City Securities chief likes Tea Party

March 30, 2010
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You know times have changed when the head of Indianapolis’ main investment bank can identify with the Tea Party movement.

Mike Bosway, the soft-spoken president and CEO of City Securities and a long-time backer of Republican candidates, isn’t the type to go in for raucous demonstrations. After all, he runs the firm that underwrites many of the municipal bonds issued in the state—not exactly a hotbed of protest. He also rejects the shrill tone coming from some Tea Party types.

But Bosway likes its willingness to tackle what he believes are the big issues of the day, such as the role of government (small is better, he says), and other long-range issues like the looming national debt.

He and his friends, many of whom are business owners and also back political candidates, believe the health care reform package is emblematic of a country drifting toward socialism and a government that believes citizens are ‘’too stupid to make their own decisions.”

Here is Bosway’s forecast: Many local business owners will be scouring the earth for political candidates who pledge to push the country back to the right, and then talk them up. They may or may not open their wallets wider to support the candidates, he says, but it’s a certainty they’ll ratchet up their verbal support.

“Any candidate who speaks the language of fiscal responsibility and less government intrusion in the private sector is a candidate that’s going to get a lot of attention,” he says.

Would any of those candidates hail from the Tea Party crowd? Bosway sees none.

What do you think about the Tea Party? What about the long-term direction of the nation? Thumbs up or down?


  • Bosway

    Wow, I actually used to have some respect for that guy. What a dufus.
    Its particularly ironic when you consider that this man has made himself EXTREMELY wealthy as a result of the very government excesses he now claims to detest!?!?!?
    • open your eyess
      This person didn't make money on "Government excesses" he states less is better when it comes to government.
    • open your eyess
      This person didn't make money on "Government excesses" he states less is better when it comes to government.
    • less is better
      "Less is better when it comes to government" but keep those big bond issues coming (for stadiums, sewers, airports, water company, and soon rail transit)!
    • Your girlfriend
      Bigger is always better, everyone knows that. Hahaha. And yes a great number of citizens are too stupid to make their own decisions. Besides, do the banks or insurance companies have our nation's citizens or well-being at heart? No way, look at how the bank's greed helped cripple our economy with little government oversight or regulation. Everyone need to wake up...those 2 industries claim to protect us, the people!
    • Financial Success Does Not Necessarily Mean Common Sense!
      It absolutely astounds me to see the numbers of seemingly intelligent people who fall for the something for nothing logic of the Tea Party. I hear them blaming Obama for every thing, including the deficit, when they were not complaining about the unfunded wars begun by the Bush administration nor the unfunded tax cuts for the wealthy from that same administration. It would almost appear that they have different standards that they apply to a black Democratic President than a white Republican President.
      • Here comes the race card again...
        Seriously, must you examine EVERYTHING through brown-colored glasses? Let's debate the facts and the country will be well-served. If you have no facts to offer up, stop the name-calling and fade away...
      • Put Your Mo9ney Where Your Mouth Is
        So a major funder for Republicans likes to hear Tea Party rhetoric but is he going to open wallets to them? No. How does this make any sense whatsoever?

        Libertarians have been way ahead of the Tea Party buffoons for decades with the small government fiscally conservative crowd. Ron Paul ran as a Libertarian for President before he later became a Republican Congressman from TX.

        Why doesn't Mr. Bosway get real and fund some Libertarians, who do better electorally in Indiana than any other state where they are present?
      • Let 'em rant!
        The Tea Party and its ilk will hoist themselves on their own pitard. They'll eventually recede to their bunkers with their guns, their money, bibles and three-cornered hats, examples of poor potty-training.
      • Ahem!
        Any one who knows the business of this entity knows they have gotten fat off the Government of Indiana and local cities and towns. Favors are the flavor of the day. They have ex government workers employed there that were directly responsible for the enrichment of the company and Mr. Bosway. Journalistic research wins again!

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      1. Apologies for the wall of text. I promise I had this nicely formatted in paragraphs in Notepad before pasting here.

      2. I believe that is incorrect Sir, the people's tax-dollars are NOT paying for the companies investment. Without the tax-break the company would be paying an ADDITIONAL $11.1 million in taxes ON TOP of their $22.5 Million investment (Building + IT), for a total of $33.6M or a 50% tax rate. Also, the article does not specify what the total taxes were BEFORE the break. Usually such a corporate tax-break is a 'discount' not a 100% wavier of tax obligations. For sake of example lets say the original taxes added up to $30M over 10 years. $12.5M, New Building $10.0M, IT infrastructure $30.0M, Total Taxes (Example Number) == $52.5M ININ's Cost - $1.8M /10 years, Tax Break (Building) - $0.75M /10 years, Tax Break (IT Infrastructure) - $8.6M /2 years, Tax Breaks (against Hiring Commitment: 430 new jobs /2 years) == 11.5M Possible tax breaks. ININ TOTAL COST: $41M Even if you assume a 100% break, change the '30.0M' to '11.5M' and you can see the Company will be paying a minimum of $22.5, out-of-pocket for their capital-investment - NOT the tax-payers. Also note, much of this money is being spent locally in Indiana and it is creating 430 jobs in your city. I admit I'm a little unclear which tax-breaks are allocated to exactly which expenses. Clearly this is all oversimplified but I think we have both made our points! :) Sorry for the long post.

      3. Clearly, there is a lack of a basic understanding of economics. It is not up to the company to decide what to pay its workers. If companies were able to decide how much to pay their workers then why wouldn't they pay everyone minimum wage? Why choose to pay $10 or $14 when they could pay $7? The answer is that companies DO NOT decide how much to pay workers. It is the market that dictates what a worker is worth and how much they should get paid. If Lowe's chooses to pay a call center worker $7 an hour it will not be able to hire anyone for the job, because all those people will work for someone else paying the market rate of $10-$14 an hour. This forces Lowes to pay its workers that much. Not because it wants to pay them that much out of the goodness of their heart, but because it has to pay them that much in order to stay competitive and attract good workers.

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