ColonelAngus
Diamond Member
- Feb 25, 2015
- 70,384
- 80,647
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Obama stiffs contractors on Presidential Center for millions of dollars.
- Thread starter Nostra
- Start date
Thinker101
Diamond Member
- Mar 25, 2017
- 28,518
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You can keep your contractor...(if they're still in business).Looks like this whole thing is a sham. Not paying contractors, and not funding promised endowment fund to run the thing.
Looks like Obama is gonna screw the taxpayers again. This is nothing more than a slush fund for Obama worshippers.
Obama Presidential Center's $470M safety net under scrutiny as subcontractors say they're owed millions
Foundation says it plans 'significant investments' in coming years, but contractors allege they face financial ruin
Concern is mounting that taxpayers could be left holding the bag if the Obama Presidential Center runs into financial trouble, as the foundation behind it has yet to establish a promised $470 million safety net to guard against a public bailout.
The scrutiny comes as a Fox News Digital investigation found multiple contractors and subcontractors claiming losses ranging from hundreds of thousands of dollars to millions on the project, with some alleging they remain locked in payment disputes and face financial ruin just days before the center's grand opening.
Under its agreement with the city, the Obama Foundation pledged to create the fund, known as an endowment, as part of its 99-year deal to take control of the publicly owned 19.3-acre section of Jackson Park for a one-time payment of just $10.
Fox News Digital previously reported that the foundation had deposited just $1 million into the reserve fund in 2021 and that the balance remained largely unchanged in its most recent publicly available filings.
Concerns about the center’s financial state have raged for years, especially since construction delays and costs have ballooned from an original estimate of roughly $330 million to at least $850 million based on 2021 figures. An updated final projected cost has not been made public.
Endowment concerns
"One of their core promises was they were supposed to create an endowment as basically an insurance policy so the taxpayers wouldn’t get stuck with the bill," Illinois GOP Chair Robert Grogan told Fox News Digital outside the center last week as worker vehicles entered and exited the center.
"They promised hundreds of millions of dollars for it. It’s still sitting at the $1 million mark [where it stood] when they opened it up. So I don’t believe that they’ve kept that promise."
Obama Presidential Center's $470M safety net under scrutiny as subcontractors say they're owed millions
The Obama Foundation has yet to build a $470 million reserve fund meant to protect taxpayers, raising concerns as contractor payment disputes mount.www.foxnews.com
SassyIrishLass
Diamond Member
- Mar 31, 2009
- 115,270
- 104,118
- 3,605
Wrong ball
Obama is constructing his library using donations from this loyal public. Why is his subcontractor having problem getting paid by Obama?
Here are the headlines for you to view. This from Fox news by the way. Why has the rest of the media protected Obama?
Here are the headlines for you to view. This from Fox news by the way. Why has the rest of the media protected Obama?
Freedomisneverfree
Diamond Member
- Jul 28, 2021
- 10,607
- 24,472
- 2,288
Obama should sell his husband "Mike" on the street for extra money....
EMH
Diamond Member
- Apr 5, 2021
- 33,529
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ALL you need to know about the credibility of Barry Soetoro
Sasha and Malia Obama – Really Barack and Michelle’s Kids? Meet the ...
amg-news.com|857 × 541 jpeg
Sasha and Malia Obama – Really Barack and Michelle’s Kids? Meet the ...
candycorn
Diamond Member
never happened.Looks like this whole thing is a sham. Not paying contractors, and not funding promised endowment fund to run the thing.
Looks like Obama is gonna screw the taxpayers again. This is nothing more than a slush fund for Obama worshippers.
Obama Presidential Center's $470M safety net under scrutiny as subcontractors say they're owed millions
Foundation says it plans 'significant investments' in coming years, but contractors allege they face financial ruin
Concern is mounting that taxpayers could be left holding the bag if the Obama Presidential Center runs into financial trouble, as the foundation behind it has yet to establish a promised $470 million safety net to guard against a public bailout.
The scrutiny comes as a Fox News Digital investigation found multiple contractors and subcontractors claiming losses ranging from hundreds of thousands of dollars to millions on the project, with some alleging they remain locked in payment disputes and face financial ruin just days before the center's grand opening.
Under its agreement with the city, the Obama Foundation pledged to create the fund, known as an endowment, as part of its 99-year deal to take control of the publicly owned 19.3-acre section of Jackson Park for a one-time payment of just $10.
Fox News Digital previously reported that the foundation had deposited just $1 million into the reserve fund in 2021 and that the balance remained largely unchanged in its most recent publicly available filings.
Concerns about the center’s financial state have raged for years, especially since construction delays and costs have ballooned from an original estimate of roughly $330 million to at least $850 million based on 2021 figures. An updated final projected cost has not been made public.
Endowment concerns
"One of their core promises was they were supposed to create an endowment as basically an insurance policy so the taxpayers wouldn’t get stuck with the bill," Illinois GOP Chair Robert Grogan told Fox News Digital outside the center last week as worker vehicles entered and exited the center.
"They promised hundreds of millions of dollars for it. It’s still sitting at the $1 million mark [where it stood] when they opened it up. So I don’t believe that they’ve kept that promise."
Obama Presidential Center's $470M safety net under scrutiny as subcontractors say they're owed millions
The Obama Foundation has yet to build a $470 million reserve fund meant to protect taxpayers, raising concerns as contractor payment disputes mount.
