liberal govt can't even make money as a bookie. - DFWstangs Forums
 
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post #1 of 6 (permalink) Old 09-02-2009, 11:30 AM Thread Starter
EW
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liberal govt can't even make money as a bookie.

http://newsbusters.org/blogs/tom-blu...oly-goes-broke
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post #2 of 6 (permalink) Old 09-02-2009, 03:58 PM
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A model of Govt. efficiency and productivity.


A Government-Run Betting Monopoly Goes Broke


New York State's Off-Track Betting Corp. (OTB) is filing for bankruptcy "as a municipality" under Chapter 9 of the Federal Bankruptcy Code "after four years of losses totaling $38 million."

You read that right: A government-run gambling monopoly has gone broke, after losing money for years.

How was this seemingly impossible feat accomplished? There are clues in stories at Reuters and Bloomberg:

(Reuters) Despite taking more than $1 billion in bets every year, the OTB has been unable to cover its operating costs for years and has accrued liabilities of $220 million.
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post #3 of 6 (permalink) Old 09-02-2009, 05:45 PM
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When will rome fall
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post #4 of 6 (permalink) Old 09-02-2009, 06:20 PM
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Tony Soprano would clip every one of them...

CHL holder and Conservative...AKA "Domestic Terrorist"
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post #5 of 6 (permalink) Old 09-02-2009, 07:16 PM
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I just can't see how u can't turn a profit with all the degenerates in that tri-state area
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post #6 of 6 (permalink) Old 09-02-2009, 09:32 PM
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Quote:
Originally Posted by JFurst View Post
I just can't see how u can't turn a profit with all the degenerates in that tri-state area


The private bank accounts of those in power a decent guess?
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