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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRahm Emanuel’s top donor bought stock in Marriott just before it was awarded huge Chicago Contract
BY DAVID SIROTA AND BEN JORAVSKY
On March 5, Chicagos city council overwhelmingly voted to approve Mayor Rahm Emanuels proposal to divert $55 million of taxpayer resources into a new privately run hotel in the citys south loop. Coming just before Emanuel pled poverty to justify his push for pension cuts and property tax increases, the hotel handout was part of the mayors expensive development plan that also features a basketball arena for DePaul University.
The vote followed a September decision by the mayors appointees on the Metropolitan Pier and Exposition Authority to give Marriott the coveted contract to run the new hotel. The decision by the state-city entity could be a huge financial windfall for Marriott. After all, the company will be running one of Americas largest hotels next to Americas largest convention center and doing so with massive taxpayer subsidies, but without having to pay to construct the hotel and without having to pay property taxes.
Amid self-congratulatory press releases, what Mayor Emanuel did not mention and what has gone completely unreported until now is what a joint investigation by PandoDaily and the Chicago Reader has now confirmed: in the year leading up to Chicagos lucrative giveaway to Marriott, the hedge fund of one of Emanuels largest campaign contributors bought millions of shares of stock in the hotel company.
more
http://pando.com/2014/04/08/revealed-rahm-emanuels-top-donor-bought-stock-in-marriott-just-before-it-was-awarded-huge-chicago-contract/
Glassunion
(10,201 posts)liberal N proud
(60,334 posts)I just don't have the right friends.
truebrit71
(20,805 posts)I am SHOCKED!!!!
City Lights
(25,171 posts)Octafish
(55,745 posts)Unless they're wealthy, of course.
Tierra_y_Libertad
(50,414 posts)rhett o rick
(55,981 posts)(read corruption) at it's finest.
TBF
(32,031 posts)former9thward
(31,963 posts)Apparently the people accept it because it continues no matter who the mayor is.
sabrina 1
(62,325 posts)No wonder he hated 'Liberals'. Inconvenient truth tellers are always a threat to the corrupt.
Autumn
(45,023 posts)not