« Bedbug sweep is complete — Campbell, Brown cleared | Main | Show the math: How would investors seeking green cards create or retain 7696 jobs by financing the railyard Forest City Ratner is obligated to build? »

October 4, 2010

Video: in China, NYCRC rep pitching green cards in exchange for AY investment makes astounding claims (10,000 jobs, "most significant in 20 years")

Atlantic Yards Report

Norman Oder blows the lid off Bruce Ratner's crooked green cards-for-cash financing scheme, in today's four-part package of Atlantic Yards Report exclusives.

"Members shall not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflect adversely on the Member’s professional reputation or integrity."
--Best Ethics Practices for EB-5 Regional Centers, Association to Invest in the USA (IIUSA)

During a videotaped forum in China September 12 aimed at millionaires seeking green cards in exchange for an investment into the Atlantic Yards project, a representative of the New York City Regional Center (NYCRC), the private firm delegated to manage such investments, made some astounding claims.

Notably, Gregg D. Hayden on video (excerpts below) claimed that:

  • "the Barclays Center is... the most significant project in the city and state of New York in the last 20 years"
  • "it generates well in excess of 10,000 jobs for years to come"
  • "because we involve government and government investment, we create a very significant 54% surplus in job creation"

All of those claims are very dubious, as is the prominent effort to link the investment sought--$249 million to build the railyard and possibly to pay off a land loan--to the Barclays Center arena and Nets basketball. See for example the NBA banner in the screenshot above.

And Brooklyn Borough President Marty Markowitz wants to let the NYCRC pay his way to China to promote the project.

Evading the central question

Also, when Hayden was faced with a simple but challenging question--why, if Russian billionaire Mikhail Prokhorov is involved in the project, is new investment needed?--he evaded the question with a non sequitur.

The candid answer would have been: Forest City Ratner and parent Forest City Enterprises want to lower the cost of capital.

article

Posted by eric at October 4, 2010 11:14 AM