McCaskill's Husband Awarded $20 Million in Stimulus For Real Estate Projects


Home » McCaskill’s Husband Awarded $20 Million in Stimulus For Real Estate Projects

It looks as though the word is getting out over Claire McCaskill and her husband and just how she is helping his businesses out in the Senate. Real estate projects associated with Joseph Shepard received more than $20 million in stimulus money at taxpayer’s expense.

The National Legal and Policy Center reported:

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, 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.

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.

According to Reboot Congress the Claire and her husband make millions while we, the taxpayers, subsidize their extravagant lifestyle.

According to former Missouri State Auditor Claire McCaskill, her husband brings in at least $2,200,000 from his low-income tenants each year. You, the tax payer, subsidize their $183,333 a month lifestyle through polices ostensibly designed to help the poor, like Section 8 housing.

I’ve arrived at this figure based on my analysis of section IIIB, Non-publicly Traded Assets and Unearned Income Sources, of McCaskill’s 2011 financial disclosure. That section lists hundreds of companies that McCaskill’s husband, Joseph Shepard, has a financial interest in. Nearly all of the companies listed there have little or no value and generate little or no income for Shepard and McCaskill. Most are “real estate affordable housing”. I set aside the companies that generate little revenue and only considered assets that generate income in either the $100,000 to a $1,000,000 category or the $1,000,000+. I reduced this data set further–just considering the companies that generated rent and interest income under the assumption that those are the companies that are realizing the revenue from Shepard’s low-income tenants in the form of both monthly rent payments and interest on security deposits. As the chart below illustrates, the revenue from three of these companies includes some capital gains.

How in the world corruption like this goes unpunished is beyond me. It should begin with Todd Akin taking her Senate seat and then pressing her and her husband for reimbursement of those funds.

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claire mccaskill joseph shepard stimulus todd akin