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Author Topic: Obama's VP Biden, & Sons= Corporatist Opportunists 1000X Better VS Trump-Kushner  (Read 388 times)

Online Tom Scully

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Quote
https://www.washingtonpost.com/archive/politics/1999/06/01/creditors-money-talks-louder-in-bankruptcy-debate/dde6db41-2874-4ef7-9442-3fff5b7e9401/
Creditors' Money Talks Louder in Bankruptcy Debate
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By Dan MorganJune 1, 1999
......
Sen. Joseph R. Biden Jr. (D-Del.), a key Judiciary Committee member who hails from the home base of credit card issuers MBNA Corp. and First USA, opposes the liberal faction's bill. "I'm not the senator from MBNA," he said, noting that he had threatened to filibuster the creditor-backed version last year. But stressing that Democrats should jettison liberal economic policies of the past, he added, "I'm not the senator from 1979, either."

Quote
Clinton Vetoes Bankruptcy Bill - AP News
https://apnews.com/b52e0f874e5e4682442bf2e2dea2009b
Dec 19, 2000 - WASHINGTON (AP) _ President Clinton vetoed legislation Tuesday that ... pocket vetoing the bipartisan bankruptcy reform bill,″ Grassley said

Quote
Biden Family Financial Connections Detailed - Washington Post
http://voices.washingtonpost.com/washingtonpostinvestigations/2008/08/biden_familys_lobbyist_financi.html
Aug 28, 2008 - Hunter Biden received consulting fees from MBNA Corp. over a four-year stretch to work on online banking issues, as his father helped the ...

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Joe Biden's Problematic Record On Racial Justice Explained
http://nymag.com/intelligencer/2019/03/joe-biden-record-on-busing-incarceration-racial-justice-democratic-primary-2020-explained.html
Mar 12, 2019 - Joe Biden's record on integration and mass incarceration is worse than ... Biden said in a 1975 interview recently unearthed by the Washington Post. .... a 100-to-1 sentencing disparity for possession of crack cocaine (used ...

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In Hunter Biden's career from Ukraine to China, his father is ...
https://www.washingtonpost.com/politics/as-vice-president-biden-said-ukraine-should-increase-gas-production-then-his-son-got-a-job-with-a-ukrainian-gas-company/2019/07/21/f599f42c-86dd-11e9-98c1-e945ae5db8fb_story.html
Jul 22, 2019 - From the moment Hunter Biden took a job in 2014 with an energy company ... told The Washington Post that the appointment of Hunter Biden to the ... vice president at a bank, MBNA, that was a major contributor to his father; ...

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Why Warren is calling Biden out - The Washington Post
https://www.washingtonpost.com/opinions/2019/04/26/why-warren-is-calling-biden-out/
Apr 26, 2019 - Former vice president Joe Biden must prove that he isn't a politician of a ... It's worth noting that Biden's son Hunter worked at MBNA for five

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On gay marriage, Biden forced Obama's hand says White ...
https://www.politico.com/story/2012/05/obama-expected-to-speak-on-gay-marriage-076103
May 9, 2012 - For President Barack Obama and his team, the decision to back gay marriage came down to a choice between two unpalatable alternatives: ...

Quote
The Untouchables: How the Obama administration protected ...
https://www.theguardian.com/commentisfree/2013/jan/23/untouchables-wall-street-prosecutions-obama
Jan 23, 2013 - A New York Times editorial in August explained that the DOJ's ... "In 2009, Wall Street bankers were on the defensive, worried they ... their attorneys expected investigations and at least some prosecutions. ... The harms from this refusal to hold Wall Street accountable are the same generated by the general ...

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A Clue to the Scarcity of Financial Crisis Prosecutions - The ...
https://www.nytimes.com/2016/07/22/business/dealbook/a-clue-to-the-scarcity-of-financial-crisis-prosecutions.html
Jul 21, 2016 - Eric Holder, the former United States attorney general, in 2015. ... evidence of wrongdoing by Wall Street bankers, traders and executives in the ... District of New York tried, and failed, to prosecute the Bear Stearns executives ... who was the chief strategist for Barack Obama's two presidential campaigns, for ...

