Monday, April 29, 2013

$100 Million Bailout Legislation Allows Hulman-George Family To Sell IMS

The taxpayers of Indiana get to finance $100 million in new improvements to the Indianapolis Motor Speedway owned exclusively by members of the Hulman-George family. If the family decides it wants to sell the IMS at any time in the future based on a substantially higher market value thanks to the gift from Indiana taxpayers, it is permitted to do so and the new owners can receive the benefit of the generous gift unless a five-member commission made up of appointees of the Governor decides there is not good cause for the sale of the IMS. Last-minute changes to the bailout legislation approved by the General Assembly removed a provision in the House-passed version that would have barred a sale of the IMS as a condition to the granting of the $100 million gift; otherwise, the IMS owners would be compelled to repay the "loan."

Don't believe the news reports that call it a loan. Remember the CIB called the $43.5 million it gave to billionaire Herb Simon's Indiana Pacers a loan. They count on the sheeple being too stupid to figure out that a transfer of money from one entity to another without any real obligation to repay is a gift, not a loan. Assuming Gov. Mike Pence signs this horrible piece of legislation into law, I have no faith that anyone who represents real taxpayers will be appointed to sit on the 5-member commission. Look at the members of the Indiana Stadium and Convention Building Authority. It includes corporate executives from Wellpoint, Eli Lilly, Cummins, former Lt. Governor John Mutz and Barnes & Thornburg lobbyist Joe Loftus. It's a political cronies dream made in heaven. The Indiana Motorsports Commission will be no different. Only people handpicked by lobbyists for the Hulman-George family will get to serve on the Commission.

1 comment:

Pete Boggs said...

Considering recent theoretic "legislation," can't the IMS be sold to the state, who could "expand" the facility; to gambling (er gambling industry) & legalized prostitution?

Ain't we lucky to have the state lookin' out fer 'r intrests?