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Obama, Renco Group, AM General, Military Contracts, Builder in Palstinian Territories!

Original post made by Busted!, another community, on Aug 9, 2009

Renco Group ie: AM General (Military Vehicle NO Bid Contractor) for YEARS, the swindler and one of the worlds biggest polluters, IRA RENNERT IS FUNDING construction in the Palasinian Occupied Region of Isreal that OBAMA insists ISREAL should not be builing in!!!!!!!

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Comments (5)

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Posted by Busted:
a resident of another community
on Aug 9, 2009 at 9:37 pm

Take Notice that the only thing Obama has to do with this is that he is against Israel Building in the Palsinian Occupied Areas.

I wouldn't be suprised if even Obama has not connected the dots.

There is a really long history with Rennert and it goes Way back.

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Posted by No Way?
a resident of Birdland
on Aug 9, 2009 at 9:46 pm

So let me get this straight. Renco Group A.K.A. Ira Rennert (Forbes top 120 richest men in America) A.K.A. AM General hashad and continues to have no bid military and other Government contracts contracts for vehicles. He is also one of the world’s biggest junk bond scammers, filing Bankruptcy after Bankruptcy and changing entities, also one of the world’s biggest polluters and he is basically a clandestine General Contractor, building Israeli Homes in the Palestinian Occupied Territories?

If this is all substantiated, this is insane!

Like this comment
Posted by Me Too
a resident of Canyon Creek
on Aug 9, 2009 at 10:00 pm

"If this is all substantiated, this is insane!"

Yeah, what the hell is our president doing - this needs to stop!

Like this comment
Posted by OMG
a resident of Civic Square
on Aug 9, 2009 at 10:15 pm

In 1988, the government of Israel established the Western Wall Heritage Foundation.
Western Wall Heritage Foundation
587 Fifth Avenue
New York, NY 10017
tel: (212) 725-0598

With its offices in the Rockefeller Center, Renco Group, of which Rennert is both President and CEO, ranked 89th in the Forbes’ list of America’s largest privately-held companies, with an estimated annual revenue of $2.15 billion. Rennert’s holding company acquired military contractor AM General in 1992 for $133 million, later selling a stake to Ron Perelman’s MacAndrews & Forbes holding company for $930 million in 2004. Other subsidiaries of Renco include: Renco Steel, Baron Drawn Steel, Doe Run – the world’s second largest lead smelter, Unarco Material Handling, and US Magnesium.

Renco Group lost control of WCI Steel (now Serverstal Warren) when the company emerged from Chapter 11 bankruptcy protection in 2006. In February 2008, Renco Group acquired Delphi's interiors and closures business which has been renamed Inteva Products, LLC. In a series of junk bond issues since 1995, Renco’s subsidiaries have borrowed an estimated $1.1 billion and transferred $322 million (29 percent) to Renco Group, according to documents filed with the SEC.

Rennert caused controversy among his neighbors by building a beach front home in Sagaponack, New York considered one of the largest occupied residential compounds in America. The house outraged locals, who claimed Rennert originally planned to use it as a spa, a hotel, or a religious retreat. Rennert denied such allegations, and the local paper later issued an apology. Rennert named his home after the adjoining body of water, Fairfield Pond. The house faces the Atlantic Ocean and its grounds measure 63 acres. The buildings, which total over 110,000 square feet (10,000 m2), including the 66,000-square-foot (6,100 m2) main house, have an Italianate facade, 29 bedrooms, and 39 bathrooms. The house has a dozen chimneys and a Mediterranean-style tile roof as well as a 91-foot (28 m) long formal dining room, a basketball court, a bowling alley, two tennis courts, two squash courts, and a $150,000 hot tub Its property taxes in 2007 were $397,559.00. Based on these taxes, the home is currently valued at $185 millions making it the most valuable home in the Hamptons.

Like this comment
Posted by Wow
a resident of Downtown
on Aug 10, 2009 at 1:17 pm

Very interesting history here! Wow!

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