The "Dirty Money" blaring in big letters across Forbes ' Sept. 20 cover doesn't refer to its annual story on the ever-soaring values of America's 32 professional football teams.
"Dirty Money" refers to another less well-known but perfectly legal way the privileged few make millions for themselves at the general public's expense -- the class-action racket.
As explained by Forbes, "The Class Action Industrial Complex" enriches the lawyers who represent shareholders in both legitimate and frivolous class-action suits against corporations they had invested in.
Thanks to some clever existing laws and the federal politicians who don't want to reform them, Forbes says, a "cozy cabal" of lawyers, unions and public pension funds won $3 billion in payoffs for shareholders last year.
Each of the thousands upon thousands of shareholders got a pittance, of course, while a small lucky gang of plaintiff lawyers shared $800 million -- much of which ultimately came not from other investors.
Following the financial play-by-play of the professional class-action game would confuse a CPA.
But any Joe Sixpack by now understands how taxpayers have, like it or not, been forced to contribute to the bank accounts of owners of NFL teams by building them fancy new stadiums.
"The $1 Billion Team," the main feature of Forbes' seasonal look at the valuations of NFL franchises, looks in detail at the Redskins, which Forbes estimates is worth $1.1 billion and earned $70 million before taxes, interest payments and other standard accounting tomfoolery.
The Redskins' owner, Dan Synder, is astoundingly pathetic when it comes to assembling a winning football team.
But he's a marketing genius whom Forbes' Brett Pulley credits with creating the NFL's richest team by doing such things as charging fans to attend practices and selling "dream seats" for $3,500 a game.
Forbes' annual ranking is based on the best data it can find, and is not definitive. But what's a few million off in valuation here or there?
Each team gets an equal share of the $2.6 billion per year in TV revenue ($80 million). But Forbes says it is those virtually free stadiums -- and the many ways they generate extra revenue for plutocratic team owners -- that contribute most to the teams' steroidal bottom lines.
As for the Steelers, they might be ranked a humble 16th in value at $717 million, compared to the league average of $733 million. But before taxes, etc., they are relative winners. The Rooney family reportedly earned $35 million in operating income last year -- $9 million above the league average.