Trump-Kushner] : (NOTE: ROTEM ROSEN EMERGED BECAUSE HE WAS PHOTOGRAPHED MEETING WITH MICHAEL COHEN IN OUTDOOR PATIO AT COHEN'S TEMP. RESIDENCE @ LOEW'S HOTEL IN APRIL, 2018, IN SAME WEEK COHEN'S OFFICE & RESIDENCES WERE "ATTACKED" BY FBI -per TrumpWhine

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Google Search Results Link
Kushner requests more intel info than almost all White House ...
https://thehill.com › homenews › administration › 374356-kushner-request...
Feb 17, 2018 - Kushner holds a Top Secret/sensitive compartmented information (SCI) security clearance, the highest level, which allows him to review some ...
Of Course Jared Kushner Got His Top-Secret Security ...
https://www.vanityfair.com › news › 2019/03 › jared-kushner-security-cle...
Mar 1, 2019 - For the Trump-Kushner clan, there is no other way. ... to “secret” in February 2018, and which limited his access to classified information.

Trump Ordered Officials to Give Jared Kushner a Security ...
https://www.nytimes.com › 2019/02/28 › politics › jared-kushner-security-cl...
Feb 28, 2019 - Jared Kushner: Many Tasks, Few Words, Top-Secret Clearance .... from interim top secret to secret, limiting his access to classified information.


Brookfield closes largest piece of refinancing at 666 Fifth ...
https://therealdeal.com/2019/01/03/brookfield-closes-largest-piece-of-666-fifth-refinancing/
Jan 3, 2019 - Brookfield Asset Management, which became the de-facto owner of Kushner Companies' 666 Fifth Avenue last summer, has closed on a $750

Kushner Companies offloads troubled 666 Fifth Avenue flagship
https://money.cnn.com/2018/08/03/news/companies/kushner-666-fifth-avenue-brookfield/index.html
Aug 3, 2018 - Ivanka Trump and Jared Kushner detail vast wealth ... into Kushner's efforts to shore up financing for 666 Fifth Avenue during the presidential ...
Deal Gives Kushners Cash Infusion on 666 Fifth Avenue - The ...
https://www.nytimes.com/2018/08/03/nyregion/kushners-building-fifth-avenue-brookfield-lease.html
Aug 3, 2018 - Jared and Charles Kushner sold 666 Fifth's most valuable asset — the ... But they still could not secure financing, and on Friday, Brookfield, ...

Qatar Shocked, Shocked to Learn It Accidentally Bailed Out ...
https://www.vanityfair.com/news/2019/02/qatar-666-5th-ave-jared-kushner
Feb 12, 2019 - Jared Kushner senior White House adviser waits for the start of a signing ... due on the mortgage for 666 Fifth Avenue, a Canadian asset-management ... had spent two years trying to get new partners or financing to no avail.
...
[/quote]

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Kushners Sought to Oust Rent-Regulated Tenants, Suit Says ...
https://www.nytimes.com › nyregion › kushners-construction-tenants-lawsuit
Jul 16, 2018 - Kushner Companies denied the claims that it subjected rent-regulated tenants to hazardous conditions so their apartments could be sold for millions. ... tenant committee contention that no dust controls are used during work.

Kushner Companies and Michael Cohen Accused of ...
https://www.nytimes.com › nyregion › kushner-cohen-rent-regulated-tenants
Aug 27, 2018 - New York City's Department of Buildings cited Kushner Companies, ... rent-protected tenants so they can sharply increase rents on those units.

Jared Kushner's company filed fake rent-control paperwork ...
https://www.businessinsider.com › jared-kushner-company-filed-fake-rent-...
Mar 18, 2018 - White House senior adviser Jared Kushner's company faked paperwork about three apartment buildings it owned in order to make a huge profit. In the documents, obtained by the AP, the company said it didn't have any tenants living in rent-controlled units in the apartment, when in ...

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Rats, mice in Kushner-owned buildings in Baltimore
https://www.cnbc.com › 2019/08/16 › rats-mice-in-kushner-owned-building...
Aug 16, 2019 - These peo
ple smelled a rat — and saw a bunch of them too — in Baltimore County, Maryland, apartments owned by the family of President ...

