Saturday, November 29, 2008

Sheldon's Shaky Financial Foundation Imperils Freedom's Watch

Sheldon Adelson's Las Vegas Sands Corp saw a drop in its stock price from over $100 to a paltry $3 per share. That kind of casino hit has to impact donations, political and charitable. JTA reported:

The Sheldon Adelson-backed conservative group Freedom's Watch "is pretty much kaput," reports the Las Vegas Review-Journal. A spokesman tells the paper the future of the group has yet to be decided by its board, but the paper's sources say staff has been paid through the end of the year and "after that, Freedom's Watch is likely to shut its doors permanently."

The Las Vegas Review-Journal article stated Mr. Adelson was "the source of the overwhelming majority of the group's funding as well as the guiding force behind its decisions." It noted his company faced major problems due to the financial crisis.

Sands has suspended construction on projects in Las Vegas and Macau, and the company recently said it was in danger of defaulting on $5.2 billion in credit facilities.

No credit, no loan. No credibility, no vote. Let's hope real freedom is a phoenix and America can rise from its ashes. Unfortunately, the financial flames are still licking.