Boscovs $50 Million bailout

[Yorkee]

Gov. Rendell arranges for Al Boscov to receive about $35 million directly from PA taxpayers so that Mr Boscov can buy back his stores and continue selling what he sells best..........mostly Chinese, Phillipino, Mexican made products. Other cities such as Scranton and Wilkes-Barre have committed $6 million more. NJ counties will give more. The total is not known but will likely be around $50 million.

Just what we need ... a retailer on our dole who pays nothing and imports everything. He sells to US citizens who are up to their ass in debt, and who live in a nation up to its ass in debt, and a nation that now owes trillions to Communist China thanks to the same elected politicians giving such corporations tax breaks for outsourcing and importing. It's as though our elected leaders are working 24/7 and on the dole to screw the USA.

I'm not as smart as Gov. Rendell (nor as corrupt as his administration) but if it was up to me I'd never support giving limited PA taxpayer dollars to support these firms that are importers of Chinese products. Instead I'd support those few businesses left that will use PA workers and PA products to make things that will improve the lives of Pennsylvanians.

Rendell has always put the welfare of his cronies in front of Pennsylvanians.

Next time you go to Boscov's tell them you want your taxpayer rebate, just like your taxpayer ticket discount at the Ridge and Rendell stadiums that you've financed for the rich.

Added: links:

http://www.philly.com/inquirer/local..._from_Pa_.html
http://www.mcall.com/news/local/all-...,2549053.story
http://www.pennlive.com/midstate/ind..._money_to.html
http://www.pressofatlanticcity.com/1...ry/321558.html

[Shawn.L]

got a link to a story or something ?

[Yorkee]

Originally Posted by Shawn.L

got a link to a story or something ?

Thanks, I forgot. They are there now.

Our Governor Rendell once again taking care of his very wealthy campaign donating friends, and he will soon reciprocate by taking care of us with a tax hike.

Some say PA is the land of taxes but I would submit it is more a land of corruption for and by the politicians and their cronies.

[nijwnfi]

I agree tax dollars should not pay for this, but I hope Al Boscov can straighten his stores out. Boscovs went to hell after he sold to his nephew. So there's no misunderstanding, I'll say it again, we should not be paying for this.

[imperialism2024]

*buries face in hands*

[Dredly]

I guess making a profit isn't really important in big business...

think of all the GREAT jobs that Boscov's brings to the area... oh yeah wait... they pay shit and treat their employees like disposable roaches... yup lets give them more money for providing a service that clearly isn't needed

[Pa. Patriot]

How the hell are we letting these politicos get away with this shit?

Anyone?

If someone leads the way will you all grab your pitchforks and follow?

[jud4420]

I'll bring the tar.

This is ridiculous.

[crakkajakka15]

Originally Posted by Dredly

I guess making a profit isn't really important in big business...

think of all the GREAT jobs that Boscov's brings to the area... oh yeah wait... they pay shit and treat their employees like disposable roaches... yup lets give them more money for providing a service that clearly isn't needed

Hmm thats odd i know several folks that still work for Boscovs and who are even ex-employees, that ranged from management to regular associates and none of them have a bad thing to say about the company, except how the nephew ruined the business when Al left. Although its uncalled for to have the taxpayer pay for this.

[normanvin]

Here is another story.

http://www.timesleader.com/news/Taxp...1-24-2008.html

Taxpayers group questions aid to Boscov’s
One member said bolstering retail business may not provide an economic boost.

By RALPH NARDONE Times Leader Correspondent

SCRANTON -- Members of the Scranton-Lackawanna County Taxpayers & Citizens Association discussed concerns with the recent restructuring of the Boscov’s Department Store chain at a meeting on Monday night.

They said the $35 million state loan and $3 million loans from the cities of Scranton and Wilkes-Barre constitute another “bailout.”

Association President Robert “Ozzie” Quinn said the loans are another example of quid pro quo politics.

Gov. Ed Rendell, Scranton Mayor Chris Doherty and other local politicians received campaign contributions from Albert Boscov, Quinn alleged.

“It is ethical to use taxpayers’ money for a bailout of Mr. Boscov?” he asked.

Officials have said the loans would be financed through a U.S. Department of Housing and Urban Development program that allows governments to guarantee loans for economic development with federal Community Development Block Grants.

Association member Bill Jackowitz said bolstering a retail business may not provide a real economic boost. He cited research from the state Department of Labor and Industry that showed 111,000 full-time retail employees in the state earn approximately $17,000 per year, netting about $1,000 per month.

“Who can afford to live on that?” he said. Retailers aren’t doing very well in Northeastern Pennsylvania, Jackowitz said.

The only winners will be the ones who have money already, he added. If the stores do well, the Boscov family gets richer, he said. If they fail, the Boscov family walks away and the taxpayers take the hit, he said.

Quinn said politicians intimidate the public with the threat of lost jobs to justify the bailouts and set the precedent for future requests from failing companies.

In other discussions, association member Marie Schumacher painted a dire picture of the upcoming assessments in Lackawanna County. The same firm that conducted Luzerne County reassessments, 21st Century Appraisals, will be hired for Lackawanna, she said.

The reassessments may be finished in 2011, she said; however, she warned local residents may want to be prepared for “significant errors.”

She said one-third of the properties in Luzerne County were assessed too high, one-third too low, leaving only one third viable.

Quinn said the last reassessment in Lackawanna County took place in 1968, which adds to the difficultly of getting fair reassessments.

The association also touched on the $400 million state sewer bond recently approved by taxpayers. Quinn said a study of 183 municipalities that require sewer infrastructure upgrades estimated the cost to upgrade around $1.4 billion.

Due to the difference between the $400 million bond and the actual cost, local sewer customers can expect a significant rate hike, he said.

In December, the association will host officials from the sewer authority to discuss the plan in more detail.