The next excuse away tie.....
Wednesday, April 9, 2008
Follow the Money: Pringle: The Chicago model of "community development"
The following was written by Evelyn Pringle, a columnist for OpEd News and an investigative journalist focused on exposing corruption in government and corporate America. Due to its length, Pringle's "Barack Obama—Operation Board Games for Slumlords" is being published in sections at RezkoWatch.
Sen. Barack Obama (D-Ill.) "has a long history of working with Chicago Mayor Richard Daley and governors of Illinois, including the current Governor Rod Blagojevich, in doling government funding for housing development in Chicago. His history is hardly a model of success, except for the hundred of millions in profits made by the chosen few slumlords," Pringle wrote.
Less than a year ago, in the April 26, 2007, Chicago Sun-Times, Fran Spielman reported that Chicago aldermen were accusing the Daley administration "of being asleep at the switch while low-income housing projects developed by the now-indicted Tony Rezko collapsed into disrepair."
"The spigot of loans, grants and tax credits should have been cut off when the first of 30 taxpayer-supported Rezko buildings in Chicago fell into disrepair, the aldermen said," according to the report.
Instead, Spielman said, a "Sun-Times investigation showed that the city, state and federal governments kept the gravy train rolling -- to the tune of $100 million between 1989 and 1998."
The lending continued, the Times noted, even as the city repeatedly sued Rezko's development company, Rezmar, "for such basics as no heat."
"They were going after people for being slum landlords in one department and loaning them money in another," said Alderman Freddrenna Lyle.
Obama now wants to bring this dog and pony show to Washington. I can see it now. His former boss, Allison Davis, at the Davis, Miner & Barnhill law firm, that served as a hub for Rezko's thriving slumlord business for a decade before Davis quit and became partners with Rezko, will be appointed to head the Department of Housing and Urban Development.
Davis and his partners, which include his sons Jared and Cullen, have received more than $100 million in taxpayer subsidies to build and rehab apartments and homes over the past 10 years and have made at least $4 million in development fees, according to the Times.
"Davis has gotten deal after deal from the mayor, helping to make Davis one of the city's top developers," Tim Novak noted in the [November 11, 2007] Sun-Times.
There's already a plan in place to guarantee that the Chicago model of "community development" is carried out in the White House. In his "Plan to Fight Poverty in America", Obama says, "we should create an Affordable Housing Trust Fund to develop affordable housing in mixed-income neighborhoods."
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