Good question, you'd have to ask someone who lives in CA. I wonder if all the billionaires in the USA can plug all the gaps that exist in local/state/federal budget, including the 10's of trillions in unfunded liabilities?
When they quote figures based upon gains in asset prices like shares in MGM rose 135% care should be taken. I haven't any idea what his income is but his gains in MGM are paper gains. We've already seen what happens when assets appear overvalued in the market (any market).
The last thing this country needs is another sell-off in equities. Not only would Kerkorian be adversely effected, but virtually every retirement trust (public and private) would be wiped out.
How did California come to be in this crisis? Remember, this doesn't even begin to address the unfunded liabilities the state must deal with.
I think everyone in CA will have to sacrifice.
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