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Posted At : March 25, 2009 04:38 PM | Posted By : D McKee
Related Categories:
International,MGM Mirage,Phil Ruffin,Politics,The Strip,Wall Street
Like a summer storm, the hoo-ha concerning the intervention of Sens. Harry Reid and John Ensign on behalf of troubled CityCenter, blew itself out in a hurry. Once the New York Times decided to spike a story on the ethical quandary, it was pretty much over and done. About the worst charge ethics watchdogs could level at the two lawmakers was "implied pressure" and the consensus was that both Reid and (especially) Ensign had been on the square in their handling of the matter.
Sadly, it says little for either's clout -- Reid's in particular -- that, after weeks of beavering away at the banking industry, financiers haven't budged. MGM Mirage says it can fund its half of CityCenter by diverting cash from other parts of the budget, but even that's not enough to loosen any purse strings. (Dubai World's de facto sabotage of the project is the subject for a whole 'nother post.)
Ensign and Reid were in a no-win bind: Come to CityCenter's aid and be accused of exercising undue influence or do nothing and get raked over the coals (or worse) if MGM Mirage collapses under the project's weight. Treasure Island owner Phil Ruffin was particularly pithy, telling Steve Friess, "I wouldn't jump all over them. That's exactly what your senators are supposed to do."
For my part, I received a valuable civics lesson from a reader, who wrote:
"You're amazed/outraged that Sen. Harry Reid is shilling for MGM Mirage. I'm here to tell you that's exactly what politicians are expected to do -- enthusiastically front for a) their constituents in general and b) the biggest, richest, most powerful constituents in particular.
"Are you also amazed/outraged that Sen. Carl Levin, Rep. John Dingell and other members of the Michigan congressional delegation continue to shamelessly promote the interests of GM, Ford and Chrysler -- all home state companies that can't really compete with their Japanese counterparts? That Sen. Charles Schumer of New York insists on defending that homestate financial services firms that have wrecked the nation's economy?"
Point taken. As I (prophetically?) wrote someone earlier this week, I'm not so proud I don't think I can learn from my readers.
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