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Re: The Sports World, starting to feel the downturn in the Economy.
I have often wondered why when it comes to Professional Sports, folks are more than willing to tolerate Monopolies, Endless Taxpayer Direct Subsidies, Sports Tax Concessions by both the Fed and States and any other numerous predations by Professional Sports. This also includes trying to juice attendance figures by turning a blind eye to their employees using illegal substances.
As two examples of many:
First the New York Yankees (Wall Street's Team) are being questioned regarding land appraisal and possible tax fraud in the construction of the New Yankee Stadium:
http://gothamist.com/2008/09/19/kuci...sible_frau.php
That sounds faintly familiar, appraisal fraud. This is very fitting for Wall Street's Team. Then there is the fact that their best player is a confessed drug cheat. Then, of course, the fact that NYC taxpayers have to subsidize the new stadium. Many of them will subsidize it but not be able to afford a ticket to it. Go team go!!
Not to hit on NYC, but there is also the new stadium for the NY Mets, CITIFIELD:
So here we have a Bank that is in desperate trouble sponsoring a BB team. Not only that but Federal taxpayers may pick up part or all of the sports tab. So, "fans" in Phoenix help to finance their opposition in NY. What a play!
http://www.foxbusiness.com/story/mar...g-rights-deal/
Then there are other tax subsidies to both NY teams:
http://www.nysun.com/editorials/soci...-sports/80323/
In terms of stadiums, the above is duplicated in many other cities in the US where taxpayers are often threatened with loss of the team if they do not fork over.
Sure would be great to see some Free Trade in Professional Sports rather than the socialized model we have now. Hey, Rick Santelli, let's hear you call out your Hometown Chicago Cubs, White Sox, Bears, Bulls, Blackhawks for freeloading off poor, hard working taxpayers.
I have often wondered why when it comes to Professional Sports, folks are more than willing to tolerate Monopolies, Endless Taxpayer Direct Subsidies, Sports Tax Concessions by both the Fed and States and any other numerous predations by Professional Sports. This also includes trying to juice attendance figures by turning a blind eye to their employees using illegal substances.
As two examples of many:
First the New York Yankees (Wall Street's Team) are being questioned regarding land appraisal and possible tax fraud in the construction of the New Yankee Stadium:
Representative Dennis Kucinich suggested approval for $924 million in tax-exempt bonds for the construction of the new Yankee Stadium could be rescinded, due to some questions about the land's value. He said his probe found "substantial evidence of improprieties and possible fraud by the financial architects of the new Yankees Stadium." Last week, the Daily News' Juan Gonzalez had a column noting the city's assessment of the land worked out to be $275/square foot -- but city assessors previously valued it at $25/square foot. The IRS noted the different valuations ($40 million vs. $204 million) and may investigate further. And speaking of new Yankee Stadium, WCBS 880 went on a tour and took some photos.
That sounds faintly familiar, appraisal fraud. This is very fitting for Wall Street's Team. Then there is the fact that their best player is a confessed drug cheat. Then, of course, the fact that NYC taxpayers have to subsidize the new stadium. Many of them will subsidize it but not be able to afford a ticket to it. Go team go!!
Not to hit on NYC, but there is also the new stadium for the NY Mets, CITIFIELD:
When Citigroup (C: 1.24, 0.03, 2.48%) signed a record $400 million deal to secure placement of its name on the New York Mets' sparkling new ballpark, it likely thought the move was a marketing coup.
Two years and a $300 billion rescue from the federal government later, Citigroup finds itself in a potential public-relations nightmare and a Catch-22 where it is stuck in the deal due to contractual obligations and negative implications of backing out.
With that in mind, Citi assured FOX Business the new stadium, set to open in April 2009, will keep its pricey moniker: CitiField.
“We remain committed to our legally binding naming rights and marketing agreement with the Mets. We entered into that agreement two years ago, and it is an important element of our growth strategy with new and existing customers,” said Luis Rosero, a Citi spokesman.
Two years and a $300 billion rescue from the federal government later, Citigroup finds itself in a potential public-relations nightmare and a Catch-22 where it is stuck in the deal due to contractual obligations and negative implications of backing out.
With that in mind, Citi assured FOX Business the new stadium, set to open in April 2009, will keep its pricey moniker: CitiField.
“We remain committed to our legally binding naming rights and marketing agreement with the Mets. We entered into that agreement two years ago, and it is an important element of our growth strategy with new and existing customers,” said Luis Rosero, a Citi spokesman.
http://www.foxbusiness.com/story/mar...g-rights-deal/
Then there are other tax subsidies to both NY teams:
What a contrast to New York. So far, the Yankees have raised $943 million in tax-exempt bonds, while the city and state have poured $204 million in subsidies into the stadium, with another $300 million subsidy for building parking lots on the way, according to the New York Times. And, apparently, even these enormous allocations and handouts aren't enough. The Yankees are seeking another $350 million in tax-exempt financing.
The Mets are only slightly less expensive. Their new home, Citifield, has received $166 million in subsidies and had $547 million in credit steered away from other potentially more deserving projects by the use of tax exemptions on bonds. Since 1982, the city has also granted Madison Square Garden a full property tax exemption, which will cost the city $11 million in lost tax revenue during this fiscal year alone.
The Mets are only slightly less expensive. Their new home, Citifield, has received $166 million in subsidies and had $547 million in credit steered away from other potentially more deserving projects by the use of tax exemptions on bonds. Since 1982, the city has also granted Madison Square Garden a full property tax exemption, which will cost the city $11 million in lost tax revenue during this fiscal year alone.
In terms of stadiums, the above is duplicated in many other cities in the US where taxpayers are often threatened with loss of the team if they do not fork over.
Sure would be great to see some Free Trade in Professional Sports rather than the socialized model we have now. Hey, Rick Santelli, let's hear you call out your Hometown Chicago Cubs, White Sox, Bears, Bulls, Blackhawks for freeloading off poor, hard working taxpayers.
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