Author Topic: Bailout Culture  (Read 54 times)

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Offline the_squid

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Bailout Culture
« on: April 30, 2020, 05:05:41 pm »
LA Lakers got federal Coronavirus aid to the tune of $4.6 million.   They earned $147 million and are worth $3+ billion.

WTF? 

https://finance.yahoo.com/news/lakers-got-federal-aid-corner-120015027.html

Quote
In the pre-coronavirus days, the Los Angeles Lakers was one of the most valuable and profitable sports franchises on the planet. Forbes estimated last year that the team earned $147 million in 2018 and would fetch about $3.7 billion in a sale. A trust controlled by the children of the late Jerry Buss, a wealthy investor, owns a majority stake in the team. Other co-owners include Philip Anschutz, a billionaire with a broad portfolio of holdings in energy, real estate, media, entertainment and other industries; Edward Roski Jr., a successful commercial real estate developer; and Patrick Soon-Shiong, who owns the Los Angeles Times.

The Lakers, as ESPN reported on Monday, received $4.6 million in bailout funds from the federal government as part of the $349 billion Paycheck Protection Program meant to backstop struggling small businesses sideswiped by Covid-19. The Lakers operation has fewer than 500 employees, which qualifies it as a small business under the governmentís aid guidelines. But the Lakers hardly seem as immediately vulnerable, or without access to other resources, as, say, your corner grocer, baker, barber or dry cleaner.

Talk about a system thatís broken...

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Offline MH

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Re: Bailout Culture
« Reply #1 on: April 30, 2020, 07:59:39 pm »
LA Lakers got federal Coronavirus aid to the tune of $4.6 million.   They earned $147 million and are worth $3+ billion.

WTF? 

 

What do you have against small business???
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