Posts Tagged ‘Henry Paulson

08
Oct
08

Bailouts Run in His Blood

Merritt Paulson is the 28 year old co-owner of the Portland Beavers, the Triple-A affiliate of the San Diego Padres and he’s working very hard to try and bring an MLS franchise to the Portland area. In order to do that, he wants to renovate the stadium where the Beavers play and build a new stadium for them elsewhere in the city. Paulson is looking for $85 million from the city for renovations while he’s willing to pony up $40 million for the soccer franchise itself. MLS has promised the city a team by 2011 if they built a soccer-specific stadium, hence the renovations, but while some people are excited others, like Jody Wiser of Tax Fairness Oregon feel differently. “My personal feeling is if Merritt Paulson wants a team he should buy some land and build the stadium. That’s his job as a business owner. It’s not the job of the grocery store clerk.”

Meanwhile, the price tag keeps climbing. In September Paulson said it would take $75 million and today it’s 85. But for Paulson, son of current Treasury Secretary Henry Paulson (who is the other co-owner of the Beavers) the government’s money is seen as just another ATM for him to use. After all, if AIG and all of his dad’s cronies on Wall Street can get some government coin, why not him!

Don’t worry though, the new Mayor-Elect Sam Adams is on the scene and ready to help provide leadership; also, 2 kegs of the fall seasonal ale. Continue reading ‘Bailouts Run in His Blood’




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