feinstein complies with the rules and guidelines of the Ethics Committee."

The discovery that Senator Feinstein introduced legislation that helped her husband's real estate firm comes on the heels of the hundreds of tea parties that took place all over the country on April 15th and is an example of politicians' wasteful and self-serving activities that the tea partiers were protesting. The vast majority of the mainstream media ridiculed the hundreds of thousands of Americans who attended those protests, and I wouldn't be surprised if the mainstream media gives a pass to Feinstein's sweetheart deal for her husband's firm.

Don Surber reminds us that Feinstein has made other self-serving deals in the past, so this newest one is just more of the same:

You see, I do not buy that this is her husband's company and not hers. The Feinsteins (or the Blums) have a nice little business going for them. They elected her. She lobbies for them. That lands contracts with government agencies, including DOD and NASA.

For example, a month after the Iraq War began, the San Francisco Chronicle reported: "URS Corp., a San Francisco planning and engineering firm partially owned by California Sen. Dianne Feinstein's husband, landed an Army contract Monday worth up to $600 million.


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Comments (14)

Kim,The newspapers... (Below threshold)
hcddbz:

Kim,

The newspapers and you your are hopelessly wrong. Thing like this could not be conceived , or happen when we have the most Ethical and transparent government in history. President Obama goes line by line through every bill to ensure pork is not there. This is clearly a hyper-partisan hit piece put out by a terrorist returning home after air raiding villages and dragging people of their homes in the dark of night.
Are you sure it was Sen. Dianne Feinstein and not Dick Cheney? That it and the companies name is Halliburton. No you say? Well Bush lied America into a war that cost us billions, was not that a more serious crime ?

And the 'value' of this new... (Below threshold)

And the 'value' of this news will be diminished by the inevitable exposure of some GOP officeholder who likewise abused his position thus allowing the MSM to paint all of this (along with Murtha, Jane Harman and so on) as across-the-aisle corruption and not something that voters should associate with Democrats.

And yeah, I know it doesn't work the other way when a Republican gets in trouble.. but that is why Republicans need to be especially careful and clean to avoid giving the MSM the opportunity to tag them with the same brush as is now being applied to Democrats.. and which, given their innate stupidity, the GOP won't be able to do.

I hope that this news story... (Below threshold)
TOhio:

I hope that this news story catches steam so that more people can see how "Socialist" Democrats make sure that they get government money to keep themselves rich. (This is the real truth behind their socialism.)

However, don't expect the mainstream corrupt media (like CNN, MSNBC, ABC, CBS) to cover this news because it hurts one of their own.

Good job Diane Fiendstein.<... (Below threshold)
914:

Good job Diane Fiendstein.

You need to work on your sp... (Below threshold)

You need to work on your spin, Kim:

Democrat Senator gets taxpayer money for corporate fat cat hubby profiting from troubled banks and homeowners in foreclosure

Now THAT'S a NYT lede!

Well...if she was a Republican it would be, anyway.

Falze, you're close, but it... (Below threshold)
Tim:

Falze, you're close, but it would say 'profiteering' instead of profiting.

"...there was no conflict o... (Below threshold)
pa:

"...there was no conflict of interest between Mr. Blum's firm getting the contract and the senator's legislation."

That is an absolutely true statement. There is no CONFLICT of interest.

There is a UNITY of interest.

Personally, I think she is ... (Below threshold)
WildWillie:

Personally, I think she is a smart and deliberate person. I get discouraged when I see this stuff. I would think she was better then that. ww

I'm sure this is just a coi... (Below threshold)
GarandFan:

I'm sure this is just a coincidence. Just like last time, when Diane steered military contracts to companies run by her husband. When it came out, she suddenly decided she didn't really need to be on that committee any longer. Coincidence, that's all it is.

What is with these people w... (Below threshold)
mag:

What is with these people who can not get enough money. Do they really think they can take it with them when the die. If I had a fraction of what they have I be happy.
And then they call us selfish and uncaring because we don't believe in high taxes.

All Democrats are corrupt. ... (Below threshold)
Timber:

All Democrats are corrupt. There are like 15 prominent Democrats under investigation for bribery and other criminal enriching themselves behaviors.

There will never be a call ... (Below threshold)

There will never be a call to account. Not for Democrats.

Throughout the years when the GOP held the majority, they refused to take down these corrupt Dems. The Bush Administration never lifted a finger to defend itself or its alleged principles. Ha. Even outright treason was just ignored, and traitors to our national security were given hands-off treatment.

Now the tables have turned, and the Dems are proving to be not so forgiving of their GOP counterparts.

If you were a patriot working in W's administration, your fully legal actions will be criminalized, and you will be burned at the stake.

But almost every Dem Senator or Congresscritter has a dark cloud of obvious corruption over their heads, and no legal consequences will ever be seen.

Things are pretty bleak in our Banana Republic. The wolves are watching the sheep.


I'm sure this is just a ... (Below threshold)
Tim:

I'm sure this is just a coincidence. Just like last time, when Diane steered military contracts to companies run by her husband. When it came out, she suddenly decided she didn't really need to be on that committee any longer. Coincidence, that's all it is.

Hell, she's not even the relevant committees this time.

Come on, give the old gal a... (Below threshold)
marc:

Come on, give the old gal a break.

At least she doesn't have an airport named after herself.




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