From the NY Post:
Forest City Enterprises, the real-estate behemoth whose subsidiary built the Barclays Center, has taken pay-to-play to new levels, an explosive new report charges.
The company has gotten indirect government subsidies totaling $2.6 billion over the last decade — or 23 percent of its $11.4 billion in revenues over the period, according to the report.
At the same time, the company and its subsidiaries, Forest City Ratner — which developed the Atlantic Yards, site of the Brooklyn arena — spent $23 million on political campaigns, according to Cause of Action, a nonprofit that conducted a detailed investigation of Forest City.
The oversight group accuses the company of a “decade of kickbacks” and coordinating its campaign contributions, and says it is investigating multiple companies that use “political connections for profit.”
In key election years, 85 percent of the company’s political contributions went to candidates where the company had real-estate projects, the group found.
Looking just at New York City, Forest City has spent $5 million on lobbying between 2002 and 2012.
Tell us something we don't know.
Tuesday, 6 August 2013
"A decade of kickbacks"
Posted on 21:24 by Unknown
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