THE TIP OF THE ICEBERG THAT LIES BELOW THIS FIRST QUOTE BOX. "jAVANKA" DONATED $300K TO SAME RELIGIOUS SECT AS PUTIN'S RABBI, THIS
OBSCURE IOWA MEATPACKER JAILED FOR EXPLOITING 900 ILLEGAL ALIEN WORKERS, AND SAME SECT AS TRUMP'S AMBASSADOR TO ISRAEL. ambassador info=SEE BOTTOM QUOTE BOX:


https://en.wikipedia.org/wiki/Berel_Lazar

"Putin's Rabbi"
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President Commutes Sentence of Iowa Meatpacking Executive
https://www.nytimes.com/2017/12/20/us/president-trump-iowa-commutation.html
Dec 20, 2017 - Sholom Rubashkin, an Iowa kosher meatpacking executive, had his ... President Trump on Wednesday commuted the prison sentence of ...

Why Trump commuted Sholom Rubashkin's 27-year prison ...
https://www.cnbc.com/2017/12/22/why-trump-commuted-sholom-rubashkins-27-year-prison-sentence-commentary.html
Dec 22, 2017 - The real reason Trump commuted the 27-year sentence of a kosher meat ... kosher slaughterhouse operation headquartered in Postville, Iowa.

Trump commutes sentence of kosher meatpacking executive ...
https://www.politico.com/story/2017/12/20/trump-commutes-sentence-kosher-meatpacking-business-executive-rubashkin-311389
Dec 20, 2017 - WASHINGTON — President Donald Trump on Wednesday commuted the sentence of an Iowa kosher meatpacking executive who had been ...

INTRO TO THE NAMES BEHIND THE CONCEALED JUNE, 2016 TRUMP TOWER MEETING ABOUT "ADOPTIONS:
Putin ordered Russian-Israeli "blood diamonds" oligarch Lev Leviev to suoort Rabbi Berel Lazar. Rotem Rosen was Lev Leviev's "right hand man".
Rotem Rosen married Sapir's daughter at Mar-A-Lago in 2007. Her brother Alex accompanied Trump during the 2013 "Moscow pee tape," weekend.
Lev Leviev partnered with Kushner in the purchase and later sale of the NY Times building.

Quote
Who is Lev Leviev, the Israeli billionaire with ties to Jared ...
https://www.haaretz.com/us-news/who-is-the-israeli-billionaire-with-ties-to-kushner-and-putin-1.5435007
Jul 25, 2017 - File photo: Lev Leviev and his wife Olga outside the High Court in London, May 23, 2012 ... Unlike Kushner and his father-in-law, President Donald Trump, Leviev was ... Trump, Jr., Jared Kushner and others at Trump Tower last summer. ... readers will remember that Trump has said that “adoptions” was the ...

The Company Whose Lawyer Was at the Trump Tower ...
https://www.thedailybeast.com/the-company-whose-lawyer-was-at-the-trump-tower-meeting-threatens-to-break-a-deal-with-the-feds
Nov 9, 2017 - The Company Whose Lawyer Was at the Trump Tower Meeting Threatens ... a part of billionaire investor Lev Leviev's Africa Israel Investments group. ... harsh laws limiting international adoptions that were passed as a form of ...

Jed Shugerman on Twitter: "10/ Oh my. Look at Manafort's ...
https://twitter.com/jedshug/status/1082683502582214656
Jan 8, 2019 - "Russian adoption" ... Look at Manafort's notes from Trump Tower. .... 17/ Look at @jaredkushner's business deals in 2017: Russian oligarch Lev Leviev, "a business partner of the ... 1” in this indictment is also probably a Prevazon entity. ... companies to buy 133m shares of Gazprom against Russian law.

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Trump's mob-linked ex-associate gives $5,400 to campaign ...
https://www.politico.com/story/2016/08/donald-trump-russia-felix-sater-227434
Aug 26, 2016 - The Russian-born businessman says he visited Trump Tower last month for 'confidential' reasons. ... During the Cold War, Tamir Sapir, an émigré from the Soviet Union, sold electronics to KGB agents from a storefront in ...

Brass Knuckles Over 2 Broadway; M.T.A. and Landlord Are ...
https://www.nytimes.com/2000/08/09/nyregion/brass-knuckles-over-2-broadway-mta-landlord-are-fighting-it-over-rent.html
Aug 9, 2000 - Mr. Sapir (pronounced suh-PEER), 52, left the Soviet Union in 1973 with ... $10,000 against his taxi medallion to open a small electronics store.

