Government run gambling monopoly files for bankruptcy

Wednesday, September 2, 2009 · 1 comments

I'm shocked I tell you. Shocked!

Sept. 1 (Bloomberg) -- New York Governor David Paterson ordered the New York City Off-Track Betting Corp. to prepare for a reorganization under Chapter 9 of federal bankruptcy law, after four years of losses totaling $38 million.

The filing, the first involving a New York State-run gambling operation, won’t halt operations. It will include the planned sale of $250 million of bonds to repay some accumulated debts and allow spending on new technology, said Meyer Frucher, whom Paterson appointed to develop a rescue plan.


And people want to trust government workers to manage our health insurance?