Other People's Money Means YOUR Money

The news that Joseph Tsai is buying out Russian oligarch Mikhail Prokhorov to take over majority control of the Brooklyn Nets and operation of Barclays Center for $3.5 billion means that Prokhorov is walking away with billions in profit. The topic here is that the billions in added value came from the taxpayers, in all the sweetheart land deals and tax breaks and other incentives Prokhorov and Bruce Ratner got to move the Nets to Brooklyn. They got billions in breaks, all handed over by politicians from the public, yet now that the team is being sold, the money all goes to Prokhorov. Elizabeth Warren's campaign proposes that in cases like this, where private business profits from public expenditure, the taxpayers should at least in part share in the profits. Good idea? (Slate)

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