And the pitch came with a sweetener: Meyer talked about the Kushner family, including her brother who holds a powerful position in the White House as senior adviser to President Trump. The company, which included mention of Mr. Kushner and a large photo of his father-in-law at the event, has apologized for any impression of influence trading that might have been created by its presentation.
The company did not respond to a question about the EB-5 program, which grants visas to foreigners who invest at least $500,000 in development projects and is expected to fund a 15% chunk of the Jersey City project. "In addition to numerous cases of securities fraud, the program is frequently exploited by real estate developers to finance projects in the wealthiest parts of this country".
Kushner, who is married to the president's daughter, Ivanka Trump, reportedly has played a key role in smoothing U.S. President Trump signed a spending bill extending the program last week. With the clock ticking until the program's new expiration date, September 30, the president has a chance to get behind efforts to end the hopelessly inefficient and corruption-prone EB-5 program before it causes more embarrassment. The yield has been 77,150 full-time jobs and approximately $4.2 billion in investment - trivial in relation to the giant USA economy.
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