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Thread: Mohegan Sun Casino Owners Received $54 Million In Stimulus Money

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    Re: Mohegan Sun Casino Owners Received $54 Million In Stimulus Money

    Quote Originally Posted by Glinda View Post
    My mistake. They made $53.6 million in casino profits last year.

    My questions remain valid and unanswered.

    Here's another interesting tidbit: the tribe previously received $20 million in loans from the USDA.


    This whole deal sounds verry hinkey.

    This is a loan, that has to be paid back is it not. It is not a gift to the tribe, but a loan they are expected to pay back, and it is a loan they will be able to pay back
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    Re: Mohegan Sun Casino Owners Received $54 Million In Stimulus Money

    Quote Originally Posted by Lord Tammerlain View Post
    This is a loan, that has to be paid back is it not. It is not a gift to the tribe, but a loan they are expected to pay back, and it is a loan they will be able to pay back
    So what? My questions remain valid and unanswered.

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    Re: Mohegan Sun Casino Owners Received $54 Million In Stimulus Money

    Quote Originally Posted by Glinda View Post
    So what? My questions remain valid and unanswered.
    I would think it matters a great deal dont you


    Mohegans are not being given any money, they are just getting a loan, one they are expected to and should be able to pay back

    If it was a grant, I could see the concern as they clearly dont need free government money. But it is not free money. Provided they pay it back the government will make money from this
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    Re: Mohegan Sun Casino Owners Received $54 Million In Stimulus Money

    Quote Originally Posted by Lord Tammerlain View Post
    Mohegans are not being given any money, they are just getting a loan, one they are expected to and should be able to pay back
    My questions remain:

    Why do the Mohegans get this loan, when they do not constitute even a tiny portion of the whole of their community/town?

    Given their massive annual profits, why can't the Mohegans obtain credit at reasonable rates and terms through the usual channels? If no one will reasonably lend to them, it would seem to indicate a significant credit risk, wouldn't you think?

    Given their massive annual profits, why don't the Mohegans finance projects with their own resources? There are surely thousands of other communities that need more stimulus help than this very wealthy Indian tribe.

    Hinkey.

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    Re: Mohegan Sun Casino Owners Received $54 Million In Stimulus Money

    Quote Originally Posted by Glinda View Post
    My questions remain:

    Why do the Mohegans get this loan, when they do not constitute even a tiny portion of the whole of their community/town?

    Given their massive annual profits, why can't the Mohegans obtain credit at reasonable rates and terms through the usual channels? If no one will reasonably lend to them, it would seem to indicate a significant credit risk, wouldn't you think?

    Given their massive annual profits, why don't the Mohegans finance projects with their own resources? There are surely thousands of other communities that need more stimulus help than this very wealthy Indian tribe.

    Hinkey.
    The real question Glinda, is what interest rate is the Gov't giving them, and what would the market give them. IF the Gov't loan is say... 1.5% and the market is 3%... there is your reason for this, the corruption.
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    Re: Mohegan Sun Casino Owners Received $54 Million In Stimulus Money

    Quote Originally Posted by Glinda View Post
    My questions remain:

    Why do the Mohegans get this loan, when they do not constitute even a tiny portion of the whole of their community/town?

    Given their massive annual profits, why can't the Mohegans obtain credit at reasonable rates and terms through the usual channels? If no one will reasonably lend to them, it would seem to indicate a significant credit risk, wouldn't you think?

    Given their massive annual profits, why don't the Mohegans finance projects with their own resources? There are surely thousands of other communities that need more stimulus help than this very wealthy Indian tribe.

    Hinkey.

    How would they be a credit risk if they are making massive profits?

    And would you rather the government loan to money to a group that cant pay it back or a group that has the means to pay it back
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    Re: Mohegan Sun Casino Owners Received $54 Million In Stimulus Money

    Quote Originally Posted by MrVicchio View Post
    The real question Glinda, is what interest rate is the Gov't giving them, and what would the market give them. IF the Gov't loan is say... 1.5% and the market is 3%... there is your reason for this, the corruption.
    The stimulus money -- a loan from a Department of Agriculture rural development program -- is meant to help communities of less than 20,000 people that have been "unable to obtain other credit at reasonable rates and terms and are unable to finance the proposed project from their own resources."
    I think it is obvious that the interest rate on the loan is below market rates, as that is part of the intent of the program, to provide funding for projects that can not get loans at reasonable rates
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    Re: Mohegan Sun Casino Owners Received $54 Million In Stimulus Money

    Quote Originally Posted by Lord Tammerlain View Post
    How would they be a credit risk if they are making massive profits?
    That's the question. Why can't they get reasonable loans on their own? Just because the government's stimulus funding might be at a lower rate does not mean they cannot get "credit at reasonable rates and terms." It just means they don't want to pay market rates. Wanting million-dollar loans on the cheap doesn't qualify for stimulus funding, so far as I know. In this case, it would seem that having someone from congress in your pocket is all that's required.

    Quote Originally Posted by Lord Tammerlain View Post
    And would you rather the government loan to money to a group that cant pay it back or a group that has the means to pay it back
    Your statement indicates that you believe the government would just as eagerly make similar loans to communities that would have no chance of repaying. I'm fairly certain the feds look into such things before putting millions at risk.

    And none of this explains why a tribe of 1700 people who rake in more than $50 million annually is receiving stimulus loans, instead of the actual "community" in which they live. Again, I'm left to conclude that having someone from congress in your pocket is all that's required.

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    Re: Mohegan Sun Casino Owners Received $54 Million In Stimulus Money

    Quote Originally Posted by MrVicchio View Post
    The real question Glinda, is what interest rate is the Gov't giving them, and what would the market give them. IF the Gov't loan is say... 1.5% and the market is 3%... there is your reason for this, the corruption.
    That's your idea of corruption, eh? Loans. Loans at a good rate are corruption.
    I bet you'd say exactly the opposite if there was an (R) in the White House.
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    Re: Mohegan Sun Casino Owners Received $54 Million In Stimulus Money

    Quote Originally Posted by Glinda View Post
    That's the question. Why can't they get reasonable loans on their own? Just because the government's stimulus funding might be at a lower rate does not mean they cannot get "credit at reasonable rates and terms." It just means they don't want to pay market rates. Wanting million-dollar loans on the cheap doesn't qualify for stimulus funding, so far as I know. In this case, it would seem that having someone from congress in your pocket is all that's required.



    Your statement indicates that you believe the government would just as eagerly make similar loans to communities that would have no chance of repaying. I'm fairly certain the feds look into such things before putting millions at risk.

    And none of this explains why a tribe of 1700 people who rake in more than $50 million annually is receiving stimulus loans, instead of the actual "community" in which they live. Again, I'm left to conclude that having someone from congress in your pocket is all that's required.
    Perhaps the actual community in which they live represents a bad credit risk, which is why they didnt get a loan (if they applied for one that is)
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