Another Homerun for the Walloping Wealthy

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from Too Much: A Commentary on Excess and Inequality:



Another Homerun for the Walloping Wealthy
March 31, 2012

Behind last week’s record-smashing $2 billion sale of the Los Angeles Dodgers, a global economy that’s enriching only the world’s super rich.

By Sam Pizzigati


The Los Angeles Dodgers didn’t win all that many baseball games in the eight years owner Frank McCourt signed the team’s player paychecks. But McCourt has now won plenty. The mega-rich developer last week emerged as the biggest financial winner in the history of professional sports.

On Tuesday, in a special bankruptcy auction, a group of deep-pocketed bidders agreed to pay $2.15 billion for the Dodger franchise, an all-time record for a U.S. pro sports team, nearly double the previous high-water mark, the $1.1 billion football’s Miami Dolphins fetched in 2009.

.......(snip).......

The second key global wealth trend: The world’s rich don’t know what to do with all their money. In “normal” times, the super rich park a chunk of their hefty change in stock and commodity markets and another significant chunk in bonds that guarantee smaller but still healthy returns.

But today’s super rich see stocks as sucker bets, given all the world’s ongoing economic instability, and commodities have been alarmingly “volatile.” Yields on safe and secure government bonds, meanwhile, have sunk to record lows. .................(more)

The complete piece is at: http://toomuchonline.org/another-homerun-for-the-walloping-wealthy/

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