...one of these days Bloomberg and the people who work for him - or used to work for him when he was trying to get the deal done on the financing of the new Yankee Stadium - need to explain something to the citizens of New York, and to the Congress, in a way those of us who aren't financial wizards can understand:
How more than two years ago the appraised value of the land around the new stadium, land the Yankees need to build the richest baseball stadium ever built, suddenly and magically went from $27 million to $204 million because that made the deal work best for the New York Yankees.
And this really needs to be explained before the city's Industrial Development Agency holds hearings on Jan. 15 about handing over an additional $259 million to the Yankees in tax-exempt bonds so they can finish building this stadium, along with $111 million in taxable bonds.
Because if the city just hands over the bonds at a time like this, it will tell you everything about the way Bloomberg's New York actually works for the rich and the powerful.
The Mets were originally allowed to raise $547 million in tax-exempt bonds, and have gone back to the city now for money they didn't take on the front end. The Yankees were authorized to get $940 million, and now want 30% on top of that. And what happened for them and didn't happen for the Mets was that there was this one magical day when the appraised value suddenly was 10 times more than it had been the day before.
It's a wonderful lie