Jerry Reinsdorf Quotes
It's bad for baseball to have owners who can benefit another business by losing money in baseball.
Zimbalist, Andrew. May the Best Team Win: Baseball Economics and Public Policy. Brookings Institution Press, 2003, p. 75.
Rove had bridged the traditional gap between the right wing Religious fundamentalists and large business, industrial, heavy donors to the party. These groups usually diverged on economic policy and cultural values however Rove had convinced both that they should tolerate the other for the sake of maintaining power for President George W. Bush who delivered enough to each to hold them in coalition. Rove’s style tended to moralize everything for the religious right including their cooperation with major exploiters of economic self-interest. Rove’s religious tactics which were so successful was a subject of great interest and analysis, especially since Rove himself was an agnostic.
The bill went down to a narrow defeat, but the Republican leadership of the House held the vote open for a record setting 3 hours, until they could persuade enough members to reverse their vote. After the 3 hours, the bill passed by one vote. The House Ethics Committee did not see that as sufficient reason to start an ethics investigation.
He was referring to his practice of distributing shares of stock to other congressmen on behalf of Credit Mobilier and Union Pacific. Ames was censured by the Congress in 1872, for "seeking to procure congressional attention to the affairs of a corporation in which he was interested.” The cartoon to the left is from the period showing all the congressmen getting their piece of the Mobilier Credit cake.
This was a best seller when published in China. It is surprising to many that the Chinese censors even allowed it to be published.
The company’s profits were $5.7 billion--$45,000 per employee. He then imposed a 6 year wage freeze on long term employees and cut the wages of new employees. His compensation has increased 80 percent in the last 2 years. Most large corporation CEOs do not share this need for “unlimited” profits. Most set a target and then try and get the corporate team to reach or exceed it.
The immediate trigger for this statement was the Mylan Company’s price increase of 500 percent for Epi-pens which people—frequently children—needed to carry to contact a bad allergic reaction that would other wise put them into anaphylactic shock which could be fatal. One of the reasons the company gave for the increase was that their marketing costs were very high. The practice of paying physicians to use a drug and then give testimonials and pitch the drug had long been controversial, but in 2016 the public learned that the practice was much more widespread than anyone had known. Making the situation worse was the fact that physicians would prescribe the drug for their patients and had no obligation to tell the patient or his/her family that he was being paid by the drug company. The Congress held hearings but did nothing at the time.
There were not many large companies in the agribusiness selling chemicals, fertilizers, pesticides and seeds to the farmers of America. When there was an attempted merger, the regulators were supposed to make sure that the merger press would not be responsible for higher prices as with the merger, there would be less competition. As Holcomb said in this quotation, the companies would typically tell the regulators how they merger would produce synergistic cost savings for the farm products. And in theory that wold be true in most cases. However once the company receives approval, the tend to claim the products are losing money and they must raise prices. And often that is true but the main reason for the loss is the cost of the money that they usually borrowed to pay for the acquisition.
Jerry Michael Reinsdorf is an American billionaire businessman, and the owner of the NBA's Chicago Bulls and the MLB's Chicago White Sox. He started his professional life as a tax attorney with the Internal Revenue Service. He has been the head of the White Sox and Bulls for over 35 years.