The Characters Who Tried to Make 'Trump Tower Moscow' a ...
https://www.thedailybeast.com/the-characters-who-tried-to-make-trump-tower-moscow-a-reality
Sep 11, 2017 - The two tycoons—Alex Sapir and Rotem Rosen—accompanied Donald Trump on his ... Rotem Rosen is a longtime associate of Lev Leviev, a Soviet-born Israeli ... Later, he opened an electronics store which sold electronics ...

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Debt, Conflict and Vacancy Imperil Another Kushner Property
https://www.bloomberg.com/graphics/2019-kushner-times-square-property-development/
Jun 25, 2019 - Kushner Cos. bought the bottom six floors of this building in Times Square to .... adviser Jared Kushner, was still bullish on retail when Leviev's ...

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'Putin's rabbi' said to have secretly visited Iran | The Times of ...
https://www.timesofisrael.com/putins-rabbi-said-to-have-secretly-visited-iran/
Sep 2, 2018 - Russian President Vladimir Putin speaks with Russia's Chief Rabbi Berel Lazar in the Jewish Museum in Moscow, on June 13, 2013.

Berel Lazar - Wikipedia
https://en.wikipedia.org/wiki/Berel_Lazar
Rabbi Shlomo Dovber Pinchas Lazar better known as Berel Lazar, is an Italian Jewish Orthodox, Chabad-Lubavitch Hasidic rabbi. He began his service in Russia in 1990. Known for his friendship with Vladimir Putin, since 2000, he has served as the Chief Rabbi of Russia, .


kushner "Rotem Rosen" google search results link

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Rotem Rosen, legally separated from Zina Sapir, moves into ...
https://therealdeal.com/2019/11/06/real-estate-tycoon-leaves-one-penthouse-for-another/
Nov 6, 2019 - The Israeli developer, having legally separated from his wife, Zina Sapir, has taken up residence in a 6,200-square-foot Park Avenue penthouse, a person familiar with the matter told The Real Deal. His new pad, a top-floor unit at 502 Park Avenue, had an asking rent of
Quote
Trump's Russian Laundromat | The New Republic
https://newrepublic.com/article/143586/trumps-russian-laundromat-trump-tower-luxury-high-rises-dirty-money-international-crime-syndicate
Jul 13, 2017 - How to use Trump Tower and other luxury high-rises to clean dirty money, ... A local broker told The Washington Post that one-third of the 500 .... Trump, who described Sapir as a “great friend,” bought 200 televisions from his ...

How Russian Money Helped Save Trump's Business ...
https://foreignpolicy.com/2018/12/21/how-russian-money-helped-save-trumps-business/.
Dec 21, 2018 - U.S. President-elect Donald Trump gets on an elevator after speaking .... (In addition to Bayrock, the other partner was the Sapir family from the former .... especially after Trump launched his reality-TV show, “The Apprentice,” in early 2004. ... among the approximately 500 corporations, trusts, limited liability ...

Inside Donald Trump's Empire: Why He Didn't Run for President
https://www.thedailybeast.com/inside-donald-trumps-empire-why-he-didnt-run-for-president-in-2012
May 26, 2011 - With lawsuits pending and shady partners, Trump's business empire could not ... what turned out to be his last presidential TV interview—and blasted the .... accusing Bayrock, Sapir, Donald Trump, Ivanka Trump, and Donald Jr., ... for a $500 million project called Trump Towers Istanbul, was sentenced to a ...

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The Happy-Go-Lucky Jewish Group That Connects Trump and ...
https://www.politico.com/magazine/story/2017/04/the-happy-go-lucky-jewish-group-that-connects-trump-and-putin-215007
Apr 9, 2017 - ... closest confidants, the oligarchs Lev Leviev and Roman Abramovich, who would go on ... In 2007, Trump hosted the wedding of Sapir's daughter and Leviev's ... of Russia, Lazar has come to be known derisively as “Putin's rabbi. .... The groom, Rotem Rosen, was the CEO of the American branch of Africa ...

The Odd Chabad Connection Between Putin and Trump ...
https://washingtonmonthly.com/2017/11/27/the-odd-chabad-connection-between-putin-and-trump/
Nov 27, 2017 - Three days before the presidential election, Jared Kushner and Ivanka Trump visited the Queens gravesite of Rabbi Menachem Mendel Schneerson and, according to The Times of Israel, they prayed for Donald Trump’s victory. ... Menachem Mendel Schneerson, known to many as the Rebbe, was a ...

