[gales0678]

Originally Posted by Kasept

They aren't cooking the books in that fashion Mart... I'll find the details from last December that Matt Hegarty uncovered, but they are including a charge ($10-12 million annually) that amounts to putting money from one pocket to another. They are showing it as a liability when in fact it isn't. (I have to dig out my notes/file on it from last year. I think I saved it but can always get it from Matt.)

(HERE IS CRIST'S COLUMN FROM 2/22/09: From Steven Crist's 2/22/08 column: OTB makes plenty of money for the city, even beyond all its jobs, but its accountants state its complicated revenue streams in a disingenuous way that makes profits appear to be losses. It collects over $10 million a year alone in "surcharge revenue," the dimes and dollars it filches from horseplayers by paying only $3.80 on a $4 winner, and that money goes straight to the city. Yet OTB categorizes this windfall as an expense, and then the city claims OTB is not giving it any money.

More from Crist's piece below...

And I asked Hegarty last week on air about the $600 million in 'obligations' of the benefits and pensions. That's only at the current level of employees. If they cut the 50%+ in union dead weight, that figure of course plummets. Everything they're doing in this phony 'reorganization' could have been done without the Chapter filing. The shuttering of useless storefronts, etc...

But now they get to hang up NYRA further on what they owe them, and will try to get the weasels in Albany to back them up. Frucher will then see to it that he is hailed as the guy that came in and 'saved' the OTB... And mark my words, when NYRA requires the state or the designated VLT Parlor permitee to make the payments they will need next fall, Frucher will point at NYRA and say how it was their fault all along. The guy is Snidely Whiplash.

steve i don't see any deadweight in the parlors i got to , where is the deadweight at corporate hq?