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Thursday, November 20, 2008

PA Can't Fund Route 6 Tourism But They Can Spend $35 Million To Bail Out Boscov's

Taxpayers to Bail Out Boscov's

Posted: on WNEP-TV

Last Updated: Nov 20, 2008 11:57 AM

Taxpayer money will be used to keep the Boscov's Department Store chain out of bankruptcy.

Governor Ed Rendell announced Thursday morning that the $35 million being loaned to Boscov's is coming from a federal housing program.

The cities of Wilkes-Barre and Scranton are also directing several million of their federal housing money to Boscov's.

The company filed for Chapter 11 bankruptcy in August and closed 10 of its 49 stores.

Earlier this month two former executives, including Al Boscov, announced they would buy back the company.


Anonymous said...

How sick! We should all march on Harrisburg and Washington to ask "where is our check". Bail outs are going to the wrong place. How about giving all Americans citizens a check for say $50,000 to $100,000 and see how fast our economy bounces!!! But of course they are more concerned over Mr. Big. They can bail out all they want and there will still be a long line of over paid CEO's holding their hand out for more. What a mess!

Anonymous said...

ditto on the comments above. we should have a bailout of the American taxpayer. Reps in DC & Harrisburg--please decrease our taxes!!!!!

Anonymous said...

and boscovs doesn't even sell cheesesteaks

Anonymous said...

Let's vote OUT all who have anything to do with these bailouts and loans. That's all we can and should do.

Anonymous said...

It doesn't really matter because they are giving them loans and grants on money that doesn't exist in the first's all on paper from a futuristic projection of the nations economy. Just think about can the government be trillions of dollars in debt and be able to "magically" come up with $700 billion ? It's like me loaning you $1000 with an IOU and then you go and loan Joe Schmoe $700 with an IOU......

Anonymous said...

"it's all on paper from a futuristic projection of the nations economy."

Good Point!

Guess I will stop phoning in my weekly payroll taxes, stop paying in est. Federal and State quarterly tax, all business and personal bills entirely and just tell them I will write out an IOU!

Does anyone know of ANY local small businesses that will be getting any of this Federal bail out money?? I sure do not...but then again none of our small businesses have over paid CEO's. We are the ones with our asses on the line trying to keep employees paid a fair wage and our bills current!

This just makes my stomach twist!

Anonymous said...

You have not seen anything yet, Wait until Obama and his friends take over...

Anonymous said...

Please, it doesn't matter who is headed to the White House.....this country is in a mess.....and it started 20 or so years ago. The government tried to hide it and ignore it but it came back to slap them in the butt.

Anonymous said...

Again, how sick. A. Boscov should not be allowed to buy back the company he put let go bankrupt. Where is all the money coming from for the purchase, let me he lives with his millions!

Anonymous said...


Anonymous said...

Kinda makes ya wonder why old John Rigas is spendin the rest of his life in jail!?!He's still a saint compared to all this bullsh## goin on!! The Bush Administration really set a good example,didn't they!?!Obama-Do the right thing and pardon the Adelphia family!They were a scape goat and it's more obvious every day! Brad Jones

Anonymous said...

I agree! The $2.3 Billion that got Adelphia in trouble was actually the banks fault for allowing the borrowing account. That is chump change compared to what the big boys on Wall Street have purposely misappropriated. It was definitely a very poor example to set.

Anonymous said...

I agree, but you want to remember we ARE talking about our government here!

Smoke and Mirrors...keep the dumb tax payers looking to the right while we pull off a fast one on the left!

They have done it for years. AND if they put SOMEBODY, ANYBODY in the public's view on every channel on the T.V. we will not SEE what they are doing!

The Big Boys on Wall Street need to be investigated to the fullest extent of the law...not a cover up an honest to goodness investigation and be held accountable for their poor judgement and actions. BUT hell the elected officals would be caught right up in the middle of this mess somewhere I am sure so this will probable NEVER happen!