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Taxpayers Help Steeler's Owners Avoid Obama's Capital Gains Tax Increase!
First thing this morning I caught a story on the local Pittsburgh news. Seems the Rooney family, owners of the Pittsburgh Steelers, are rushing to get a deal through on the sale of the Pittsburgh Steelers. A quick search generated this story
http://www.google.com/hostednews/ap/article/ALeqM5hp1K4jq_4SVukDahKgDvPqOmvqJQD94F5L9G2
And here is the money qoute from the article-
Art Rooney Jr. said the brothers hope to get the deal wrapped up before a board meeting in December.Both sides want to get a deal done by then because they are worried about possible higher taxes once the Obama administration is in office.
It seems that Dan Rooney is looking to PNC Bank for an estimated $280 million in loans to buy out his brothers. And oh lookie lookie- http://www.baltimoresun.com/business/bal-bz.pnc25oct25,0,5153143.story
NEW YORK - PNC Financial Services Group Inc., which acquired Baltimore's Mercantile Bankshares last year, said yesterday that it is acquiring Cleveland-based National City Corp. for $5.58 billion, becoming the first bank to use fresh investments from a federal bailout program to make an acquisition.
The deal came within hours of PNC Financial receiving approval for $7.7 billion in cash from the government under the $700 billion government program aimed at relieving the continuing credit crisis.
NICE! WOOT! Our tax dollars enable PNC to buy up National City and BONUS! help the Rooneys (who by the way supported Obama) avoid an anticipated increase in the capital gains tax. Damn it must be nice to be rich!
I'll leave you with this nice little quote from Art Rooney Jr, credit KDKA in Pittsburgh http://kdka.com/steelers/Steelers.Ownership.Rooney.2.861418.html
Like the fans who pack Heinz Field, Art Rooney, Jr., says he bleeds black and gold and he's embarrassed to even talk about the multimillion dollar ownership dealings in this economy.
"Here we are the Rooney boys, have a loaf of bread under each arm, and guys don't know if they are going to stay in their house, you know the fans they don't know if they are going to be able to stay in their house, send their kids to college next year or make ends meet," he said.
Apparently not too embarrassed to take bail-out money through the back door.
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Wasn't the bailout supposed to be used to lubricate the credit markets?
Though I didn't realize credit lines for gazillionaires was what they had in mind! The plot thickens! Turns out Rooney is buying out his younger brothers and they in turn are looking to invest in- are you ready?- gaming facilities. Conflict of interest and NFL rules prevent owners of teams from having an interest in casinos or gaming entities.
So- our tax dollars are used to extend credit to mega-millionaire owners of sports teams, Great country (if you are rich or perhaps if you are interested in one of the low wage jobs in a casino.)
connection of the dots, PMM! You should be a reporter...
Independently adrift
Thanks! Given the sad state of affairs and lack of journalism in the MSM we all have to connect the dots on our own now!
I live in NW PA and my family has what little money we have left in those banks- well until Monday anyway!
and tomorrow they are going to hear from me, loud and clear. They are the trustees of my trust fund, and since one of the things they invest my money in is stuff like this, I am going to have a few strong words with them. Including ones like "sue" and "breach of fiduciary trust". This is beyond disgusting. I am not only a taxpayer, I also have money in the PNC money market funds, which is what they use to loan money with. I had a conversation with my financial advisor two weeks ago regarding the market and how long it's going to take it to recover, and I asked about PNC and the bail-out money. I was assured that PNC would not be taking any since they had no liquidity problem and had not loaned money to unqualified borrowers. So, why do they suddenly feel the need to take BILLIONS so they can help out a couple of rich kids who want to avoid paying taxes on their profits? The bank will earn huge fees from the transaction. but if they are not in trouble, they don't need to go out of their way to get more money. I am going to ask some questions and then I am going to explain to them exactly why it is immoral and unethical for them to do this thing. I suggest that you, PMM, get a list of their shareholders and perhaps alert them via email to the fact that their investment is behaving in this reprehensible fashion. Shareholders carry a lot of weight, especially when they are all really pissed off.
The whole thing really ticked me off. The research was a matter of maybe one hour to find the info about the PNC buyout of National City and the articles on the Rooney's.
I have been aware PNC buying up National City and then when I saw the news about the Rooney's I quickly put two and two together. Just as an aside, the stadium whee the Steeler's play is PNC park- PNC is heavily involved with the Steelers.
The Steelers raised their ticket prices this year- just how much of the little people's money do these greedy pigs want?? What is left of my IRA is in PNC investments and they are going to get an earful from me tomorrow. My poor little IRA lost 20% of it's value in the last month! I am disgusted and angry that a little ordinary American like me gets shafted from both ends. I struggled to put aside that money and due to various family and unemployement related issues had to withdraw from my IRA to just stay afloat with the monthly bills. For that I will take a huge tax penalty and now I find I am subsidizing a multi-millionaire's scheme to avoid taxes that will be imposed by the candidate HE supported???
The whole bail-out thing benefits the rich and leaves the rest of us even deeper in the hole. What now? Shall I put my pittance under the mattress???
Before the general election, I heard the owner of the Miami dolphins was going to sell a large share before Obama took office to avoid taxes. The banking piece of this story is very troubling especially given that PNC didn't need bail-out money, but is taking some now. Hmmmm. Great work!
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