June 8, 2011
The EB-5 story: WSJ offers less skepticism than Houston Chronicle; federal agency announces plan to streamline applications
Atlantic Yards Report
One of the lessons of the Atlantic Yards saga, and highlighted in the film Battle for Brooklyn, is the importance of a skeptical approach to the media.
Nowhere is such skepticism more important than in coverage of the EB-5 phenomenon, in which would-be immigrants trade purportedly job-creating investments for green cards for themselves and their families.
Despite ample evidence that the program is dubious, especially related to the Atlantic Yards project, the Wall Street Journal yesterday proceeded with some shoddy journalism, in an article headline Program Gives Investors Chance at Visa.
It's in line with the Journal's lame coverage in February, which ignored misrepresentations made by the New York City Regional Center, the first investment fund in the city that recruited investors, in signing up Chinese and Korean millionaires to invest in the Atlantic Yards project.
Posted by eric at June 8, 2011 7:20 AM