Wall Street Journal
Can Popular REITs Avoid a Rate Hit?
Wall Street Journal
Investors have once again been piling into real-estate stock mutual funds, drawn in by their meaty dividend payouts. But the yields on U.S. real-estate stock fundsâ2.6% on average for the Morningstar Inc. categoryâcome with a risk that has burned ...
Europe REITs ETF As A Yield-Generating Alternative
The US has entered into a contract with a real estate firm to sell 56 buildings that currently house U.S. Post Offices. The government has decided it no longer needs these buildings, most of which are located on prime land in towns and cities across the country. The sale of these properties will fetch about $19 billion.
A regular real estate commission will be paid to the company that was given the exclusive listing for handling the sales.
That company is CRI and it belongs to a man named Richard Blum. Richard Blum is the husband of Senator Dianne Feinstein. (Most voters and many of the government people who approved the deal have not made the connection between the two because they have different last names).
Senator Feinstein and her husband stand to make a fortune (EST at between $950 million and $1.1 billion) from these transactions. His company is the sole real estate on the sale. CRI will be making a minimum of 3% and as much as 6% commission on each and every sale. All of the properties that are being sold are all fully paid for. They were purchased with U.S. taxpayers dollars.
The U.S.P.S. is allowed free and clear, tax exempt use. The only cost to keep them open is the cost to actually keep the doors open and the heat and lights on. The United States Postal Service doesn't even have to pay county property taxes on these subject properties. QUESTION? Would you put your house in foreclosure just because you couldn't afford to pay the electric bill?
Well, the folks in Washington have given the Post Office the OK to do it. Worse yet, most of the net proceeds of the sales will go back to the U.S.P.S, an organization that is so poorly managed that they have lost $117 billion dollars in the past 10 years.
No one in the mainstream media is even raising an eyebrow over the conflict of interest and on the possibility of corruption on the sale of billions of dollars worth of public assets. How does a U.S. Senator from San Francisco manage to get away with organizing and lobbying such a sweet deal? Has our government become so elitist that they have no fear of oversight? And it's no mere coincidence that these two public service crooks have different last names; a feeble attempt at avoiding transparency in these type of transactions.
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