culture, politics, commentary, criticism

Friday, September 07, 2007
WWJT: Who would Jesus trick? Leo Wells is the Christian huckster who has built a real estate empire that includes the Wells REIT despite his
never having fully repaid investors in any of his funds over the last 20 years, according to a 2004 article in the WSJ.

But now Wells Real Estate Investment Trust, the public, nontraded REIT with about $5 billion in assets across the country (mostly class A office buildings) has changed its name to Piedmont Office Realty Trust Inc.

"The name change is a natural progression in our strategy of differentiating ourselves as a unique, self-managed REIT," said Donald A. Miller, CFA, Piedmont's president and CEO.

Yeah, right. My guess is it's a preemptive marketing strategy to stave off the ungodly taint of Leo Wells and the $161 million he stole from shareholders through the help of his folksy Christian manner. The disappearance of $161 million into the pocket of your Christian CEO not the kind of thing Jesus would want your investors to know about — so you change the name of the fund.

Interestingly, one of the Board of Directors of the newly renamed fund, Michael R. Buchanan, sports facial hair. This is the kind of crime, along with atheism and casual wear, for which previous Wells employees were fired.

When even Forbes and the Wall Street Journal perceive you as a Christian wackjob, it's time to change your name!

Investors, beware. $161 million is not chump change. Jesus might not trick you but the hypocrite Wells, hiding behind Jesus, certainly would.

A Wells REIT by any another name would still stink to high heaven.

Greatest Hits · Alternatives to First Command Financial Planning · First Command, last resort, Part 3 · Part 2 · Part 1 · Stealing $50K from a widow: Wells Real Estate · Leo Wells, REITs and divine wealth · Sex-crazed Red State teenagers · What I hate: a manifesto · Spawn of Darleen Druyun · All-American high school sex party · Why is Ken Lay smiling? · Poppy's Enron birthday party · The Saudi money laundry and the president's uncle · The sentence of Enron's John Forney · The holiness of Neil Bush's marriage · The Silence of Cheney: a poem · South Park Christians · Capitalist against Bush: Warren Buffett · Fastow childen vs. Enron children · Give your prescription money to your old boss · Neil Bush, hard-working matchmaker · Republicans against fetuses and pregnant women · Emboldened Ken Lay · Faith-based jails · Please die for me so I can skip your funeral · A brief illustrated history of the Republican Party · Nancy Victory · Soldiers become accountants · Beware the Merrill Lynch mob · Darleen Druyun's $5.7 billion surprise · First responder funding · Hoovering the country · First Command fifty percent load · Ken Lay and the Atkins diet · Halliburton WMD · Leave no CEO behind · August in Crawford · Elaine Pagels · Profitable slave labor at Halliburton · Tom Hanks + Mujahideen · Sharon & Neilsie Bush · One weekend a month, or eternity · Is the US pumping Iraqi oil to Kuwait? · Cheney's war · Seth Glickenhaus: Capitalist against Bush · Martha's blow job · Mark Belnick: Tyco Catholic nut · Cheney's deferred Halliburton compensation · Jeb sucks sugar cane · Poindexter & LifeLog · American Family Association panic · Riley Bechtel and the crony economy · The Book of Sharon (Bush) · The Art of Enron · Plunder convention · Waiting in Kuwait: Jay Garner · What's an Army private worth? · Barbara Bodine, Queen of Baghdad · Sneaky bastards at Halliburton · Golf course and barbecue military strategy · Enron at large · Recent astroturf · Cracker Chic 2 · No business like war business · Big Brother · Martha Stewart vs. Thomas White · Roger Kimball, disappointed Republican poetry fan · Cheney, Lay, Afghanistan · Terry Lynn Barton, crimes of burning · Feasting at the Cheney trough · Who would Jesus indict? · Return of the Carlyle Group · Duct tape is for little people · GOP and bad medicine · Sears Tower vs Mt Rushmore · Scared Christians · Crooked playing field · John O'Neill: The man who knew · Back to the top

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