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...

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.

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
Yankees' behalf.

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.

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