PLATFORM : No Library Sell-Out

I’m a little amazed by the whole furor at this thing (because) basically this is just a loan (to the city). The idea that the company would have any say in the running of the library, even if you’re not familiar with the fiercely independent and dedicated nature of librarians, is downright silly.

It’s not like they’re doing (Los Angeles) that big a favor to start with. It’s a $70-million loan in return for which (Philip Morris) will get $l00 million plus another $49 million for sale back of the library.

So they’re not quite tripling their money. That’s (about) the same (kind of) deal I have with my mortgage banker (except my banker doesn’t) get tax credits on top of everything.

Just in terms of reflection on the library and the public’s impression, I’d like it better if they had decided to do the same deal only with City Hall as collateral.