According to a Washington Times report, Senator Diane Feinstein proposed legislation that would funnel $25 billion dollars of taxpayer’s money towards a real estate venture run by her husband that would sell foreclosed properties at higher than normal rates.
“Documents reviewed by 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,” the report said. The offer was sent shortly before CB Richard Ellis Group, the real estate firm that her husband is the chairman of, won the real estate foreclosure contract.
“This clearly gives the appearance of a conflict of interest,” said Kent Cooper, a former federal regulator who specializes in government ethics and disclosures. “To maintain the people’s trust in government, it is incumbent on a legislator to take the extra steps necessary to ensure that when she introduces any legislation that it does not cause people to question her motives or the business activities of her spouse.”
Feinstein insists that politics was not involved in the decision.
Read the full report.
[...] another congresswoman is caught diverting bailout funds to her husband’s real estate [...]