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Meet Billionaire Kevin Plank: Maryland’s Corporate Welfare King

Courtesy of ZeroHedge. View original post here.

Via StockBoardAsset.com,

A corporate cronyism scandal could be brewing out of Baltimore, Maryland this month involving Billionaire Kevin Plank (CEO of Under Armour). What is alleged per The Baltimore Post are Baltimore County Council members  supporting a ‘conditional grant in an amount up to  $ 2,000,000 to Under Armour, inc from the Maryland Department of Commerce pursuant to the Maryland Economic Development Assistance Fund’. The purpose of the grant is for the redevelopment of Tradepoint Atlantic (TPA) of Sparrows Point, where the 3,100 acre site use to be the home of the world’s largest steel producer called Bethlehem Steel.

In this case, Maryland’s economic development assistance fund is better known as ‘corporate welfare’. The article goes on to say,

someone please explain to me why Mr. Plank, who according to Forbes Magazine has a net worth around $1.74 billion, needs $2 million from us regular middle class taxpayers.  

After reading further into the article, it seems as Kevin Plank (CEO of Under Armour) has aligned himself with the so called ‘deep state’ of Maryland:

This debauchery not only involves Baltimore County, but also the state of Maryland and our local delegates who are deeply entrenched in TPA.  Several projects came up at the last meeting concerning the news in Annapolis and its impact on Baltimore County. What we heard from our delegation is more propaganda than reality. Once again, the issue of jobs (10,000 of them) was at the forefront of this gabfest. Blowing more hot air than facts, the delegation pontificated on the wind tunnel issue that TPA is pursuing.

Let’s take a closer look at that other Councilman’s checkered background. It is beyond me that Mr. Quirk, would even consider such taxpayer funded grants and loans with the current state of affairs with the county’s fiscal problems, which include decaying schools, lack of AC, and a wave of violence within that education system. Not to mention the crumbling roadways and a $200 million bond debt.  

Crossing into Baltimore City lines, Kevin Plank (CEO of Under Armour) has another real estate gamble valued at $5.5 billion called Port Covington located on 200 acres of Baltimore waterfront. The project is described as a ‘city with in a city’ for 10,000-15,000 new residents. This time around, the corporate welfare for the project is upwards of $660 million worth of tax incentives at the expense of the taxpayer.

So, where have we seen this story before? Yes, it’s Elon Musk whose companies, Tesla Inc. and Solar City Corp.  “hugely benefit from government grants, discounted loans, tax breaks, government incentives and the sale of environmental credits”.

This makes Elon Musk the Billionaire Welfare King of California and Kevin Plank the Billionaire Welfare King of Maryland.

Meanwhile, back in Baltimore, nearly 1/3 of black households have a zero net worth… The inner cities of Baltimore are an absolute mess after 50-years of democratic controlled leadership compounded with deindustrialization robbing the community of its wealth. There are nearly 46,800 vacant row homes in Baltimore City with a homicide rate that is doubled of Chicago’s and a homicide count higher than NYC.

In both Under Armour projects, Baltimore City and County Officials would rather provide a variant form of corporate welfare to Billionaire Kevin Plank (CEO of Under Armour), than spend it on the communities that need it the most. Something is wrong in America and it doesn’t smell right. We call this corporate cronyism and there is a scandal lingering….

In the video below, you’re about to hear an interview of two community leaders in Baltimore City, Maryland. The mainstream media is not allowed to share this with you, because it destroys the narrative that everything is awesome in Baltimore. This is a first hand account of what community leaders think about the corporate welfare of Under Armour in Baltimore and how they think public monies are being misallocated and are not reaching the communities that need it the most.


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