Wednesday, January 19, 2011

Great moments in euphemistic coverage: the Wall Street Journal reports on Steiner Studios expansion, ignores EB-5

From the Wall Street Journal yesterday, regarding the expansion of Steiner Studios at the Brooklyn Navy Yard, Take Two for a Brooklyn Film and TV Studio:
Doug Steiner, chairman of Steiner Studios, says about $65 million will come from private investors, $10 million to $20 million will come from Steiner and the rest will come from government programs.
Those private investors are immigrant investors trading $500,000 for green cards for themselves and their family under the federal government's EB-5 program, as the New York City Regional Center (NYCRC) reminds us.

The NYRCR is promoting another, more controversial effort to trade green cards for investments, involving Atlantic Yards.

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