NYRA getting ducks in row..

[Swale84]

Originally Posted by Sweet Lady

Is it true that NYRA is involved in yet another scandal involving shortchanging the state out of $11 million through a combination of incompetence and criminality? That report was in yesterday's papers and I'm wondering if any of the NYRA insiders who haven't been indicted yet know anything about this latest scandal. Thanks.

I found the story I was referring to: http://www.nypost.com/seven/12042007...____583878.htm

Does anyone know if this is true?

http://www.thoroughbredtimes.com/nat...-question.aspx
NYRA President Charles Hayward said the case is nothing more than a dispute over accounting practices.

“This has been an issue for almost ten years,” he said.

He compared the situation to NYRA’s recent dispute with the Internal Revenue Service, which said NYRA owed the government $1.6-billion. In that case, the IRS used all handle, on- and off-track, before winnings are paid out to calculate NYRA’s income.

NYRA successfully argued that it should only be taxed on net income. The IRS has set a cap on its NYRA claim at no more than $25-million, and the final settlement could be $15-million or less.

Likewise, the state has recommended that NYRA change its accounting practices but has not demanded that it do so, Hayward said. He said he believes NYRA would prevail if the case ever went to court.

“We’ve had a fundamental disagreement over how the calculation’s arrived at,” he said. “We’ve gotten legal support from counsel, we’ve gotten accounting firm support. We just think that’s the way to do it. So do our lawyers. So do our accountants.”

[blackthroatedwind]

Good rule of thumb.....if you read it in the NY Post it is BS.

[Swale84]

Originally Posted by blackthroatedwind

Good rule of thumb.....if you read it in the NY Post it is BS.

Unfortunately most newspapers lack credibility today. The NY Times editorial of 11/24 on New York's OTBS is proof of that

[pick4]

Originally Posted by Swale84

Unfortunately most newspapers lack credibility today. The NY Times editorial of 11/24 on New York's OTBS is proof of that

This situation is a little different than the NY Times editorial. The newspapers are reporting on an audit by the state comptroller. The NY Post writer was lazy and did not get a response from NYRA as other publications did such as the Albany Times Union.

http://www.timesunion.com/ASPStories...E&LinkFrom=RSS

If you want a good laugh read the final paragraph from the above link.

[blackthroatedwind]

The last paragraph is pretty amusing.

The article also shows what a non-piece of news this story is.....unless you're the NY Post.

[pick4]

I agree with Ray Casey about putting an end to the competition between the OTB's and NYRA.

The next racing franchise operator should manage each of the six statewide OTB corporations.

That's the best way to end the competition.

Originally Posted by Sweet Lady

What does you handle mean? Does it mean you have to put a pillow in your pants to look masculine?

show them puppies for your answer. Afterall, I'm a NYRA employee and I'll be out of a job soon according to you. Cheer me up, sweet "lad"

[sumitas]

The politicians in NY have shown their utter disdain for all the top quality horesmen in the industry. The entire racing industry has been insulted by their actions and racing should stop in NY on Jan. 1 if there is no signed agreement. The extension should be thrown back in their faces. That's the emotional response.

Rationally, the NY horsemen have been very dignified throughout this entire embarrassement.

[blackthroatedwind]

Word has it Carole Stone won't be making many more statements from her once vaulted perch on the Oversight Board.