Wednesday, October 15, 2014
Former ESDC head “Ambassador” Gargano, “classy political opportunist,” now a leader of EB-5 firm promoting Atlantic Yards investment
The “Ambassador” is back, and the circularity is stunning.
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Charles Gargano, the chairman of the Empire State Development Corporation when Atlantic Yards was proposed and first approved, now has a job promoting Atlantic Yards and other EB-5 projects to green card-seeking immigrant investors in China.
Gargano, a “classy political opportunist” who was embarrassingly evasive about the project in TV and radio interviews, is now part of a scheme that has several dubious beneficiaries.
He’s now Executive Director of the U.S. Immigration Fund, which despite its official-sounding name and logo (below), is a private company, based in Palm Beach, FL, which has gone through the requisite hoops to market such investments.
He’s helping companies like Greenland Forest City Partners–the new developer of Atlantic Yards/Pacific Park, 70% controlled by the Shanghai city government-owned Greenland Group–gain below-market loans thanks to a loosely regulated federal program.
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Gargano, Charles A. [MC1979]
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