BluesLegend
Diamond Member
Obama is a deadbeat, shocker there. Contractors owed millions going bankrupt because Obama won't pay his bills. So typical of Democrats, they stiff people on the bill, run out without paying, often skip tipping. I have never met people SO CHEAP as the Demcorats.Looks like this whole thing is a sham. Not paying contractors, and not funding promised endowment fund to run the thing.
Looks like Obama is gonna screw the taxpayers again. This is nothing more than a slush fund for Obama worshippers.
Obama Presidential Center's $470M safety net under scrutiny as subcontractors say they're owed millions
Foundation says it plans 'significant investments' in coming years, but contractors allege they face financial ruin
Concern is mounting that taxpayers could be left holding the bag if the Obama Presidential Center runs into financial trouble, as the foundation behind it has yet to establish a promised $470 million safety net to guard against a public bailout.
The scrutiny comes as a Fox News Digital investigation found multiple contractors and subcontractors claiming losses ranging from hundreds of thousands of dollars to millions on the project, with some alleging they remain locked in payment disputes and face financial ruin just days before the center's grand opening.
Under its agreement with the city, the Obama Foundation pledged to create the fund, known as an endowment, as part of its 99-year deal to take control of the publicly owned 19.3-acre section of Jackson Park for a one-time payment of just $10.
Fox News Digital previously reported that the foundation had deposited just $1 million into the reserve fund in 2021 and that the balance remained largely unchanged in its most recent publicly available filings.
Concerns about the center’s financial state have raged for years, especially since construction delays and costs have ballooned from an original estimate of roughly $330 million to at least $850 million based on 2021 figures. An updated final projected cost has not been made public.
Endowment concerns
"One of their core promises was they were supposed to create an endowment as basically an insurance policy so the taxpayers wouldn’t get stuck with the bill," Illinois GOP Chair Robert Grogan told Fox News Digital outside the center last week as worker vehicles entered and exited the center.
"They promised hundreds of millions of dollars for it. It’s still sitting at the $1 million mark [where it stood] when they opened it up. So I don’t believe that they’ve kept that promise."
Obama Presidential Center's $470M safety net under scrutiny as subcontractors say they're owed millions
The Obama Foundation has yet to build a $470 million reserve fund meant to protect taxpayers, raising concerns as contractor payment disputes mount.
BluesLegend
Diamond Member
One among many Dem trolls who have nothing to offer. I wonder how many are deadbeat mooching welfare sponges.
BluesLegend
Diamond Member
LOL I see what you did there.
Missouri_Mike
Diamond Member
- Nov 5, 2012
- 30,426
- 24,600
- 2,905
A socialist thought they should get something for free? There’s a shocker.Looks like this whole thing is a sham. Not paying contractors, and not funding promised endowment fund to run the thing.
Looks like Obama is gonna screw the taxpayers again. This is nothing more than a slush fund for Obama worshippers.
Obama Presidential Center's $470M safety net under scrutiny as subcontractors say they're owed millions
Foundation says it plans 'significant investments' in coming years, but contractors allege they face financial ruin
Concern is mounting that taxpayers could be left holding the bag if the Obama Presidential Center runs into financial trouble, as the foundation behind it has yet to establish a promised $470 million safety net to guard against a public bailout.
The scrutiny comes as a Fox News Digital investigation found multiple contractors and subcontractors claiming losses ranging from hundreds of thousands of dollars to millions on the project, with some alleging they remain locked in payment disputes and face financial ruin just days before the center's grand opening.
Under its agreement with the city, the Obama Foundation pledged to create the fund, known as an endowment, as part of its 99-year deal to take control of the publicly owned 19.3-acre section of Jackson Park for a one-time payment of just $10.
Fox News Digital previously reported that the foundation had deposited just $1 million into the reserve fund in 2021 and that the balance remained largely unchanged in its most recent publicly available filings.
Concerns about the center’s financial state have raged for years, especially since construction delays and costs have ballooned from an original estimate of roughly $330 million to at least $850 million based on 2021 figures. An updated final projected cost has not been made public.
Endowment concerns
"One of their core promises was they were supposed to create an endowment as basically an insurance policy so the taxpayers wouldn’t get stuck with the bill," Illinois GOP Chair Robert Grogan told Fox News Digital outside the center last week as worker vehicles entered and exited the center.
"They promised hundreds of millions of dollars for it. It’s still sitting at the $1 million mark [where it stood] when they opened it up. So I don’t believe that they’ve kept that promise."
Obama Presidential Center's $470M safety net under scrutiny as subcontractors say they're owed millions
The Obama Foundation has yet to build a $470 million reserve fund meant to protect taxpayers, raising concerns as contractor payment disputes mount.
Missouri_Mike
Diamond Member
- Nov 5, 2012
- 30,426
- 24,600
- 2,905
All of them.
BluesLegend
Diamond Member
My generation has a name for deadbeats like Obama, "BUM". Also, that has to be the ugliest damn building I ever saw WTF???
But of course the entire purpose of this monument to stiffing taxpayers was to SCAM money into the pockets of the Obamas and their clan. Obama former White House staffers have gotten rich working stints as the director of SCAMING MONEY on that project.
Moonglow
Diamond Member
At least unlike Trump Obama doesn't have to pay illegal aliens used on its construction.Obama's always been a ripoff artist.
Nothing new there.
But Trump's the bad guy.
Frankeneinstein
Gold Member
Is that a real picture of it? if not feel free to laugh heartily
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