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I thought most cities and states would be able to see through these absurd threats from sports franchises but here we go again and they can thank Scott Walker and all their democratic and republican congressmen and representatives.
Imagine a pair of hedge fund managers (one that specializes in taking over sub prime property defaults) telling your city it needs more funding from you to build their stadium where millionaires will play. The usual sweet deal, parking rights and a parking garage built by the city, naming rights no guarantee they will not relocate in a few years and relocation of a sewer pipe that will cost several million.
I have to had it to the hedge fund managers, they even went the extra mile donating ownership shares to the politicians.
Total cost now closer to $500M to the taxpayers.
Quote:
Last year, two New York City hedge fund owners purchased
the Milwaukee Bucks, a down-at-the-heels N.B.A. team. The
new owners smiled, took a victory lap around this handsome lakeside city and
laid down their terms.
We’ll keep the Bucks in Milwaukee, the owners said, if the public foots half the cost of a $500 million arena. (The owners spoke of their “moral obligation” to the city and pledged $100
million toward their arena, with the remainder coming from other private funds.)
N.B.A. officials acted as muscle for the owners and warned that if Wisconsin did
not cough up this money within a year’s time, the league would move the team to
Las Vegas or Seattle.
I didn't want the Bucks to leave, but I don't like this deal, especially given the facts in that article, which our state's corporate media didn't bother to look into.
Often overlooked point: One of our state's Indian tribes offered to build the new arena, in exchange for letting them build a new casino in Kenosha (south of Milwaukee). Governor Walker wouldn't even meet with them to discuss the offer, after members of their tribe literally walked to Madison from northern Wisconsin in the middle of winter. That's his brand of "leadership" for you.
I thought most cities and states would be able to see through these absurd threats from sports franchises but here we go again and they can thank Scott Walker and all their democratic and republican congressmen and representatives.
Imagine a pair of hedge fund managers (one that specializes in taking over sub prime property defaults) telling your city it needs more funding from you to build their stadium where millionaires will play. The usual sweet deal, parking rights and a parking garage built by the city, naming rights no guarantee they will not relocate in a few years and relocation of a sewer pipe that will cost several million.
I have to had it to the hedge fund managers, they even went the extra mile donating ownership shares to the politicians.
Let them leave and hopefully the next city will let them leave. That is the only way it stops is when all cities stop subsidizing sports owners.
This is what it really boils down to -- at some point, cities have to "do the math" and realize they are getting fleeced.
We have to stop using public funds for private enterprises, especially when those deals put the taxpayer at such a disadvantage. I love how the low-life hedge fund guys -- who laughingly employed financial genius Chelsea Clinton at one point -- controlled the company that was responsible for the run-down housing around Milwaukee. This article was better than any script Hollywood has written in at least 20 years.
One thing is certain: Scott Walker is definitely not going to be carrying the state of WI if he somehow manages to get the Republican nomination (which he likely won't).
I didn't want the Bucks to leave, but I don't like this deal, especially given the facts in that article, which our state's corporate media didn't bother to look into.
Often overlooked point: One of our state's Indian tribes offered to build the new arena, in exchange for letting them build a new casino in Kenosha (south of Milwaukee). Governor Walker wouldn't even meet with them to discuss the offer, after members of their tribe literally walked to Madison from northern Wisconsin in the middle of winter. That's his brand of "leadership" for you.
" after members of their tribe literally walked to Madison from northern Wisconsin in the middle of winter. That's his brand of "leadership" for you"
What, for not meeting with stupid people?
What idiot would make that walk in the middle of winter?
Sorry, you shouldn't get special treatment for doing something stupid, unless your a dem of course.
This is what it really boils down to -- at some point, cities have to "do the math" and realize they are getting fleeced.
We have to stop using public funds for private enterprises, especially when those deals put the taxpayer at such a disadvantage. I love how the low-life hedge fund guys -- who laughingly employed financial genius Chelsea Clinton at one point -- controlled the company that was responsible for the run-down housing around Milwaukee. This article was better than any script Hollywood has written in at least 20 years.
One thing is certain: Scott Walker is definitely not going to be carrying the state of WI if he somehow manages to get the Republican nomination (which he likely won't).
"at some point, cities have to "do the math" and realize they are getting fleeced."
" after members of their tribe literally walked to Madison from northern Wisconsin in the middle of winter. That's his brand of "leadership" for you"
What, for not meeting with stupid people?
What idiot would make that walk in the middle of winter?
Sorry, you shouldn't get special treatment for doing something stupid, unless your a dem of course.
How typical that you consider people trying to meet with their elected governor "stupid." That condescension seems typical of Walker supporters. Your argument also avoids the point that there was another way to get the arena built without taxpayer dollars.
What I don't understand is if the city is going to finance this, why they don't take partial ownership. Fine, we will kick in $500 million and when you sell, 40% (or whatever) of the sale goes to the city.
If not, let them walk.
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