It sadly follows the pattern exploiting the real issue of needing to help poor communities to justify spending billions on a bizarre “public/private partnership” program, while in the end most of the money intended to help regular people ends up in the pockets a few extremely wealthy and politically connected private companies.

You nailed it, Jon.

Also too, we can expect the greedheads to add insult to injury by blaming the whole wasteful debacle on its ostensible beneficiaries, the poor. This is the same kind of factual ju-jitsu they used to dodge responsibility for the mortgage swindle. Ryan, Simpson et al can be counted on to gloat condescendingly while prescribing more cat food for us ingrates.

A total of $7.4 billion …

Wow. That sure could create a lot of jobs.

You can include GE Capital in this pass through scam. They do timber deals this way because you can’t amortize the debt for 7 years so NMTC deals lend themselves to real estate transactions.

NMT Credits are allocated based on an application process to “qualified” entities. If there is a bank that is not allocated credits, they can partner with a firm that is and “buy” the credits from them which entails a partnership in name only.

It’s a a sham and very lucrative for the big banks.

hey, the alternet article today touched on the issue of local goves protecting themself from this kind of tomfoolory.

The people responsible for these corporate ripoffs should be in prison.

For. A. Long. Time.

Sally Jenkins has an EXCELLENT article in the Washington Post on a related matter: how taxpayer dollars are used to fund NFL stadiums [either in direct outlays or in surrendered tax revenues] for a bunch of billionaires, at the same time that these municipalities [and states] are cutting school budgets, infrastructure, etc.

http://www.washingtonpost.com/wp-dyn/content/article/2011/02/07/AR2011020705610.html

So corporation rip off the taxpayers? Seems the answer to this dilemma lies in the desires of Jefferson and Madison to place restrictions on corporations, as they envisioned in a proposed 11th Amendment. It appears as if the concerns of two of America’s founders concerning corporations and the undue influence of “monied interests” on the political process are in fact a reality today, not limited to just America! Look at Egypt!

http://soundingcircle.com/newslog2.php/__show_article/_a000195-000205.htm

“Jefferson and Madison were so insistent upon this amendment because the American Revolution was in substantial degree a revolt against the domination of colonial economic and political life by the greatest multinational corporation of its age: the British East India Company. After all who do you think owned the tea which Sam Adams and friends dumped overboard in Boston Harbor? Who was responsible for the taxes on commodities and restrictions on trade by the American colonists? It was the British East India Company, of course. In the end the amendment was not adopted because a majority in the first Congress believed that already existing state laws governing corporations were adequate for constraining corporate power. Jefferson worried about the growing influence of corporate power until his dying day in 1826. Even the more conservative founder John Adams came to harbor deep misgivings about unchecked corporate power. ”

So let’s recall how states segregated Americans. Lets recall how states failed to uphold the bill of rights as applied to the citizens denied due process of law, for decades. Lets recall how Credit Card corporations move to states with lax laws governing their scumbag business practices, while ripping off the out of state consumer? Lets recall how many Americans died of lung cancer as did the Marlboro Men, confused that an instilled addiction resulting in premature death, is liberty? Lets not forget how Taney protected the exploitation of slaves by deeming Negroes inferior and property, for the benefit of the slave owners. Lets realize that Citizens United was decided not for the benefit of a nation, but for the benefit of corporations, just as Taney protected the institution of slavery. Now the US Chamber of Commerce can spend unlimited money from undisclosed contributors to essentially undermine the due process rights of Americans in their respective states by making unlimited contributions from out of state “monied interests,” to candidates of their choice while the same corporate interests gut and eviscerate America. Jefferson and Madison where correct in their assessment of the threat to the rule of law by corporations. Slave owners took America to civil war to protect their way of doing business, at the expense of life and liberty! Does one think corporations are any different? BTW, there are responsible corporations. Just to few in America!

If the government really wanted to help poor neighborhoods, it would stop all the public/private scams, which inevitably end up as corporate welfare, and instead would set up a program that identified needs in those areas and hire people directly, with government funds, to do the work.

The program could hire everyone from project designers, engineers, project directors and supervisors, tradesmen, landscapers and detailers – lord knows there are plenty of people in these professions out of work who would love the opportunity to participate in such a program. The program could fund everything from art installations and housing to renovation and renewal projects to public transportation terminals and bus kiosks to beautification projects. The program could be called American Phoenix (or some such).

I’m under no illusion that the government would actually set up such a program, but then I’m under no illusion that our legislators really care about helping poor neighborhoods.

The article is point on and so are the comments that are here. I wouldn’t hold my breath on this one. It was just yesterday that President Obama (D R) went in front of the Chamber of Commerce and got down on his knees and groveled for a few pieces of silver from them.

I hope the rest of this money is reclaimed. This is the most outrageous taxpayer rip-off I’ve read about in a while.

Lincoln did not compromise with the slave-owners. The US Chamber of Commerce is a Tax exempt corporations. Revoke their tax exempt status as they are engaged in politics, not trade association issues.

http://www.experts123.com/q/what-is-the-federal-tax-status-of-the-u.s.-chamber-of-commerce.html

“The U.S. Chamber of Commerce is a 501(c)(6) tax-exempt organization under the Internal Revenue Code. IRC Section 501(c)(6) is reserved for business leagues, chambers of commerce, boards of trade or other similar organizations.” •

http://www.irs.gov/irm/part4/ch52s14.html • http://www.irs.gov/pub/irs-tege/eotopick03. … more

http://en.wikipedia.org/wiki/501(c)#Obtaining_status

I wonder how many Americans realize BC/BS is a tax exempt corporation, granted by the IRS for allegedly relieving a burden of government by charging people $1100.00 a month for a family plan, now entitled to your money, under fear of a punitive financial penalty, coercion?

Remember health care insurance companies are also exempt from antitrust laws, like major league baseball.

Great posts.

This is what privatization and government/corporate sector partnership does. This is what presidents from Reagan to Obama have publicly, enthusiastically advocated and instituted. And far too many Americans are still in thrall to it. This is why Roosevelt set up federal corporations, because they knew that a government-private sector partnership would breed this very system of graft. And Roosevelt was still taken to the cleaners by Ford, Grumman, etc. when they had to go to the private sector for war mobilization.

We need real FDR leadership and no one in the democratic party is available to stand up to the corporatists and will just have to await the coming depression and maybe then another FDR will come forward. In the meantime good luck to my fellow citizens.

“This is a good business opportunity here,” [President Clinton] said at a cabinet factory in Clarksdale, a Mississippi Delta town with a per capita income of $12,611. “If we can’t fully develop the Delta now [1999], with the strongest economy, when will we get around to it?”

Clarksdale has received no benefit from the tax credit program, Treasury Department records show.

Man, that’s just sad.