AMBASSADOR TO ISRAEL OF SAME TINY SECT AS IOWA MEATPACKER TRUMP COMMUTED 27 YEAR SENTENCE OF AND PUTIN'S RABBI...
Quote
Kushner's financial ties to Israel raise questions over peace ...
https://www.timesofisrael.com/kushners-financial-ties-to-israel-raise-questions-over-peace-broker-role/
Jan 8, 2018 - Kushner, who is son-in-law to US President Donald Trump, resigned as ... from Lev Leviev, the Israeli-Russian oligarch and philanthropist. ... which US Ambassador to Israel David Friedman also has ties to, the report said.

As Kushner testifies, real estate deal with Israeli oligarch ...
https://www.timesofisrael.com/as-kushner-testifies-real-estate-deal-with-israeli-oligarch-scrutinized/
Jul 25, 2017 - US President Donald Trump’s son-in-law and adviser Jared Kushner made a multi-million-dollar real estate deal with a Russian-Israeli oligarch whose company was embroiled in a government-prosecuted money laundering case, The Guardian reported Monday. ... In May, two days before the ...

Trump's Russia lawyer faces conflict-of-interest questions over ...
https://www.theguardian.com/us-news/2017/jun/29/donald-trump-russia-lawyer-marc-kasowitz-jared-kushner
Jun 29, 2017 - ... David Friedman, was appointed by the president as ambassador to ... the time of the sale to Kushner, the building was owned by Lev Leviev, ...
« Last Edit: December 11, 2019, 06:50:04 AM by Tom Scully »

Offline Thomas Graves

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Trump-Kushner] : (NOTE: ROTEM ROSEN EMERGED BECAUSE HE WAS PHOTOGRAPHED MEETING WITH MICHAEL COHEN IN OUTDOOR PATIO AT COHEN'S TEMP. RESIDENCE @ LOEW'S HOTEL IN APRIL, 2018, IN SAME WEEK COHEN'S OFFICE & RESIDENCES WERE "ATTACKED" BY FBI -per TrumpWhine

Brookfield closes largest piece of refinancing at 666 Fifth ...
https://therealdeal.com/2019/01/03/brookfield-closes-largest-piece-of-666-fifth-refinancing/
Jan 3, 2019 - Brookfield Asset Management, which became the de-facto owner of Kushner Companies' 666 Fifth Avenue last summer, has closed on a $750

Kushner Companies offloads troubled 666 Fifth Avenue flagship
https://money.cnn.com/2018/08/03/news/companies/kushner-666-fifth-avenue-brookfield/index.html
Aug 3, 2018 - Ivanka Trump and Jared Kushner detail vast wealth ... into Kushner's efforts to shore up financing for 666 Fifth Avenue during the presidential ...
Deal Gives Kushners Cash Infusion on 666 Fifth Avenue - The ...
https://www.nytimes.com/2018/08/03/nyregion/kushners-building-fifth-avenue-brookfield-lease.html
Aug 3, 2018 - Jared and Charles Kushner sold 666 Fifth's most valuable asset — the ... But they still could not secure financing, and on Friday, Brookfield, ...

Qatar Shocked, Shocked to Learn It Accidentally Bailed Out ...
https://www.vanityfair.com/news/2019/02/qatar-666-5th-ave-jared-kushner
Feb 12, 2019 - Jared Kushner senior White House adviser waits for the start of a signing ... due on the mortgage for 666 Fifth Avenue, a Canadian asset-management ... had spent two years trying to get new partners or financing to no avail.
...


THE TIP OF THE ICEBERG THAT LIES BELOW THIS FIRST QUOTE BOX. "jAVANKA" DONATED $300K TO SAME RELIGIOUS SECT AS PUTIN'S RABBI, THIS
OBSCURE IOWA MEATPACKER JAILED FOR EXPLOITING 900 ILLEGAL ALIEN WORKERS, AND SAME SECT AS TRUMP'S AMBASSADOR TO ISRAEL. ambassador info=SEE BOTTOM QUOTE BOX:


https://en.wikipedia.org/wiki/Berel_Lazar

"Putin's Rabbi"
INTRO TO THE NAMES BEHIND THE CONCEALED JUNE, 2016 TRUMP TOWER MEETING ABOUT "ADOPTIONS:
Putin ordered Russian-Israeli "blood diamonds" oligarch Lev Leviev to suoort Rabbi Berel Lazar. Rotem Rosen was Lev Leviev's "right hand man".
Rotem Rosen married Sapir's daughter at Mar-A-Lago in 2007. Her brother Alex accompanied Trump during the 2013 "Moscow pee tape," weekend.
Lev Leviev partnered with Kushner in the purchase and later sale of the NY Times building.

kushner "Rotem Rosen" google search results link


AMBASSADOR TO ISRAEL OF SAME TINY SECT AS IOWA MEATPACKER TRUMP COMMUTED 27 YEAR SENTENCE OF AND PUTIN'S RABBI...

