No wallet is safe when there's a Paulson in the room.......

[marmar]

:scared:



from the Guardian UK:



My own private bail-out
After pushing for a $700bn bail-out for Wall Street, Henry Paulson wants Oregon residents to buy him a soccer stadium

Jules Boykoff and Dave Zirin
guardian.co.uk, Wednesday 14 January 2009 20.00 GMT


As Henry Paulson engineers the $700bn economic bail-out for America's banks billed to the taxpayer, his family is leading a quieter, smaller-scale effort in Portland, Oregon to take $85m more.

In Portland, Merritt Paulson, the 35-year-old son of the US Treasury secretary, is 80% owner of the Portland Timbers – a second-division professional soccer team that has its sights set on Major League Soccer – and the Portland Beavers, a Triple-A baseball team. His father, who's reportedly worth $700m himself, owns the other 20% of the two teams.

The Paulsons have agreed to fork over the $40m MLS franchise fee but argue they need $85m in public money to renovate the local PGE Park into a soccer-only stadium and to build the Beavers a new stadium at a separate location.

Relying on the received wisdom of a phalanx of economic consultants, they belt out the familiar tune that an infusion of public financing – which is to say taxpayer financing – will create jobs, jumpstart economic development around the stadiums and help Oregon's economy grow.

If only it were true. ........(more)

The complete piece is at: http://www.guardian.co.uk/commentisfree/cifamerica/2009/jan/14/henry-paulson-portland-sports

[exboyfil]

1. Another example that the elites just don't get it

If you want a stadium then build it yourselves. I find it very interesting that folks from both political wings are against public financing of stadiums.