Browsing the blog archivesfor the day Sunday, May 7th, 2017.


The Family That Grifts Together …

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Trump Maladministration

The New York Times says the Kushner family is cashing in.

The Kushner Companies’ China roadshow, promoting $500,000 investments in New Jersey real estate as the path to a residency card in the United States, moved to Shanghai on Sunday after a similar pitch on Saturday in Beijing. Security was tighter in Shanghai than it had been in Beijing, where reporters for The New York Times and The Washington Post briefly attended the event before being kicked out.

And why were reporters kicked out? Raw Story explains.

Reporters alerted to the Bejing event, billed by host Chinese company Qiaowa in their brochures as “Invest $500,000 and immigrate to the United States,” were quickly ushered out as the event started and Kushner’s sister began her sales pitch.

According to the Post, reporters who had initially been seated at the very back of the ballroom were told they would have to leave by a public relations aide saying foreign reporters were disturbing the “stability” of the program. One reporter had their backpack and phone grabbed by an event organizer as reporters were blocked from asking event attendees questions as they exited the ballroom.

Asked why reporters were booted, a public relations aide stated, “This is not the story we want.”

A photograph of the reception desk at the Shanghai sales meeting shows Donald Trump’s photograph prominently displayed.

CNN Money reported:

Nicole Kushner Meyer, the sister of White House adviser and President Trump’s son-in-law Jared Kushner, spoke at an event in Beijing on Saturday. She was marketing a Kushner-owned property in New Jersey — invest in the development and get into the United States on a so-called EB-5 visa.

The EB-5 visa allows immigrants a path to a green card if they invest more than $500,000 in a project that creates jobs in the United States.

An ad for the event, held at a Ritz-Carlton hotel, said “Invest $500,000 and immigrate to the United States.”

The EB-5 visa has been used by the Trump and Kushner family businesses. Foreigners, particularly wealthy Chinese nationals, have used the EB-5 program as a ticket into the states. And that promise has helped attract foreign investments for U.S. real estate projects. …

… Lawmakers say the program essentially sells citizenship to high-income foreigners.

On Saturday, potential investors in the Kushner project were told they should act quickly because possible policy changes to the EB-5 program might raise the required minimum investment.

See also David Atkins, “Kushner’s Insane Chinese Corruption.

Here’s the New World Order, folks. Forget The Wall. The would-be Masters of the Universe just need money. National borders are no obstacle.

The Chinese were being asked to invest in a high-rise luxury apartment complex that would be in New Jersey. I believe this complex in Jersey City is the one they’re talking about. If I were an investor I would personally be concerned that luxury high-rise apartment complexes are being overbuilt; in Brooklyn they are going up faster than helium balloons. But Jersey City is an easy commute to Wall Street, so it might do very well.

For that matter, Jared Kushner himself bought a huge building in Brooklyn just last year that was once the headquarters of Jehovah’s Witnesses, which he intends to turn into a “classy” office complex.

More details from the Washington Post:

Among the wealthy elites in China, family, business and politics are all deeply intertwined. Every branch of the Communist Party, every province and city often operate as a fiefdom for those in power, allowing leaders special, lucrative access to policy, land and government contracts. There is even a name for second-generation sons and daughters of wealthy business executives and government officials — such as Ivanka Trump and Jared Kushner — who have access to power through family ties. They are called “fuerdai.

The EB-5 immigrant investor visa program that Meyer discussed Saturday allows rich foreign investors who are willing to plunk down large investments in U.S. projects that create jobs to apply to immigrate to the United States.

Bloomberg News reported in March 2016 that the program has been used to the benefit both the Trump and Kushner family businesses. Before joining the White House, as chief executive of his family’s real estate company, Jared Kushner raised $50 million from Chinese EB-5 applicants for a Trump-branded apartment building in Jersey City, according to the report. …

… The program has been extremely popular among rich Chinese, who call it the “golden visa” and are eager to get their families — and their wealth — out of the country. The fact that some use it to move their money out illegally, however, has made the program unpopular with the Chinese authorities.

The program was launched with the goal of securing investment and creating jobs. But instead, in recent years, many real estate developers have used the program as a source of cheap financing by using foreign investors, especially from China, for flashy projects in Manhattan and other city centers.

Jared Kushner himself is said to have sold his interests in the Jersey City project to a “family trust” and is taking no part in the business investor visa program, WaPo says.

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