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Eminent Domain for Corporate Gain

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posted on Jan, 16 2006 @ 01:44 PM


A year after Los Angeles seized three acres from a private company to construct a public building, a city councilman wants to sell the land to another private firm for a commercial development.

Both companies are furniture manufacturers. But executives with the company that would buy the land have political connections and have made $17,600 in campaign contributions to key city leaders.

Critics of the proposal say it's wrong for the city to use its power of eminent domain to take property from one business for a public purpose and then sell it to another business.

If this is true, it's a blatant case of politicians working for private gain using public money and the position entrusted to them. This isn't the only case in recent months, and in many ways these isolated incidents pale in comparison to the situation down in New Orleans.

What do y'all think of this? Am I the only one who would severely put out if the state stole my land and sold it to some campaign contributor?

posted on Jan, 16 2006 @ 03:49 PM
you got that right. Another case is going on in oakland where a private auto garage is getting the boot so that sears can build their own auto garage and store. as if anyone with a brain didnt see any of this coming a mile away!

Just another example of the corporate takeover of american politics.

posted on Jan, 16 2006 @ 04:02 PM
I was just wondering, and I'm serious here.....

what if I go out and buy a house for $100,000, and well, end up with a $80,000 motgage. okay, say in a few years, the real estate market fizzes. and then, the city decides that hey, they want aother shopping mall, right where my house is. and well, I still owe let's say $70,000 on it, but they just want to give me $50,000 or I still owe the $20,000 to the bank after the city takes my home, or do they get the bill?

posted on Jan, 16 2006 @ 06:08 PM
I'd say you still owe the money.... I've seen lots of instances where someone that was selling their home had to pay $5-15,000 just to break even, especially when they have HELOC second mortgages and have maxed out the HELOCs.

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