Gaming giant MGM Grand is in deep doo-doo. According to a Las Vegas Review-Journal story on Sunday, the company “faces a potential bankruptcy filing to restructure $13.5 billion in debt.” And, according to the report, MGM Mirage majority shareholder, founder and board member Kirk Kerkorian “and Senate Majority Leader Harry Reid, a close friend, have been calling financial institutions to try and raise the remaining $1.2 billion needed to complete the $9.1 billion CityCenter development.”
“Can you imagine,” writes political consultant Robert Uithoven, “being a financial institution getting a call from the Senate Majority Leader – during a time he is one of the top officials in Washington determining who in the financial industry gets bailed out with further taxpayer money and who doesn’t – and being asked for money to fund the debt of a private corporation?”
Um, wasn’t it politicians in Washington putting political pressure on banks to make home loans to people who weren’t good credit risks which got our nation into the problem we’re in today in the first place. I guess some people never learn.