This is beyond silly, but this is our Wall Street government. It would be nice to see a politician from either party either scrap this program immediately or at least return it to what it was supposed to be in the beginning. For all of the right wing talk about wealth distribution, the reality of programs like this and much of Washington's policies (both parties, of course) is about wealth distribution from the middle class and poor to the rich. Wall Street in particular has benefited from enough government handouts, so why are they still pilfering the system? Absolutely sickening.
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.
JPMorgan Chase & Co., the second-largest U.S. bank by assets, also took in money by serving as a lender and the monitor of Blackstone construction financing, city records show.
Since 2003, some of the world’s biggest financial companies, including Goldman Sachs Group Inc., U.S. Bancorp, JPMorgan Chase and Prudential, have taken advantage of a federal subsidy that will cost taxpayers $10.1 billion -- and most of the public has never heard of it.
