Spanish Soccer Threatened By Rule Barring Hedge Funds From Buying Players

Spain and Portugal are only going to say this one: Please for the love of god, don't do this!

But I did the right thing for once!

Spain has little to cheer about vis-à-vis its economy. So it would like to keep cheering for its soccer teams. Unfortunately, its money malaise, combined with a new rule barring investors from buying a players’ transfer rights, threaten the quality of the teams it likes to cheer for. This will not do, Spain (and Portugal) hope the European Commission agrees.

Spain and Portugal’s soccer leagues filed a complaint to the European Commission challenging a FIFA ban on clubs selling the transfer rights of players to investors, three people familiar with the situation said….

Atletico Madrid CEO Miguel Angel Gil said in an interview last year that alternative financing had allowed his club to compete with richer rivals including Real Madrid and Barcelona, two of the world’s biggest clubs by sales.

Portugal, Spain Said to Complain to EU on Soccer Finance Rules [Bloomberg]


Area Billionaire Threatens "Legal And Illegal Tax Avoidance" To Protect Comic Book Funds From Drum Circling Hippie Freeloader Idiots

"The only way to finance a big European-style state is to have it paid for by massive taxation of everyone, mostly the middle class. Right now, we are avoiding honest debate on this fact...The first truth is that the current tax rates cannot support the promises made to middle-class Americans. The most unaffordable items in fiscal projections are Social Security for everyone and government-sponsored health care for the middle class. You cannot preserve these even with Draconian slashing of military, infrastructure, welfare, education, and other expenditures. The second truth is that you cannot pay for the Life of Julia, or any vision of a cradle-to-grave welfare state, without massive and increasingly regressive middle-class taxes. The poor don't have the money to pay for a European-style welfare state, and the rich, rich as they are, don't have anywhere near enough. Not only that, it's easy to tax middle-class assets and transactions — things like payrolls, sales, and real estate — but soaking the rich means taxing investments. Investments are complicated and can be restructured to minimize taxes. Also, investments are the lifeblood of economic growth. Raising significantly more taxes from the rich also requires higher marginal tax rates — and their rates are already quite high. High marginal rates distort the economy and yield less revenue than anticipated because they increase the rewards for legal and illegal tax achieve anything like the European-style entitlement state they advocate, we need to tax everyone a lot more, not just the 1 percent. Despite all the drum circles protesting the inequitable distribution of resources, the wealthy just don’t have enough. The middle class and even the poor must step up to carry more of the burden if this is our desired endgame. [The American, related]