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October 7, 2010

Obfuscation in English, candor in Chinese: EB-5 transcript quotes NYCRC rep: "business is business, and we are in pursuit of profit maximization"

Atlantic Yards Report

Remember, as I reported October 4, how New York City Regional Center's (NYCRC) Gregg Hayden, when faced with a question about why exactly green card-seeking Chinese investors were needed for a project that included deep-pocketed Russian billionaire Mikhail Prokhorov, simply evaded the question?

Chinese investors reading the transcript were given an additional dose of candor, words not in Hayden's mouth but which elaborate on the logic and spirit of his statement:

The costs of using investment funds are relatively lower than the costs of bank loans. Although the NBA project funds are sufficient, business is business, and we are in pursuit of profit maximization.

(Emphasis added)

This blatant admission of the developer's true goals gives a lie to the official claim that the investment would create or save jobs, and provides more evidence that the plan violates the spirit, and perhaps the letter, of the EB-5 visa program.


NoLandGrab: There's no small irony in the fact that Bruce Ratner has gone seeking investors in a Communist country that has fully embraced Capitalism, while back home, his Capitalist society practices Socialism for the super-rich.

Posted by eric at October 7, 2010 10:10 AM