$44M missing from NYRA pension fund. Feds file lien

[the written word]

ALBANY -- The federal government said Friday the New York Racing Association's employee pension fund is short by $44.7 million and filed a new lien against Saratoga Race Course because of NYRA's continuing failure to make pension payments.

NYRA's failure to issue the documents violates racing law and terms of its deferred prosecution agreement with federal prosecutors.

Full story here:


http://timesunion.com/AspStories/story.asp?storyID=388741&category=STATE&BCCode=HOME&newsdate=8/13/2005

[PaceAdvantage]

Sounds worse than it is....makes for some good headlines....


Hey Written Word, how come you didn't jump in the "Finally, Positive News about NYRA" thread? Do you only post negative NYRA news? What kind of agenda is that?

Now that I think about it, there was a bit of negative talk in that thread...I was sure you would pop your head up once the negative talk started, but you seem to post only negative NYRA news articles, and don't offer up any insight of your own....pity....

[the written word]

The preceding story went unreported in Daily Racing Form, Bloodhorse or Thoroughbred Times. As NYRA desperately tries to stave off government attempts to put it's license up for competitive bidding, it's become apparent their corrupting influence has spread to it's lackey allies in the media and internet forums.

[PaceAdvantage]

You're joking, right? Your attempt to paint NYRA as some sort of evil empire whilst simultaneously tellling the fairy tale of the "White Knight" NYS Government is too amusing for words.

The fact is that SLOTS are the ONLY reason the NYS Government is looking to put the license out for competitive bidding (btw, this will be the FIRST TIME EVER, that the license has gone to competitive bid....where were you to criticize the governement all those other years when the license was simply given to NYRA?)

NYS Government must find a way to reward all its friends when all that juicy SLOT REVENUE comes to town, and the only way to do this is to get rid of NYRA and bring in folks like Frank Stronach, who, by the way, just happens to employ NYS Senator Joseph Bruno's SON as a PAID LOBBYIST for Magna.

It's convenient you never want to talk about the muck cooking on the other side of the fence. And you call me a lackey? If I were a lackey, I would delete every one of the negative NYRA posts on this board.

So spare me your bullshit.

[Bruddah]

the political agenda or personal feelings of either of you, the question begs to be asked. WHAT HAPPENED TO THE $44M ??? This ain't chump change and caused by failing to round off the decimals.

The crooks at all levels need to be gone from this sport. enough said!

[TurfRuler]

What? $44 million is missing from a pension fund in New York. And the question is what happened to it. Why, someone took it.

[Achilles]

Has anyone ever used "whilst" on this forum (or any forum not based in the U.K.)? I was afraid PA was going highbrow and the more colorful posters were about to get booted to less literary regions.........................but then you used "bullshit" later on in the same post, so I guess everything has returned to normal. But maybe using those two words in the same post deserves some sort of literary recognition too.;)

[PaceAdvantage]

You liked the 'whilst' right? LOL

"We did get a deferral," he said. "We are not in default." Nader said the failure to pay the pension funds is "standard operating procedure," and that NYRA is making regular payments to reduce the liability.

He said the $44.7 million underfunding of the plan is only a problem if every potential NYRA employee retired today and was eligible for a pension.


Lots of companies that are in trouble go through the same thing. As Nader said, they have a deferral, whatever that means.

In the meantime, let's ponder a bit how NYRA came to be in such a financial mess....oh yeah, it is partly (or maybe mostly) due to the fact that Mr. Spitzer decided to indict an entire organization for the actions of a handful of mutuel clerks and their superior. Their legal fees during this entire process have been quite something, especially for a not-for-profit entity.

This whole thing, from the very beginning, wasn't designed to IMPROVE RACING in the state of NY, it was designed to BRING DOWN NYRA, at any cost. Always remember that.

[kenwoodallpromos]

Do all those tellers they fired for wrong doing still get a pension? How much?
Does the Fed sue everyone who shorts the pensions, like the airlines?

[PaceAdvantage]

Nahhh..the airlines just get big checks cut for them from Congress...they're special like that....

[Ron]

I was amazed to hear this because I always assumed that 95% of NYRA employees were seasonal and did not get pensions.

[PaceAdvantage]

NYRA runs year round, and employees migrate from track to track....

[Tom]

Not specifically NYRA, but isn't it illegal to short pension funds? What happens to the people if the place goes belly up and is short? (I have no experiences with pensions - at my place, we consider it a bonus if our paychecks don't bounce!)

[linrom1]

Not specifically NYRA, but isn't it illegal to short pension funds? What happens to the people if the place goes belly up and is short? (I have no experiences with pensions - at my place, we consider it a bonus if our paychecks don't bounce!)

You the taxpayer will have to bail them out via the Pension Guaranty Trust. Most of the major corporation have unfunded pension plans liabilities. But they have been greatly helped by the rising stock market in the recent years. However, once the bear market resumes, underfunding of pension plans will become a major issue.