Wed April 14 2010
Here is one for the ‘now I have heard it all department.’ Yes the
New York City Off Track Betting Corp OTB
is in Federal Bankruptcy Court under Chapter 9. But it gets worse! The New York Racing Association, a creditor, has asked the case be thrown out, saying OTB does not have any real business prospects! To OTB credit, the state, acting like the protection racket it really is, demanded higher payments, another $7.8M a year. The result, the golden goose is cooked.
We have written extensively about the looming municipal debt crisis, here is an example that a state legislature cannot run a monopoly bookie operation and stay solvent. Worse yet to come….
What is going to end up happening is that we are going back to the old days where “credit” was a four letter word, and we will have to sell and trade tangible goods for services.
Posted by: Laura contreras | April 16, 2010 at 10:27 AM