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Bill Pascrell: Born Again Budget Hawk?
Rep. Bill Pascrell has voted for stimulus packages, entitlement programs, wasteful pork and every other big government item that's crossed his desk.
Now, when a Russian billionaire wants to buy the Nets (click here for background), he's suddenly a budget hawk? I believe in miracles, but I certainly wasn't born yesterday either, Save Jerseyans. I'm really disturbed that control of the Nets is even on the Congressman's radar right now! ObamaCare will hurt a lot more taxpayers than Mikhail Prokhorov ever could...
Here's the protest letter he sent to NBA Commissioner David Stern:
September 23, 2009
Mr. David J. Stern
Commissioner
National Basketball Association
645 Fifth Ave
New York, NY 10022
Dear Mr. Stern:
Iwrite to you today regarding the reported ownership deal between theNew Jersey Nets and a Russian national, Mr. Mikhail Prokhorov.
As you are no doubt aware, there have been numerous media reports thatMr. Prokhorov has reached a deal to finance a large potion of theconstruction costs for current Nets owner Bruce Ratner’s Atlantic Yardsproject in exchange for an interest in the project, as well as acontrolling interest in the Nets. Mr. Ratner faces a December deadlineto break ground on his development, or else lose much of his tax-freefinancing. Due to the large level of taxpayer subsidies involved in theproject, and Mr. Prokhorov’s background, this potential sale raisesconcerns.
Accordingto documents released by the Empire State Development Corporation,taxpayers are providing over $2 billion dollars in financing and directgrants towards the Atlantic Yards project. This represents asignificant investment and risk by the taxpaying public. Should thissale go through, a large stake in the project, as well as a majoritystake in the Nets, would be controlled by a foreign corporation, afirst for the NBA. As a result, these taxpayer dollars will be directlysubsidizing the profits and business risks of this foreign corporation,whose investment will be reportedly smaller then the public’s, insteadof benefiting the taxpaying public. Especially during these tougheconomic times, this is, at best, a questionable use of taxpayer moneyand it is a question that should be explored.
Furthermore,Mr. Prokhorov’s background raises questions about his fitness to be theowner of a high-profile NBA franchise. Both Mr. Prokhorov’s businessand personal history have come under intense scrutiny in his homecountry and abroad. I expect that the NBA will conduct a full andthorough review of Mr. Prokhorov’s background and businesses beforeallowing him to purchase a majority stake in the Nets.
I thank you for your attention to this matter and look forward to the favor of your reply.
Sincerely,
Bill Pascrell, Jr.
Member of Congress
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