Posted on 10/18/2025 5:16:40 AM PDT by Libloather
Chicago taxpayers could be on the hook for hundreds of millions of dollars for the costly Obama Presidential Center after new tax filings show the Obama Foundation has only deposited $1 million into its promised $470 million reserve fund.
That’s the conclusion of an in-depth report by Fox News as it looked at what it described as a “sweetheart deal” to create the reserve fund “to spare taxpayers should the project ever go belly up.”
**SNIP**
He said that “the city never should have signed over the large section” of the park.
“They put a million dollars into a $400 million endowment, so it’s endowed. That gets you in jail as a securities matter,” Epstein told Fox Digital. “An endowment means that you have the money in hand. But they have nothing. … So, I regard this as something of a public calamity.”
“Without an endowment, they’ll have to scramble every year to cover $30 million in operating costs,” Epstein further explained. “The whole point of an endowment is to avoid that volatility.”
The Obama Foundation told Fox Digital that it will be making “significant investments in the endowment in the coming years,” claiming that raising money for the center has been one of its priorities.
“The Obama Presidential Center is fully funded, and it will open in the spring of 2026,” a spokesperson for the foundation said.
(Excerpt) Read more at breitbart.com ...
It looks like a huge silo for pig and other feces
Obama Foundation neglects Chicago taxpayers with funds sent to Tides group
Not all of us...
It might be ugly now, but just wait until it is painted in rainbow colors!
Chicago taxpayers could be on the hook for hundreds of millions of dollars.
Stick ups are nothing new in Chicago.
Give it a coat of black paint and the right (or wrong) entrance deco and it'll look like the head of the Mouth of Sauron. Appropriate.
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