By Jim Campbell
Let’s start with a laugh. In the November 2006 election, the voters demanded congressional ethics reform. The committee appointed as chairman of the Senate Rules Committee, Dianne Feinstein, D-Calif., who became duly in charge of regulating the ethical behavior of her colleagues. Now we find for many years, Feinstein has been beset by her own ethical conflict of interest, say congressional ethics experts and nothing has been done about it.
The incumbent Senator from California, Dianne Feinstein has been involved in some of the worst ethical breaches in recent history. The allegations and her resignation from committee positions are not reported by a compliant favorable to ‘Obama media spin cycle.’
The family fortune of Dianne Feinstein at the beginning of 2010 year was $93,707,020. Feinstein’s husband has a number of investments in a diverse range of industries’, including a property management firm and a biotech venture.
Senator Feinstein resigned from the Military Construction Appropriations subcommittee. Feinstein was chairperson and ranking member of MILCON for six years, during which time she had a conflict of interest due to her husband Richard C. Blum’s ownership of two major defense contractors, who were awarded billions of dollars for military construction projects approved by Feinstein.
It turns out that Blum also holds large investments in companies that were selling medical equipment and supplies and real estate leases—often without the benefit of competitive bidding—to the Department of Veterans Affairs, even as the system of medical care for veterans collapsed on his wife’s watch. If this reads like a story from the corruption chronicle that’s because it’s on the way. Fortunately Californians have a replacement for the ethically challenged 78-year old senator who has been “Too Wrong for Too Long” for California. The corruption will stop with Republican Elizabeth Emken. Please visit her here and see how you can participate on a winning team.
As of December 2006, according to SEC filings and, three corporations in which Blum’s financial entities own a total of $1 billion in stock won considerable favor from the budgets of the Department of Defense and the Department of Veterans Affairs:
Dianne Feinstein denied that she devised legislation that helped her husband get a federal contract to sell foreclosed properties at compensation rates higher than the industry norms.
On the day the new Congress convened in 2009, Sen. Dianne Feinstein introduced legislation to route $25 billion in taxpayer money to a government agency that had just awarded her husband’s real estate firm a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms.
Read the rate list for the FDIC contract from CB Richard Ellis, the firm Sen. Feinstein’s husband heads as board chairman. (downloads 4-page pdf)
• Read the correspondence between Sen. Feinstein and FDIC chairman Sheila Bair (downloads 5-page pdf)
About the same time of the contract award, Mr. Blum’s private investment firm reported to the Securities and Exchange Commission that it and related affiliates had purchased more than 10 million new shares in CBRE. The shares were purchased for the going price of $3.77; CBRE’s stock closed Monday at $5.14.
Spokesmen for the FDIC, Mrs. Feinstein and Mr. Blum’s firm told The Times that there was no connection between the legislation and the contract signed Nov. 13, and that the couple didn’t even know about CBRE’s business with FDIC until after it was awarded.
The Washington Times show Mrs. Feinstein first offered Oct. 30 to help the FDIC secure money for its effort to stem the rise of home foreclosures. Her letter was sent just days before the agency determined that CB Richard Ellis Group (CBRE) – the commercial real estate firm that her husband Richard Blum heads as board chairman – had won the competitive bidding for a contract to sell foreclosed properties that FDIC had inherited.