Master Beautiful Mind,

Points being?  (All fifty of them?)

--  MWT  ;)

EDIT:  Oh, wait a minute.

I now see that for those of us who don't have five hours free at the moment and who tend to get headaches trying to untangle your mysterious posts, you've summarized it in the title itself!

Paraphrased: "Biden and Son, warts and all, are preferable to Trump and Kushner."

(I couldn't agree more.)

« Last Edit: December 11, 2019, 06:03:57 PM by Thomas Graves »

Offline Rick Plant

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  • Posts: 2264
Kushner company stands to benefit from freeze on federal mortgage payments

With more than $800 million in federally backed properties, Kushner Companies could reduce its payments to zero under provisions of the recovery bill.


Jared Kushner’s family business could be a prime beneficiary of a provision in the federal recovery bill that allows owners of apartment buildings to freeze federal mortgage payments on low- and moderate-income properties.

Kushner Companies, the real estate firm started in 1985 by Kushner’s father, Charles, controls thousands of low- and moderate-housing units across the country, some of which are funded through an $800 million federally backed loan the firm received in 2019.

The option for owners to temporarily freeze mortgage payments on low- and moderate-income housing developments, in exchange for promising not to evict tenants who can’t pay their rent, was one of the economic provisions approved by Congress and signed into law by President Donald Trump last week. It is considered a way to keep lower-income apartment dwellers in their homes, but also shifted the burden of housing them from their landlords to the federal government and taxpayers.

Because Kushner Companies, like many real estate companies, establishes buildings as a network of individual LLCs, it may be possible for it to obtain federal help for some buildings even if it has enough money to cover the mortgage payments, said Shekar Narasimhan, an expert in real estate financing and managing partner of the firm Beekman Advisors.

“Could he take advantage of it? Yes, his company could,” Narasimhan said. “They’re supposed to have deep pockets, but most owners set each building up to an LLC. So in theory, he doesn't have an obligation to write a check.”

Jared Kushner, the 39-year-old husband of Trump’s daughter, Ivanka, is a senior White House adviser and does not play a role in managing Kushner Companies. But he maintains an extensive portfolio of real estate investments through the firm, which controls 23,000 units of housing overall.

Neither Kushner Companies nor the White House responded to requests for comment on the mortgage program, whether Kushner Companies may use it, or on details of Kushner's stake in his company.

In recent weeks, Jared Kushner has emerged as a central player in the Trump administration’s response to the coronavirus, bringing together private-sector executives to help address the challenges of helping states obtain sufficient numbers of Covid-19 tests, while spurring the manufacturing and distribution of desperately needed medical products. He’s expected to continue doing so in the coming weeks, as policies surrounding relief for real estate investors and homeowners might be expanded and revised if the economic crisis continues to deepen.

Like most real estate investment firms, Kushner Companies stands to be badly stung by the economic fallout of coronavirus, though the provisions in the recovery bill are generous to the holders of federal mortgages on low- and moderate-income apartment buildings, and expected to be widely used by them.

“This will be a national issue and virtually everybody will be affected. Not just low-income or moderate-income, even at the high end of the market … So yes, Kushner’s properties are going to have a problem,” Narasimhan said.

In addition to large investors, the recovery bill also provided relief for individual homeowners whose mortgages are backed by federal lending giants Fannie Mae and Freddie Mac. There is no similar blanket relief for renters, who are also the most likely people to lose their jobs during the crisis. But real estate companies that take advantage of the option to temporarily stop paying their mortgages must also agree to certain protections for renters in their buildings, including agreeing to not evict them during that time. Building owners can go into forbearance for up to 90 days and catch up on the missed payments later, though that time-period could be extended if the economic crisis deepens.

The rules can help stabilize the market and ensure building owners don’t face foreclosure if renters stop paying, said Luise Barrack, managing partner at the New York real estate law firm Rosenberg and Estis P.C.

