NYC can’t even profit from gambling

From Bloomberg.com:

New York Governor David Paterson ordered the New York City Off-Track Betting Corp. to prepare for a reorganization under Chapter 9 of federal bankruptcy law, after four years of losses totaling $38 million.

The filing, the first involving a New York State-run gambling operation, won’t halt operations. It will include the planned sale of $250 million of bonds to repay some accumulated debts and allow spending on new technology, said Meyer Frucher, whom Paterson appointed to develop a rescue plan.

Wow. Really ? Guys like these were able to make money from bookmaking:

Rocket scientists they weren’t. A lot of these fucking morons never even finished grade school yet they were able to make money from bookmaking.

The government ? Not so much.