Home / Keynesianism / $20 Million in Stimulus Money Went to Sen. McCaskill’s Husband’s Firms.
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$20 Million in Stimulus Money Went to Sen. McCaskill’s Husband’s Firms.

Written by Gary North on October 29, 2012

This report caught my eye. Maybe it will catch yours, too.

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An analysis of public records by the National Legal and Policy Center (NLPC) has found more than $20 million in federal stimulus funds benefitting real estate projects financially tied to Joseph Shepard, husband of Missouri Senator Claire McCaskill.

Earlier this month, the Associated Press published an analysis [2], stating, “businesses affiliated with the husband of Senator Claire McCaskill have received almost $40 million in federal subsidies for low-income housing developments during her first five years in office…”

The NLPC analysis released today showed more than $20 million in financial benefits from the federal stimulus law to real estate projects associated with McCaskill’s husband, with all of the $20 million benefitting projects different than those identified by the Associated Press story.

Missouri Tax Credit Fund: More Than $1 Million in Annual Income For the McCaskill Household in 2009, 2010 and 2012

While the AP study focused on federal subsidies going to entities listed on Financial Disclosure Reports filed by Senator McCaskill, NLPC reviewed voluminous public records involving the Missouri Tax Credit Fund, L.P. (MTCF), a business listed as an asset by Senator McCaskill on her reports.

None of the six real estate projects identified by NLPC as receiving over $20 million in federal stimulus funds were listed on McCaskill’s Financial Disclosure Reports or covered by the AP analysis.

According to McCaskill’s Financial Disclosure Reports, MTCF was listed as having an asset value of over $1 million in 2009, 2010, and 2011. Asset values are reported in broad ranges with “Over $1,000,000” being the highest category. Therefore, it is possible that the asset value of MTCF is much larger than $1,000,000.

In 2008, prior to the stimulus law, officially known as the American Recovery and Reinvestment Act, passed in 2009, MTCF was listed by McCaskill as having an asset value of “$500,000 to $1,000,000.”

The lucrative nature of this asset is underscored by McCaskill’s Financial Disclosure Reports showing “over $1,000,000” in income for each of the years 2009, 2010 and 2011.

Since this category is the highest listed in the Senate Financial Disclosure Reports, it is likely that the annual income from MTCF to Senator McCaskill’s husband’s business was higher than $1,000,000 in each of those years.

The current standard annual salary for a U.S. Senator is $174,000.

Follow the Money: How Stimulus Funds Came to Benefit McCaskill Household Income

There is no question that Senator McCaskill was deeply involved in the policies and politics of the stimulus bill signed into law by President Obama on February 17, 2009. The public record shows Senator McCaskill speaking in favor of it on the Senate floor, supporting amendments, voting for it, and issuing press statements about it.

One such McCaskill press statement [3] issued April 20, 2009 proved very prophetic at least for one Missouri family:

U.S. Senator Claire McCaskill wants Missourians to know about all the ways the American Recovery and Reinvestment Act will help put a little extra cash in their pockets over the coming months and during next year’s tax season.

Buried in the massive legislation were several provisions designed to finance low-income housing. The first program, called the Tax Credit Assistance Program (TCAP), disbursed funds in the forms of grants or loans for capital investment to state-run entities to promote housing projects, especially those that were “shovel-ready.”


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8 thoughts on “$20 Million in Stimulus Money Went to Sen. McCaskill’s Husband’s Firms.

  1. If "WE the People" Could get rid of the fraud, and down right thievery in the U.S.House of Represenatives and The U.S. Senate, we would have money for programs to excell "We The People" in each state. Then the Representation by the U.S. House and Senate would do their elected jobs of working for "We The People" and they wouldn't be in bed with the so called president. The TEA Party(Which I am not a part, for the record, but do agree with on many issues) started a movement in the 2010 elections that unseated some of the turncoats in office and started a very large following which if supported could unseat and expose this fraud of a president as well.

  2. Follow the money is right. Look at how well left and right wing politicians made out during the 2008 and 2009 time frame while the rest of use were losing our shirts. Many made as much as 35% on their “investments”. I pit investments in quotes because they always seem to know where their money needs to be. For the rest of us, that would be considered insider trading which would mean prison time. It’s good to be king…..

  3. Texas Chris says:

    "We" would have more money to spend on… Yeah, right.

    Cut friggin taxes. Cut government spending. Cut 99% of what the government tries and fails to do. I'd rather they NOT TRY than for them to spend and fail.

  4. Texas Chris says:

    We need to "invest" in more hanging trees in DC. And rope. Lots of rope…

  5. Welcome to Obama's 2012 Germany. Crooks one and all.

  6. ScarletDove says:

    And what can be done with this kind of favoritism/nepotism/fraud, whatever it is called? Who and how do we deal with this corruption?? I have worked in the federal govt and believe me I have watched the fraud, favoritism. nepotism, the hypocrisy and "discrimination" of all kinds for more than 30 years.?There are alot of phony smokescreens up to make it look like these things don't happen, but they do. There are some really slimy scientists out there and many are familiar with politicians.

  7. Glen Litsinger says:

    I would like to see a movement to teach children that working for any government bureaucracy is dishonorable, equivalent to being a bookkeeper for the Mafia. Maybe the homeschoolers will lead this movement. Eventually the bureaucracies will be hurting for new recruits. This would be just one tactic in a broader strategy of withdrawing our consent.

  8. All the money they can steal. Our elected officials would steal your eyes out of your skull if you aren't watching. Most all are thieves. How does one go to Capitol Hill poor and leave wealthy? They take a vote to raise their own pay. How many vote no? They have access to insider trading information, and use it to their benefit. However, if you or I did the same, we would be incarcerated. They write bills and vote on them for personal gain. They spend our money without a care in the world, frugality is not in their vocabulary. These people do not follow the law, they are scofflaw's. How many years has our government been run without a budget? Why, they haven't even thought of submitting one. American's are pushovers and tolerate anything and everything the government foist's upon them. We scream for investigations, and we get whitewashes. We want justice, not lipservice. When do the trials start?