The chairman of the Congressional subcommittee investigating the tax-exempt financing of the new Yankee Stadium said that city officials could be prosecuted
if the Internal Revenue Service determined they lied about the ballpark's property value.Yankees' behalf.
Based on the $1.2 billion value of the land and the new stadium, the city's Industrial Development Agency issued more than $900 million in tax-free bonds on the
Nice scam. Bump up the assessed value, then borrow off it. Sound familiar?Of course, these days, corruption is chickenshit if it can't hit a billion.
“John had no guile. He didn’t understand it when people were mean to him because he could never be mean to anybody."—Suzyn Waldman
Friday, October 17, 2008
Surprise: The $900 million, tax-exempt new Yankee stadium was financed on bullshit
From the Times today... big shitpile starting to teeter...
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