Is New York Losing Millionaires?

The NBA is investigating the LA Clippers and team owner Steve Ballmer over allegations that star player Kawhi Leonard accepted a $28 million endorsement as a way to get around the league’s salary cap. The endorsement deal was with the now-defunct sustainable banking company Aspiration—a company in which Ballmer has invested. Nate and Maria talk about whether Ballmer tried to take a page out of the mob playbook, and how the league could deter this kind of behavior in the future. 

Plus: Nate and Maria discuss a report from the Citizens Budget Commission that claims that New York’s share of millionaires is falling—and with it, the potential for revenue generation from taxes.

Further Reading:

From Pablo Torre Finds Out: Kawhi Leonard Signed a Secret $28M Deal. Steve Ballmer Funded a Fraud. We Followed the Money.

Citizens Budget Commission Report: The Hidden Cost of New York’s Shrinking Millionaire Share 

From the New York Times: New York Needs More Millionaires, Fiscal Watchdog Says”

For more from Nate and Maria, subscribe to their newsletters:

The Leap from Maria Konnikova

Silver Bulletin from Nate Silver 

See omnystudio.com/listener for privacy information.