NYCOTB Bailout Falls Apart

Published: April 15, 2010 10:34 am EDT

It has been reported that the effort to save New York City Off-Track Betting fell apart yesterday due to disagreements regarding severance packages and regional


An article by states that some of the issues which have hindered the bailout are charges by lawmakers that management had promised unrealistic severance payments for workers who would be laid off; and complaints by some race tracks that they'd have to give up too much money under a proposal to let New York City OTB decrease its payments to them.

"I am deeply saddened that we could not find a workable solution during this fiscal crisis to save any of these jobs," New York Governor David Paterson was quoted as saying afterward.

The talks have collapsed and now 1,300 NYCOTB workers now face the loss of their jobs after this weekend. Governor Patterson also did note that the bailout plan didn't require taxpayer dollars.

(With files from