Election 2016: Keith Ellison: ‘I would love to see Elizabeth Warren’ run
Oh, the suffering:
Far from being a pauper, Sesame Workshop, the company that produces the beloved children’s television program that has become an unlikely point of partisan bickering in the presidential campaign, has put away more than $100 million in investments, including more than $20 million in hedge funds and $9.7 million in a private equity fund.
PBS, the partially publicly funded network that broadcasts “Sesame Street” and its marquee character Big Bird, has come under fire from Republican presidential nominee Mitt Romney, who says the government cannot afford to support it anymore. President Obama has leapt to Big Bird’s defense on the stump and in campaign ads.
But according to its 2010 tax returns, the nonprofit Sesame Workshop had so much untaxed earnings from royalties, video sales and merchandising that it had $110 million in investments, including the hedge fund and private equity fund. Big Bird also has some offshore nest eggs. At least some of the income from Sesame Workshop’s hedge-fund investments, which would have been taxable if derived from domestic funds, goes untaxed because it was generated by offshore affiliates of such funds.
Daryl Mintz, Sesame Workshop’s chief financial officer, defended the New York-based production company’s investment portfolio, telling The Washington Times that the nonprofit firm reinvests all of the profits from sales of its products back into educational programming for children.
“Sesame Workshop puts all of the revenues generated from its programs and licensed products back into the development and production of educational programs for children,” he said.
Remember this at the Halloween costume parties you go to in the next few days that are attended by self-righteous liberals dressed up as Big Bird who believe Sesame Street will effectively “die” if Mitt Romney the “child-hater” is elected President.