The NBA is receiving $200 million from JPMorgan Chase and Bank of America, two recipients of taxpayer bailout money.

The league has an existing $1.7 billion credit facility, essentially a line of credit established by lenders from which teams can borrow. The league had been interested in growing the facility when the credit markets seized up last fall. (source: ESPN)

As much as I like pro basketball, I don’t give two shits about the financial situation of the NBA or any of its teams. If teams are having issues, it’s either because the organization sucks or it’s paying its players too much.

JPMorgan Chase, founding organization of the banking cartel known as the Federal Reserve and BofA, which brags about being the largest bank (courtesy of taxpayers), HAVE NO BUSINESS MAKING THESE TYPES OF LOANS! We the people did not say take more of our money and put it into the banks so that shitty NBA teams can stay afloat and try to become competitive.

But of course, the banks suck at making home loans and small business gets no action, so they have to put it somewhere.

It should not, Stern said, be construed as a bailout. At a time when credit markets have been frozen, investors saw the NBA as a safe bet.

That is exactly what they will say if any team fails: “We made the loan because of the strength of the NBA (give us a pass)”.

Charlotte Bobcats owner Bob Johnson has acknowledged losing tens of millions of dollars since paying $300 million for the expansion franchise, which began play in 2004-05.

As a taxpaying citizen, I do not care about the Charlotte Bobcats or the plight of their situation. Poor Bob Johnson, losing tens of millions of his billion.

The NBA already has a sizable credit facility. Teams can work with their own cities and get TIF money if needed. And what makes them think they can keep selling $80 tickets and $6 hotdogs and paying the players like they do?

The banks and the Federal Reserve are what we have to worry about. Not oil companies or any other profitable company. But no politician on either side is going to attack the banks or the financial system; they have to make sure they keep getting their Fannie/Freddie kickbacks and funding for their localities.