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(SILive)   Problem: Need $150 million for your project because US investors see it as a giant failure in the making. Solution: Allow rich Chinese to buy-in through federal program in exchange for green cards   (silive.com) divider line 47
    More: Asinine  
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3793 clicks; posted to Main » on 24 Jul 2014 at 12:24 PM (43 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



47 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest
 
2014-07-24 11:41:41 AM  
How is this asinine?  They're paying an assload of money to get green cards, and we get jobs in the process.  Where's the downside?
 
2014-07-24 11:52:52 AM  

RodneyToady: we get jobs in the process


How is a giant ferris wheel  going to create the 3,000 permanent jobs required by the EB-5 program?
 
2014-07-24 12:06:49 PM  

2xhelix: RodneyToady: we get jobs in the process

How is a giant ferris wheel  going to create the 3,000 permanent jobs required by the EB-5 program?


FTA:

EB-5 provides temporary visas for affluent foreigners and their families if they invest at least $500,000 in job-creating enterprises. This can eventually lead to them receiving green cards if their investment creates at least 10 permanent jobs within two years.

If it doesn't, they don't get green cards.  We still get the investment.  I still don't see a downside.
 
2014-07-24 12:09:28 PM  

RodneyToady: Where's the downside?


Ride the painted pony.

1.bp.blogspot.com
 
2014-07-24 12:26:22 PM  
These wheels are a stupid trend that can't die quickly enough.
 
2014-07-24 12:27:02 PM  
Dey geave us jorbs!
 
2014-07-24 12:27:19 PM  
Isn't this like the political version of the time the Vatican sold off Indulgences (as in, you can be as much of a murderous despot at you want at helpless peasants and you'll get into Heaven anyway so long as you build us a big swankin' cathedral)?
 
2014-07-24 12:27:35 PM  

2xhelix: RodneyToady: we get jobs in the process

How is a giant ferris wheel  going to create the 3,000 permanent jobs required by the EB-5 program?


it isn't.

"In total, the New York Wheel will create 350 construction jobs and 500 permanent, full-time positions. "

something tells me that this EB5 thing isn't enforced very well.
 
2014-07-24 12:27:48 PM  
Pfft, amateur. Just use gofundme aka "give me money suckas".  Except for the few who I know personally that use it for the reasons it should be for. Calling for help in paying bills.
 
2014-07-24 12:29:50 PM  
How is anything there going to make a 150 million ROI short of transportation out.

/what's the bridge toll these days?
 
2014-07-24 12:31:04 PM  

BigNumber12: wheels are a stupid trend that can't die quickly enough.


You don't like wheels?

2.bp.blogspot.com
 
2014-07-24 12:32:57 PM  

BigNumber12: These wheels are a stupid trend that can't die quickly enough.


They're certainly something that's being built in large numbers lately though.  Are they popular at the places they've been built?  I suppose the big draw is that they have a very small real-estate footprint, relatively low overhead, and you can charge whatever you want.
 
2014-07-24 12:33:14 PM  

BigNumber12: These wheels are a stupid trend that can't die quickly enough.


Yeah the one in DC is almost done, thanks a lot London is this for the whole tea thing?
 
2014-07-24 12:33:55 PM  

dumbobruni: "In total, the New York Wheel will create 350 construction jobs and 500 permanent, full-time positions. "


Is "Politician job-creation estimation" like "cop math?"
 
2014-07-24 12:34:44 PM  
The same people that say they don't oppose immigration, they just don't want poor people here looking for handouts will still somehow find an issue with this.
 
2014-07-24 12:35:47 PM  
"Their capital is being put to work to help create jobs for Americans Mexicans,"

FTFT
 
2014-07-24 12:36:33 PM  

justanotherfarkinfarker: How is anything there going to make a 150 million ROI short of transportation out.

/what's the bridge toll these days?


You're not looking at the big picture here. These Chinese investors are willing to take a $500K hit in order to secure green cards for them and their family. With the green card, their ability to invest in other projects and move money OUT of China is significantly enhanced. Plus, if some political upheaval occurs or their political benefactor gets the axe, that green card from the $500K is now a priceless get-out-of-jail card (literally).
 
