Tag: Gretchen Morgenson

1) Lennar paid federal lobbyists $240,000 to win them a $320 million cash bailout characterized as a retroactive tax refund. 2) In the accounting for its fourth quarter report, announced on Jan. 7, 2010, Lennar used $284.9 million of the $320 million to offset its quarter losses. 3) Lennar then reported the remaining $35.6 million as profit, earned income. 4) Taxpayers, yet again, footed the bill.

At the close of 2008 and throughout 2009, Americans watched our federal government reward the reckless multinational financial sector with trillions of dollars for causing the worst hardship since the Great Depression. San Franciscans and Californians joined in the agony but few understood that both San Francisco and California have come up with their own bailout for one of the major players in the meltdown, the South Florida based Lennar Corp.

Tonight is a night of rejoicing in San Francisco’s Black heartland, Bayview Hunters Point. After more than a decade of fighting the land-grabbing Lennar cabal – Florida-based mega-homebuilder Lennar and its sponsors, Mayor Gavin Newsom, U.S. House Speaker Nancy Pelosi, richest member of the U.S. Senate Sen. Dianne Feinstein and her husband, Lennar partner Richard Blum – we the people of the poorest neighborhood in filthy rich Frisco finally won one.