Wall Street Journal on Atlantic Yards

http://www.futureofcapitalism.com/2010/05/wall-street-journal-on-atlantic-yards

On its New York sports page, the Wall Street Journal covers a Reverse Robin-Hood: Mikhail Prokhorov, whose fortune has been estimated at $17 billion, gets to build a new basketball stadium in Brooklyn for the Nets in partnership with Bruce Ratner with $511 million in tax-free bonds. The article is headlined "Bruce Ratner Looks Back on His Ownership of the New Jersey Nets," but it might have been headlined, "American taxpayers, many of whom are struggling to raise capital to invest in their businesses without tax-exempt financing, pay to subsidize stadium for a man who could have afforded to build it with his own money."

by Editor  |  May 11, 2010 at 9:27 am Related Topics:  Press, Reverse Robin-Hood, Taxes receive the latest by email: subscribe to the free futureofcapitalism.com mailing list