Thursday, July 24, 2008

Chip Owen and welfare for the rich

Voice of San Diego
July 24, 2008

Months after Artie M. "Chip" Owen, now the chairman of the Southeastern Economic Development Corp., earned $500,000 by flipping a piece of property to the agency, he signed over $400,000 of that money to another developer doing business with the agency.

Owen, who joined SEDC's board three years after the land transaction, was listed in public documents and discussion as the sole businessman involved in the land sale and as the manager of the corporation that exacted it, Caravan Properties LLC.

However, shortly after the deal finalized, the lion's share of the earnings shifted to Santa Monica-based Pacific Development Partners LLC, according to documents on file with the County Registrar's Office and SEDC...

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