New York’s bankrupt OTB to pay CEO $1.5M/year

How do you identify a state monopoly? Usually, the easiest method is to identify some kind of ridiculous profligacy with taxpayer funds. Thus we have the rather absurd scenario by which New York’s bankrupt Off Track Betting outfit agrees to pay its new CEO Greg Rayburn $125K/month to sort out its troubled finances, while simultaneously stiffing its many, many other creditors. Read more.

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