“What this is trying to accomplish is to backstop” the real estate industry, Barrack said.

But the option to freeze mortgage payments highlights how members of the Trump family who have not divested from their businesses will be financially entangled in the government’s trillion-dollar economic recovery efforts. Those entanglements persist despite an eleventh-hour push last week from Democrats in Congress to place a restriction in the bill barring Trump family members from receiving aid.

The restriction applies only to a $500 billion loan program that will be administered by the federal government, and not to the mortgage programs that could be utilized by the Kushner family.

There are several other provisions of the bill that could still provide valuable aid to members of the Trump family in the months ahead, including a $350 billion loan program for small businesses for which Trump hotels and hotels operated by the Kushner family could potentially be eligible, and a tax provision that allows real estate owners to use their losses to offset gains in other investments such as the stock market, as reported by The New York Times.

It’s also not clear whether Kushner Companies would be disqualified from the $500 billion in recovery loans, despite Jared’s part ownership in the firm, real estate and ethics experts told POLITICO. The provision barring companies with family members in the upper rings of government from recovery loans applies only when those members hold an ownership stake of at least 20 percent. Kushner’s percentage ownership in his family’s company is unknown, but in real estate, where companies require large amounts of capital, it’s common to have outside investors and for individuals to own less than a 20 percent stake.

“The ban for the Trump family only applies to one part of that bill,” said Jennifer Ahearn, policy director at the watchdog group Citizens for Responsibility and Ethics in Washington. “And there are questions about how Kushner's interests are structured in his businesses. We don’t have visibility into his interests.”

When he took his role in the White House, Kushner sold and divested from a number of investments, including his ownership of individual stocks and his stake in 666 Fifth Avenue, his company’s premier property. He also resigned from his role as CEO his company and pledged to recuse himself from government business that would directly affect his remaining assets.

But he kept a stake in more than 150 real estate-related investments, financial disclosures covering 2018 show, including many apartment buildings. Kushner’s financial disclosures for 2019, when Kushner Companies took out the $800 million loan, have not yet been released by the White House. Overall, Kushner had a net worth of $324 million at the end of 2016, with the vast majority of his wealth in real estate holdings, according to documents obtained by The New York Times.

The company’s housing portfolio includes some upscale one-bedroom apartments in New York City’s East Village that rent for more than $3,000 a month, its website shows, but the bulk of its apartment units are middle-of-the-market rentals in Ohio, Pennsylvania, Maryland and other states with many rents starting at less than $900 a unit.

In recent years, Kushner Companies has landed several major deals for rental units, the largest of which was completed in 2019 when the firm bought more than 6,000 apartment units at 16 different sites in Maryland and Virginia for $1.1 billion, using a $800 million loan backed by federal mortgage giant Freddie Mac.

The $800 million loan concerned Sens. Elizabeth Warren (D-Mass.) and and Tom Carper (D-Del.), who wrote a letter to the federal mortgage company Freddie Mac asking for more information.

"While there is presently no specific indication of any wrongdoing by Freddie in this matter, the fact pattern in this case - of Kushner Companies receiving its largest loan in a decade, Mr. Kushner's refusal to fully and clearly divest from his former company, and the Kushner Companies' recent history of engaging in transactions that appear to raise conflicts of interest for Mr. Kushner — raise significant questions about the circumstances under which Freddie approved and Kushner Companies received this loan,” the senators wrote.

Kushner Companies has received other federally backed loans in the past. A 2012 purchase of units with other investors in Maryland was completed with the help of $371 million in loans from Freddie Mac, but the company’s total federally backed loan volume isn’t clear, nor is the share of those loans that have been repaid. Kushner Companies did not respond to questions about the company’s total loan volume.

As the Kushner Companies, like the rest of the economy, confront instability in the coming months, being able to freeze payments on federally backed loans could offer valuable flexibility.

Under the law signed by Trump last week, in order to freeze the payments, a company has to show it is experiencing financial trouble due to Covid-19.

Real estate experts expect that bar — financial hardship — won’t be difficult for property owners to meet, especially as unemployment rises and tenants increasingly have difficulty making rent.

“This is hitting everybody,” Barrack said.

https://www.politico.com/news/2020/04/03/jared-kushner-company-benefit-recovery-bill-162652

 

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