Yikes!
The NBA has taken out a line of credit worth $175 million today to help teams who are having a hard time meeting expenses. Reportedly 15 teams requested assistance from the league with each team receiving no more than $11.66 million. JP Morgan and Bank of America reached out to the league apparently, not the other way around, offering some assistance, which is especially nice to see. After all, if the millionaire/billionaire owners of the NBA teams need a hand I’m glad that the banking institutions are ready and eager to help them with a loan, you know, as opposed to the millions of Americans who need a loan to keep buying food, not for stocking up jet fuel for charter flights.
Low attendance, poor play and worse management have led to this “crisis” for these various teams, I also feel confident that a lot of the issues can be blamed on Isiah Thomas, because, you know, why not.
There is even a report that the salary cap might be LOWERED next season from $59 to $57 million and that this whole situation could lead to another labor showdown in 2011, which would be PHENOMENAL for the NBA since the last lockout worked so well…
The hits keep coming for the uber-rich as more and more scams are being uncovered in the financial sectors. First there was Madoff, then Robert Allen Stanford and now, two men who used to own the New York Islanders have been charged with stealing $553 million from charities and pension plans in order to buy luxury items for themselves.
You might have heard that Michael Phelps was captured in a picture smoking a bong, I recall hearing something about it, but it got mostly ignored by the mainstream media. Well, the aftershocks of that photo continue to reverberate, first he lost his Kellogg’s cereal sponsorship deal and now, he has been taken off three motivational speaking events, presumably because he is no longer inspirational as a one-time pot smoker.
The Slanch Report 
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