Too Important To Fail?

New York's Comptroller Thomas DiNapoli has released his audit of NYC OTB, the findings of which were leaked by the Post last month....and which you could probably figure out anyway. "The industry is too important to fail," DiNapoli writes in a press release. Sounds like it could be eligible for an injection of funds by the Fed.

“New York City OTB is on very shaky financial ground,” DiNapoli said. “Even if cost-savings measures are implemented, it’s unlikely that it will remain financially solvent for long. This is a serious problem that needs in-depth examination. If the goal is to keep OTB viable, serious consideration must be given to changing the mandated state formulas and restructuring operations to coordinate different aspects of the racing industry.
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".....Something has to be done. Inaction will mean insolvency.”

Here's the complete audit report in a large pdf file. This is one of those documents that I prefer to delve into in detail before commenting further; so I have something to read in case I have trouble sleeping this weekend. So more on this to follow.

- Perhaps you've been following the matter of the hiring of Senate Majority Leader Pedro Espada's son to a $120,000-a-year position (to which he didn't show up), the NY Post's 'gotcha' when he couldn't log on to the computer in his purported office; and his subsequent resignation after Andrew Cuomo launched a probe into the whole stinking affair. The point for those of us awaiting the decision on the Aqueduct racino is that there is no shame and no party lines when it comes to the sleaze and corruption in Albany, which, in this particular case, was carried out with brazen transparency. Approved by the Democratic conference leader Senator John Sampson, the quid pro quo factor in the appointment after the elder Espada's return to the Democratic fold is frighteningly obvious. So yes, be very afraid that the Aqueduct process is being held behind closed doors, and don't at all underestimate the ties of the Aqueduct Entertainment Group to Senate President (completing the three stooges of the Democratic leadership) Malcolm Smith.

- NYRA announced a contest which takes advantage of the fact that all three Triple Crown race winners are on the grounds at Saratoga. Three lucky winners will each get to meet one of them. I dunno, my experience with meeting horses has not been particularly enlightening. They don't seem to relish discussing their races, and are particularly mum about their human connections. But I guess it's good for a cool photo op.

At approximately 10:00 a.m. the Mine That Bird and Summer Bird winners along with their guests will depart for a meeting with their Classic winner. The Rachel Alexandra meeting is scheduled for 3:45 p.m.

Typical woman, always keeping their dates waiting.