2014-07-24 12:36:40 PM  

Sin_City_Superhero: BigNumber12: wheels are a stupid trend that can't die quickly enough.

You don't like wheels?

[2.bp.blogspot.com image 850x578]


Eh, they're okay....
 
2014-07-24 12:38:07 PM  

JackieRabbit: "Their capital is being put to work to help create jobs for Americans Mexicans,"

FTFT


Or Haitians.  A few of the farms the company I work for does payroll for have some Haitians with work visas being paid along with the Mexicans with work visas
 
2014-07-24 12:40:08 PM  
A year ago i was having dinner with a bunch of rich vietnamese guys in Hanoi and they kept telling me how they were going to come to the US through the EB-5 program.  I'd never heard of it, but they knew all about it.

So if you're rich and want to invest money, open arms.  If you're poor, well just walk in from Mexico, open arms.  If you're middle-class or even upper middle class and want to work at a good job, come to the embassy, get in line, fill out this form, pay this application fee, wait six months, come back, meet with this clerk, fill out this other form, pay this other fee, wait another six months... meanwhile your potential employer who really wants you is going through much the same process.

Obviously a lot of people in the middle manage to negotiate the process, but it's so much harder than the top or bottom.
 
2014-07-24 12:41:00 PM  
I actually used to work for an EB-5 investment company. We matched the investors with the investment, and made millions of dollars on it.

The EB-5 program started in the 90s, but was totally filled with corruption; companies would throw together BS investments, sign up investors they knew would NEVER make it through the (then) INS, keep the money in the bank, and keep the interest (or just flat-out not give the money back if the investor were denied entry).

The program got shut down around the late 90s, then restarted around 2005/2006 when the EB-5 program shifted over to Homeland Security under the USCIS.

Now it's a lot cleaner, and really is a win-win situation (haven't heard of this particular investment, but most are great). Foreign nationals get a green card, investment money and jobs come to areas that desperately need it, and the USCIS runs a pretty tight ship to prevent fraud and verify the source of funds of the investors. The paperwork involved for each client is unreal; literally a table-full of boxes of paper.

I would have loved to stay with that company, but there just wasn't a very clearly defined role for me to progress to and make a real share of the profits.
 
2014-07-24 12:43:30 PM  

Sin_City_Superhero: BigNumber12: wheels are a stupid trend that can't die quickly enough.

You don't like wheels?

[2.bp.blogspot.com image 850x578]



They're a fad. We'll go back to travois soon enough.
 
2014-07-24 12:43:32 PM  
Most of our new building projects are funded by the EB-5 these days; hotels, apartments, senior housing, etc. Odds are that if you see a crane above a construction site, you can thank a foreign investor for it.

It's simply that the US banking system has largely collapsed in this market, and they're still unwilling to give loans to developers, so builders have turned to overseas funding.
 
2014-07-24 12:43:42 PM  
That's a creative solution to their problem.
 
2014-07-24 12:45:49 PM  

MrSteve007: Most of our new building projects are funded by the EB-5 these days; hotels, apartments, senior housing, etc. Odds are that if you see a crane above a construction site, you can thank a foreign investor for it.

It's simply that the US banking system has largely collapsed in this market, and they're still unwilling to give loans to developers, so builders have turned to overseas funding.


Chances are also that the foreign investors are willing to give much lower interest rates than banks. They get into it with the understanding that it's not primarily a money-making investment for them; the green card is the goal.
 
2014-07-24 12:47:19 PM  

cwolf20: JackieRabbit: "Their capital is being put to work to help create jobs for Americans Mexicans,"

FTFT

Or Haitians.  A few of the farms the company I work for does payroll for have some Haitians with work visas being paid along with the Mexicans with work visas


There are companies here who serve as H1-B sponsors. They pick up the cost and headaches of dealing with ICE, they pay the salaries and provide minimal benefits, and provided businesses with cheap foreign labor -- mostly Indian and Chinese in tech jobs. It's offshoring onshore and its all perfectly legal to give American jobs away to the lowest bidder.
 
2014-07-24 12:49:42 PM  

Orgasmatron138: Chances are also that the foreign investors are willing to give much lower interest rates than banks. They get into it with the understanding that it's not primarily a money-making investment for them; the green card is the goal.

