Wednesday, December 7, 2011

Packers Stock Sale to Help Expand Local Church

There's a lot that has surprised us about our new home in Green Bay, and the biggest surprises always revolve around the hometown Packers.  Pretty much every stereotype developed about this place and its love affair with the team is true.  I have never seen anything like it. 

Given all that as a background,. I should not be surprised about the "stock offering" that was initiated yesterday.  But surprised I remain.  Why?  Because people here (and around the globe, actually) are spending $250 a "share" for a worthless piece of paper. 

You see, this stock isn't stock in the traditional sense.  There's no market for it.  It pays no dividends.  It cannot appreciate in value.  It cannot be sold; only transferred, and then only to family members.  It holds no claim in the event of any kind of liquidation.  It can be repurchased at any time and for any reason by the team at a price of $0.025.  It is truly and completely worthless.  In fact, the only "benefit" a shareholder has is the ability to vote on things like board configuration, the chance to attend the annual "shareholders' meeting," and the ability to purchase (hey, spend some more money!) official "shareholders'" merchandise. 

And yet they're being gobbled up like bratwurst hot off of the tailgate grill. 

Beyond that, the team is charging $25 for "handling."  Why it costs $25 to print and ship a piece of paper is beyond me, but if Bernie Madoff stuck upon such a scheme, he might have been able to retain his lavish lifestyle and keep his fraudulent tuchus out of the pokey.

When I consider where my wife and I give our money - our church, charitable organizations, conservation organizations, local food shelves, health research, schools, etc. - the thought has never crept into my head that I need to broaden that list to include our local NFL franchise.  But then again I've never lived anywhere where that franchise is viewed with the same reverence that is typically reserved for such institutions. 

Lambeau Field is this area's cathedral, and will be supported in similar fashion by those that are members of the Church of the Packers.  So when the church needs to expand, the basket gets passed, and subsequently filled. 

And that's just how it is here in Green Bay. 


1 comment:

  1. I have never been able to figure out how the SEC allows this scam, and that is what it is.


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