Tuesday, May 20, 2008

Akron Says No to Brennan

ABJ reports that City Council has turned down Brennan's "offer" that the city take a million dollar loss on a loan he wrangled for his downtown hotel. City Council's position drop dead position is that they have to get the principle back.

Let's review. Brennan is a conservative Republican on the tiny government genus. He not only spreads lots of campaign cash to R candidates, he was a prominent sponsor of the ill-begotten TABOR proposal.

And at the same time, his basic business model is to work the government to either pay the whole freight on his business ventures (White Hat, etc.) or as in this case, to subsidize and assume the risk. Mr. Freemarket owes much of his impressive wealth to his talent for drawing from the public trough.

Meanwhile, rich or not, he's happy to let his hometown eat the loss if he decides to send the hotel business into bankruptcy. Of course, the bankruptcy option is part of business. Just like lobbying.