Considering most banks get money from customers and the Federal Reserve at about 0.01% interest these days, I'm not sure why they aren't giving out reasonable commercial loans. Most of our clients own hundreds, if not thousands, of large properties, so their asset portfolios are measured in the billions of dollars. It's a sad day when banks aren't willing to loan to reasonable rates to developers that are completely solvent.
 
2014-07-24 01:00:57 PM  
Wheeler-dealers
 
2014-07-24 01:03:58 PM  

BigNumber12: dumbobruni: "In total, the New York Wheel will create 350 construction jobs and 500 permanent, full-time positions. "

Is "Politician job-creation estimation" like "cop math?"


No ONE and i mean NO one is going to shlep all the way out to Staten Island to ride a stupid ferris wheel.
 
2014-07-24 01:05:39 PM  

kindms: BigNumber12: dumbobruni: "In total, the New York Wheel will create 350 construction jobs and 500 permanent, full-time positions. "

Is "Politician job-creation estimation" like "cop math?"

No ONE and i mean NO one is going to shlep all the way out to Staten Island to ride a stupid ferris wheel.


I'd be fascinated to see a breakdown of those 500 anticipated "full-time positions."
 
2014-07-24 01:08:59 PM  
From an economic standpoint it makes a lot of sense to give a GC to a rich Chinese than an amnesty to a poor Mexican with 8 anchor babies born in the US.
 
2014-07-24 01:10:26 PM  
So is this a buy citizenship for a spy program or buy citizenship for some other countries ruling elite program?
 
2014-07-24 01:10:40 PM  

RodneyToady: How is this asinine?  They're paying an assload of money to get green cards, and we get jobs in the process.  Where's the downside?


And by "we", you mean the H1Bs they will be bringing over to work on their project, right?
 
2014-07-24 01:12:31 PM  

BigNumber12: kindms: BigNumber12: dumbobruni: "In total, the New York Wheel will create 350 construction jobs and 500 permanent, full-time positions. "

Is "Politician job-creation estimation" like "cop math?"

No ONE and i mean NO one is going to shlep all the way out to Staten Island to ride a stupid ferris wheel.

I'd be fascinated to see a breakdown of those 500 anticipated "full-time positions."



organizationalphysics.com
 
2014-07-24 01:16:10 PM  
More than 700 words, and the author never bothers to explain WTF "The Wheel" is, why what looks like a big ferris wheel costs $150 million, or how it is going to create hundreds of permanent jobs when ferris wheels only take a handful of part-time high school students to operate.

Well done Mr. Author.
 
2014-07-24 01:49:29 PM  

JDJoeE: So is this a buy citizenship for a spy program or buy citizenship for some other countries ruling elite program?


thinking like the typical peasant  ;)

Trust me when I say that ALL the world's ruling elites are for the most part in the same 'group'... indifferent to their true nationality because it doesn't matter as much.
The 0.1 percenters of the world don't think from a standpoint of what country you are a nationality of.
Once you reach a certain wealth level nationality or country of origin is not a big deal anymore.
 
2014-07-24 01:51:20 PM  
FTFA for the lazy:
625 foot observation wheel
$400 million dollar project
$150 million from 300 foreigners
primary financial backers ... Lloyd Goldman, a real estate developer ... Joseph Nakash, a real estate investor ... The Feil Organization, an investment, development and management firm
 
2014-07-24 02:01:24 PM  
I'm guessing this thing will be powered by hand cranks or something because there is no farking way that a ferris wheel would employ 500 people otherwise.
 
2014-07-24 02:19:06 PM  

umad: I'm guessing this thing will be powered by hand cranks or something because there is no farking way that a ferris wheel would employ 500 people otherwise.


Freaking this.  "Economists" are getting out of control with this crap.

3 full time wheel operators
5 part time/seasonal wheel operators
...
1 full time job will be created at the lubricant supplier to keep the wheel supplied
1 full time job will be created making parts to keep the wheel supplied
...
1/1000000 of a job is created at the U.S. mint because we will circulate money and therefore cause printing
1/100000000 of a job is created at the factory that makes the paper that supplies the mint
 
2014-07-24 02:22:11 PM  

umad: I'm guessing this thing will be powered by hand cranks or something because there is no farking way that a ferris wheel would employ 500 people otherwise.


img.fark.net

/full-time position
//50% at your oar
///50% in the hold
 
2014-07-24 02:23:58 PM  

BigNumber12: dumbobruni: "In total, the New York Wheel will create 350 construction jobs and 500 permanent, full-time positions. "

Is "Politician job-creation estimation" like "cop math?"

The EB-5 Program:

Job Creation Requirements

Create or preserve at least 10 full-time jobs for qualifying U.S. workers within two years (or under certain circumstances, within a reasonable time after the two-year period) of the immigrant investor's admission to the United States as a Conditional Permanent Resident.

Create or preserve either direct or indirect jobs:
Direct jobs are actual identifiable jobs for qualified employees located within the commercial enterprise into which the EB-5 investor has directly invested his or her capital.

Indirect jobs are those jobs shown to have been created collaterally or as a result of capital invested in a commercial enterprise affiliated with a regional center by an EB-5 investor. A foreign investor may only use the indirect job calculation if affiliated with a regional center.


http://www.uscis.gov/working-united-states/permanent-workers/employm en t-based-immigration-fifth-preference-eb-5/eb-5-immigrant-investor

I'm fairly sure this location counts as a regional center, so they get to count indirect jobs too. 10 jobs created, or supported, for every $1,000,000 invested doesn't seem too far off.
 
2014-07-24 02:39:42 PM  

JackieRabbit: cwolf20: JackieRabbit: "Their capital is being put to work to help create jobs for Americans Mexicans,"

FTFT

Or Haitians.  A few of the farms the company I work for does payroll for have some Haitians with work visas being paid along with the Mexicans with work visas

There are companies here who serve as H1-B sponsors. They pick up the cost and headaches of dealing with ICE, they pay the salaries and provide minimal benefits, and provided businesses with cheap foreign labor -- mostly Indian and Chinese in tech jobs. It's offshoring onshore and its all perfectly legal to give American jobs away to the lowest bidder.


500 American medical students failed to match into a residency this round, plus thousands more US citizens who are graduates of foreign schools. Meanwhile there are thousands of non-citizen graduates of foreign schools (some of them fully fledged licensed practicing doctors in their country) here competing with medical students for residency positions, which are supposed to be training positions. The hospitals love it because they get a full doctor with years of experience who they can work 70 hours a week and won't complain plus a $100,000 check per year from medicare to "train" them. The resident gets $50,000 a year for 60-70+hrs a week when a physician assistant, roughly equivalent to a first year resident, costs $75,000 a year plus overtime if worked beyond 40hrs (+ retirement benefits, + vacation, + educational benefits). The deal gets even sweater for the hospital as the resident advances and can pick up more responsibilities (i.e. pay resident pay for hospitalist work, or have resident come in at 5:30am to preround on patients so one nephrologist can do 25 consults in 6hrs).
 
2014-07-24 03:44:40 PM  
Will the firm that gets the bid to build the Wheel be a US firm or Chinese? If it's Chinese and my guess it will be since they are investing then the money goes right back to China as well at the money for the Steel as I think there might be one working steel mill in the US any more. So that leaves the US with a net again of a few employed Carnies at minimum wage.
 
2014-07-24 03:52:23 PM  

mike_d85: 1/1000000 of a job is created at the U.S. mint because we will circulate money and therefore cause printing
1/100000000 of a job is created at the factory that makes the paper that supplies the mint


Additional jobs get created for things like concessions, which won't exist without the wheel as a draw.

The wheel probably gets a website and a webmaster.

The wheel probably gets a social media presence, which may be independent from the website maintenance.

The wheel probably gets an administrative assistant for office tasks.

The wheel probably gets people dedicated to accounts payable, receivable, payroll, etc.

The wheel probably gets someone to deal with safety compliance issues.

The wheel probably gets at least one office manager.

Etc.
 
2014-07-24 04:11:18 PM  
So it's the same scam that (now, Governor of Virginia) Terry McAuliffe was running at GreenTech Automotive?
 
2014-07-24 04:31:27 PM  
It's the golden rule. He who has the gold gets to make the rules.
 
2014-07-24 05:49:14 PM  
www.indianadigital.us

You could've .. but you didn't ..
 
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