Basically the FDIC gave a sweetheart deal to Feinstein’s husband and Feinstein gave $25 billion in taxpayer dollars to the FDIC. In the spirit of Obama’s budget cuts maybe the taxpayers could just give a couple hundred million to Feinstein and her husband. Then we could cut out the multi-billion dollar bribe to the FDIC. Plainly Feinstein is going to throw taxpayer money at her husband and his friends no matter what. We just have to figure how to minimize the overall cost to the taxpayers. Here are a couple of quotes from a Washington Times story about the whole dirty deal.
“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.”
. . . . . .
“This clearly gives the appearance of a conflict of interest," said Kent Cooper, a former federal regulator who specializes in government ethics and disclosures. "To maintain the people's trust in government, it is incumbent on a legislator to take the extra steps necessary to ensure that when she introduces any legislation that it does not cause people to question her motives or the business activities of her spouse." “
. . . . . .
“The total compensation can range from 8 percent of the sales price on many residential properties to 30 percent for properties worth $25,000 or less. A smaller firm also won a slice of the work with similar terms, records show.
“Most real estate agents earn no more than 6 percent on residential, even on foreclosed properties, and CBRE doesn't have as much experience in foreclosure sales as other firms, the experts said.”
The Las Vegas odds on the corrupt Senate Ethics committee looking into this are 25 billion to 1, against.