Billionaire Has Millions To Smear Obama, Demands Massive Taxpayer Subsidy For Baseball Stadium

Source: ThinkProgress

This week, the New York Times reported that Joe Ricketts, a right-wing billionaire and founder of TD Ameritrade, is soliciting multi-million dollar ad proposals to attack President Obama. One such proposal, leaked to the paper, was a $10 million, racially-charged campaign entitled “The Defeat of Barack Hussein Obama: The Ricketts Plan to End his Spending for Good.” The proposal, which center on Rev. Jeremiah Wright, suggests hiring an “extremely literate conservative African-American” to break down Obama’s image as a “metrosexual, black Abe Lincoln.”


Ricketts moved quickly to publicly reject the plan after it leaked. His spokesman said it “reflects an approach to politics that Mr. Ricketts rejects and it was never a plan to be accepted but only a suggestion.” (The statement seems somewhat disingenuous as the Ricketts had already given “preliminary approval” for the $10 million concept after seeing a separate ad about Jeremiah Wright.) Nevertheless, Ricketts’ spokesman confirmed his intention spend money attacking Obama through an organization he controls called “Ending Spending Political Action Fund.”

There is one area, however, where Ricketts is much more open to government spending. He’s seeking a massive government subsidy for the Chicago Cubs, which he owns with his family, to renovate Wrigley Field. Here is the deal the Ricketts family is seeking, via Crain’s Chicago Business:

That means $300 million is needed for the ballpark proper.

Half would come from the team, presumably in increased revenue from more signage inside Wrigley and retail and other entertainment in what amounts to a game-day carnival on Waveland Avenue on Wrigley’s north side and Sheffield Avenue to the east.

And half would come from $150 million or so in bonds to be retired with increased revenue from the existing city and Cook County amusement taxes on ticket sales. Specifically, debt service would get the first 6 percent in growth above a base level of around $15 million a year now.

But it’s a little more complicated than that.

The team also wants a 50 percent cut of any increase in amusement tax revenue growth above 6 percent. And unlike the bonds, which would be retired in 30 or 35 years, that would be forever.

Read more: http://thinkprogress.org/politics/2012/05/19/487214/meet-joe-ricketts-cubs/