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Paterson Grants OTB Bankruptcy to Help It Pony Up
By
Billy Parker
Published Sep 2, 2009
Modified Sep 2, 2009
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By
Billy Parker
Published Sep 2, 2009
Modified Sep 2, 2009
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OTB is really starting to resemble that schoolyard friend who keeps on losing a bet and immediately fires back, "Okay, how 'bout double or nothing?" In what he called an "unprecedented but necessary move," yesterday Governor Paterson issued an executive order authorizing Off-Track Betting to file for bankruptcy protection. Last year OTB was one of the forgotten beneficiaries in the Year of the Bailout, the money-bleeding agency rescued by the governor in a deal with the mayor. At its current pace, OTB would run out of money completely by next spring. Paterson said Tuesday's move was necessary to close failing parlors, and expand automated-betting systems to pay off the agency's mounting debts. The Times has an in-depth look as to just how much money the agency wastes by insisting on company cars for its city employees. One gray ponytailed OTB patron told the paper, “I tell you what my bookie in the Bronx don’t have this problem. He always has money. Nowhere else in the world does a bookie lose money.”
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governor paterson
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