Joe Ricketts, Government Handout Hypocrite

<a href="http://www.flickr.com/photos/mikedefiant/466509548/">Michael Dunn</a>/Flickr

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


The New York Times won the morning on Thursday with an A1 story on a new anti-Obama super-PAC, Character Matters, that’s planning on spending $10 million on an ad campaign linking President Obama—a “metrosexual, black Abraham Lincoln”—to the Rev. Jeremiah Wright. Character Matters is hoping to get either Jon Voight or an “extremely literate conservative African-American” to narrate the spots, which would be produced by GOP ad guru Fred Davis (of “Demon Sheep” fame).

The money for all of this comes from Joe Ricketts, the TD Ameritrade founder, Bison Burgers baron, and, with his family, owner of the Chicago Cubs. Ricketts solidified his status as a campaign finance heavyweight when spent $600,000 in the last month of the election to try to take down Sen. Harry Reid (D-Nev.) in 2010. Since then, he’s launched a campaign to eliminate earmarks, given $500,000 to the anti-incumbent Campaign for Primary Accountability, and, earlier this month, spent $200,000 helping state Sen. Deb Fischer win the GOP Senate primary in his home state of Nebraska. (Ricketts’ son, Peter, is a former US Senate candidate and a member of the Republican National Committee.) Ricketts is sick and tired of wasteful spending—so much so that the briefing book outlining the Wright ad is actually entitled “The Ricketts Plan to End His Spending for Good.”

But Ricketts’ time with the Chicago Cubs tells a different story. Since the Ricketts Family Trust acquired the team two years ago, they have actively sought to use taxpayer money to expand their own business operations. As CBS Chicago reported in April:

The Cubs want to use $200 million in public funds to construct the long-planned Triangle Building along Clark Street in front of the ballpark. The Triangle Building would house team offices, a restaurant and parking, and would feature a Chicago Cubs Hall of Fame, a Cubs Pro Shop, and new ticket windows.

The only structure on the “triangle” site, the former Yum-Yum Donuts building, was torn down two years ago. Part of the site is now used as an ice rink during the winter months.

The Ricketts family also wants to use amusement tax revenue to fund the renovation, but Mayor Emanuel has not said whether he supports that plan.

In addition to using local amusement tax funds that might otherwise be spent shoring up actual public services, the Ricketts family is seeking a large federal subsidy to pay for a renovation of Wrigley Field. As the Chicago Sun-Times reported:

Ricketts also is seeking another public subsidy that is often overlooked in debates about publicly financed sports stadiums, according to economists. That’s the federal subsidy that arises when a stadium is financed with tax-exempt bonds…

The exemption can result in a large subsidy. The municipal-bond market has been a mess lately, but let’s assume a 2 percentage-point differential between tax-exempt and market interest rates. A $225 million stadium renovation financed 100 percent with 30-year tax-exempt bonds, assuming an equal portion of the principal is retired every year, would result in interest savings of $37.7 million, according to Dennis Zimmerman, a retired economist who studied the economics of stadiums at the Congressional Budget Office.

In fairness, “End the Spending—But Only When That Money is Being Spent on Other People” would be a terrible name for a super-PAC.

Update: Ricketts has released a statement calling the spot “merely a proposal—one of several submitted to the Ending Spending Action Fund by third-party vendors,” and disavowing its contents.

Update II: You can read my colleague Adam Serwer’s take on the l’affaire d’Ricketts here.

WE'LL BE BLUNT

It is astonishingly hard keeping a newsroom afloat these days, and we need to raise $253,000 in online donations quickly, by October 7.

The short of it: Last year, we had to cut $1 million from our budget so we could have any chance of breaking even by the time our fiscal year ended in June. And despite a huge rally from so many of you leading up to the deadline, we still came up a bit short on the whole. We can’t let that happen again. We have no wiggle room to begin with, and now we have a hole to dig out of.

Readers also told us to just give it to you straight when we need to ask for your support, and seeing how matter-of-factly explaining our inner workings, our challenges and finances, can bring more of you in has been a real silver lining. So our online membership lead, Brian, lays it all out for you in his personal, insider account (that literally puts his skin in the game!) of how urgent things are right now.

The upshot: Being able to rally $253,000 in donations over these next few weeks is vitally important simply because it is the number that keeps us right on track, helping make sure we don't end up with a bigger gap than can be filled again, helping us avoid any significant (and knowable) cash-flow crunches for now. We used to be more nonchalant about coming up short this time of year, thinking we can make it by the time June rolls around. Not anymore.

Because the in-depth journalism on underreported beats and unique perspectives on the daily news you turn to Mother Jones for is only possible because readers fund us. Corporations and powerful people with deep pockets will never sustain the type of journalism we exist to do. The only investors who won’t let independent, investigative journalism down are the people who actually care about its future—you.

And we need readers to show up for us big time—again.

Getting just 10 percent of the people who care enough about our work to be reading this blurb to part with a few bucks would be utterly transformative for us, and that's very much what we need to keep charging hard in this financially uncertain, high-stakes year.

If you can right now, please support the journalism you get from Mother Jones with a donation at whatever amount works for you. And please do it now, before you move on to whatever you're about to do next and think maybe you'll get to it later, because every gift matters and we really need to see a strong response if we're going to raise the $253,000 we need in less than three weeks.

payment methods

WE'LL BE BLUNT

It is astonishingly hard keeping a newsroom afloat these days, and we need to raise $253,000 in online donations quickly, by October 7.

The short of it: Last year, we had to cut $1 million from our budget so we could have any chance of breaking even by the time our fiscal year ended in June. And despite a huge rally from so many of you leading up to the deadline, we still came up a bit short on the whole. We can’t let that happen again. We have no wiggle room to begin with, and now we have a hole to dig out of.

Readers also told us to just give it to you straight when we need to ask for your support, and seeing how matter-of-factly explaining our inner workings, our challenges and finances, can bring more of you in has been a real silver lining. So our online membership lead, Brian, lays it all out for you in his personal, insider account (that literally puts his skin in the game!) of how urgent things are right now.

The upshot: Being able to rally $253,000 in donations over these next few weeks is vitally important simply because it is the number that keeps us right on track, helping make sure we don't end up with a bigger gap than can be filled again, helping us avoid any significant (and knowable) cash-flow crunches for now. We used to be more nonchalant about coming up short this time of year, thinking we can make it by the time June rolls around. Not anymore.

Because the in-depth journalism on underreported beats and unique perspectives on the daily news you turn to Mother Jones for is only possible because readers fund us. Corporations and powerful people with deep pockets will never sustain the type of journalism we exist to do. The only investors who won’t let independent, investigative journalism down are the people who actually care about its future—you.

And we need readers to show up for us big time—again.

Getting just 10 percent of the people who care enough about our work to be reading this blurb to part with a few bucks would be utterly transformative for us, and that's very much what we need to keep charging hard in this financially uncertain, high-stakes year.

If you can right now, please support the journalism you get from Mother Jones with a donation at whatever amount works for you. And please do it now, before you move on to whatever you're about to do next and think maybe you'll get to it later, because every gift matters and we really need to see a strong response if we're going to raise the $253,000 we need in less than three weeks.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate