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Tuesday, December 18, 2012

Homer's pitch to the Chinese

He had Mayor Creepy giving the sales job for the money for the new Pearl District hotel:

Lots of unforgettable moments there, especially this one:

If there isn't some sort of law about using the city seal and one's City Hall office for the private gain of some crony's business, there oughta be. Because the new mayor is going to be even more owned by these developers than the old one was.

Anyway, the foreign investors will own the whole project and can come by any time with their green cards. Homer and crew get paid up front. It's happening all over the country, apparently. What a scene.

Comments (16)

Least he could've done was button the top button on his shirt.

Q: And if ... like most Homer projects ... this one fails?

A: The Chinese lose their money AND the government takes away their green cards.

Those investors should be sweating bullets.

Wow. I'm impressed with that video. Why, the movements are almost human. Was this a Jim Henson Company job, like the aliens in "Farscape", or was this a happy accident?

"Under the Citizenship and Immigration Services’ Immigrant Investor Program, foreigners can obtain EB-5 visas — essentially temporary residency status — by investing $1 million, or $500,000 in high unemployment areas, in a commercial venture that generates 10 jobs over two years."

Nice scam. The Chinese are holding Billions of dollars that are worth less every day due to the Federal Reserve printing Trillions out of thin air. So to get some return for gutting the American manufacturing base, their crooks can partner with our crooks and steal even more of our assets.

"EB-5 Investors own 100% of the Project"

Oof, well I guess all those toys they sold us are coming back as our dollars and controlling property here.

Try to remember this when someone like Krugman says the only reason the economy is failing is because we just are not going enough into debt by deficit spending.

I don't think they lose their green cards, do they?

Q: And if ... like most Homer projects ... this one fails?

A: Char-lie Hales let this one fail? BWA-HA-HA

The CC Hotel is a worse idea and they'll take every dollar from the schools and mental health care before they let either hotel fail.

There are several circumstances in which the green card is taken away.

I'm thinking Adams is trying to get Portland to be more like Las Vegas:

Come for the fun at our dozens of hotels.

But don't stay and don't worry about the taxes, or the poor school districts, the police department that's being sued by the federal government, the dilapidated transportation infrastructure...

Including if the hotel isn't successful?

You can bet that these well-heeled investors had really good connections with, or were themselves public officials in China. So there's a nice symmetry there. Now that the money laundering wing of HSBC is temporarily closed, we may be seeing more of this kind of investment.

While I am an advocate of the EB5 program, I totally agree with Jack that the use of city resources to advocate (shill) for a private company is out of place.
Garage Wine may know more, but the only circumstances that I am aware of that can cause the "conditional" green card (and that is indeed what it is: conditional) to be pulled are related to either criminal activity here in the USA, or fraud in the investment process.
Some examples of the fraud looked for are:
Money was originated from criminal activity overseas.
Money was encumbered or pledged as collateral or similar in the home country or elsewhere outside the USA.
The conversion from a conditional green card to a permanent one has to be applied for (form I-829), where the evidence that the investment did indeed take place, and the number of jobs were created (or saved...) is outlined.

Cheers, Mike

I agree with Jeff! He obviously needs help dressing himself...among SO many other failings!

And...this was done in Vancouver BC too.
A fried who is a developer up there told me once, "We decided to sell Richmond to the Asians and we would all be millionaires. We did and now we aren't so sure it was the right thing to do. Many of us regret this."

And I had it figured that Sam's new business cards would have the "PSU" logo embossed on them. In any case it'll have to be a cushy PERS job, right?

Remember the selling of NYC property to the Japanese, whose economy tanked, and the property reverted to, surprise, the original owners? I would not ever want to be buying something from the oiligarchs. They are accomplished at sophisticated scams that allow them to live and sell again. This does not just go on in the U.S. U.S. people can get taken by "investing" overseas. Buyer beware and due diligence apply to everybody, all the time.

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