Post by unlawflcombatnt on Jan 16, 2009 17:36:23 GMT -6
New York City just set a new world record for fleecing taxpayers without their consent to subsidize millionaire baseball players and baseball management. Needless to say, this decision was NOT put to taxpayers for a vote. It was passed by an unelected agency of the plutocracy:
(New York's IndustrialDevelopment Embezzlement Agency.)
"New York Yankees, Mets get more bonds for parks"
The real title should be:
New York City taxpayers fleeced to subsidize millionaire baseball player salaries and extravagant lifestyles.
January 16, 2009
By Sara Kugler,
"NY Yankees, Mets, win big as city panel votes to give them more tax-exempt bonds for ballparks
NEW YORK (AP) -- The New York Yankees and Mets won their fight to get public backing for additional financing for their new ballpark that will save them hundreds of millions of dollars interest payments.
The city's Industrial Development Agency on Friday approved additional public bond requests for the teams, which were (already) given hundreds of millions in tax-exempt bonds when construction began in 2006....
Opponents say the original deals were unfair to taxpayers....
The Yankees were granted another $259 million in tax-exempt bonds and $111 million in taxable bonds, on top of $940 million in tax-exempt bonds and $25 million in taxable bonds already granted for its $1.5 billion new Yankee Stadium in the Bronx.
The Mets got an additional $83 million, after the $615 million already approved for $800 million Citi Field.
The vote Friday by the 14-member board followed two contentious hearings this week. Critics of the financing plan said the original deals were made without enough taxpayers input, and argued the city cannot afford to help sports teams with their stadiums during an economic slowdown....
The city's Independent Budget Office estimated the Yankees deal would save the team $787 million over 40 years, and cost the city $362 million, including the money the city put into infrastructure at the Bronx site."
biz.yahoo.com/ap/090116/bbo_yankees_mets_ballparks.html?.v=2
Far more important to save the privately-owned Yankees money, and maintain the exorbitant salaries of underworked overindulged professional baseball players, than to save the taxpayers any money--who buy the tickets to support the team.
After all, taxpayers have unlimited funds at their disposal, don't they?
(New York's Industrial
"New York Yankees, Mets get more bonds for parks"
The real title should be:
New York City taxpayers fleeced to subsidize millionaire baseball player salaries and extravagant lifestyles.
January 16, 2009
By Sara Kugler,
"NY Yankees, Mets, win big as city panel votes to give them more tax-exempt bonds for ballparks
NEW YORK (AP) -- The New York Yankees and Mets won their fight to get public backing for additional financing for their new ballpark that will save them hundreds of millions of dollars interest payments.
The city's Industrial Development Agency on Friday approved additional public bond requests for the teams, which were (already) given hundreds of millions in tax-exempt bonds when construction began in 2006....
Opponents say the original deals were unfair to taxpayers....
The Yankees were granted another $259 million in tax-exempt bonds and $111 million in taxable bonds, on top of $940 million in tax-exempt bonds and $25 million in taxable bonds already granted for its $1.5 billion new Yankee Stadium in the Bronx.
The Mets got an additional $83 million, after the $615 million already approved for $800 million Citi Field.
The vote Friday by the 14-member board followed two contentious hearings this week. Critics of the financing plan said the original deals were made without enough taxpayers input, and argued the city cannot afford to help sports teams with their stadiums during an economic slowdown....
The city's Independent Budget Office estimated the Yankees deal would save the team $787 million over 40 years, and cost the city $362 million, including the money the city put into infrastructure at the Bronx site."
biz.yahoo.com/ap/090116/bbo_yankees_mets_ballparks.html?.v=2
Far more important to save the privately-owned Yankees money, and maintain the exorbitant salaries of underworked overindulged professional baseball players, than to save the taxpayers any money--who buy the tickets to support the team.
After all, taxpayers have unlimited funds at their disposal, don't they?