Rich Take From Poor as U.S. Subsidy Law Funds Luxury Hotels

[DearAbby]

The landmark Blackstone Hotel in downtown Chicago, which has hosted 12 U.S. presidents, opened in 2008 after a two-year, $116 million renovation. Inside the Beaux Arts structure, built in 1910, buffed marble staircases greet guests spending up to $699 a night for rooms with views of Lake Michigan.

What’s surprising isn’t the opulent makeover: It’s how the project was financed. The work was subsidized by a federal development program intended to help poor communities.

The biggest beneficiary of taxpayer help for the Blackstone revamp was Prudential Financial Inc., the second-largest U.S. life insurer. The company got $15.6 million in tax credits from the U.S. Department of the Treasury for helping to fund the project, according to Chicago city records, Bloomberg Markets magazine reports in its March issue.

More: http://www.bloomberg.com/news/2011-02-08/rich-taking-from-poor-as-10-billion-u-s-subsidy-law-funds-luxury-hotels.html

[XanaDUer]

1. Well...

:mad: :argh:

[DearAbby]

2. yeah

When is enough, enough?

[Thav]

4. How much more money do you have in savings?

[Tippy]

3. K&R

[bobbolink]

5. While housing for poor folk is being CUT. So, who here is going to protest?