Tuesday, December 06, 2011

Packers selling more shares

The Green Bay Packers are offering new stock through February, which will dilute those shares owned by current shareholders.The new shares will mostly be sold to to the unwashed masses to fund new boxes that will allow millionaire season box-holders to have a more pleasant game experience.  

The reason stated in the article that Personal Seat Licenses (PSL), the usual way most franchises pay for stadium improvements,  won't be sold is that PSL's might lose money for the seat-owners.  Heaven forbid the titans of industry don't put their asses in soft cushy heated seats subsidized by working stiffs!  The cost of stadium upgrades instead is borne by poor folks who shell out $250 per share for... nothing-- no dividend, no tickets-- nothing.  The least they could do is rotate some seats in the end-zone for shareholders so that once in a lifetime the sawmill jockey from Fon-du-Lac can grope Kuhn's ass.  

If anyone chooses to waste money on Packers shares-- which by the way cannot be re-sold, thus making them worthless-- they should make damn sure that they've first 1) paid all their health care premiums for life, 2) funded their retirement with real investments and 3) covered their kids' education.  Only then is it allowable to throw your hard-earned money away so that CEO's can have a temperature controlled buffet and warm totties in front of the Jumbotron.  What is it that PT Barnum didn't say? 

Interestingly,  from the article:  "...only two franchises, the Toronto Maple Leafs and Chicago Bears, where PSLs were selling at a premium to their initial sale price."  That's called free-market capitalism, but why try it when you can get the hoi polloi to willingly give you money?

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