Looking at Tax Free Bonds

A lot has come out in regard to the new stadium deals for both the Yankees and the Mets. Lupica is in full weasel mode in regard to both deals and some minor political NY figures are taking on the Yankees, looking for political gain and press.

To me, the deals are already made. They're done. Votes were cast and the teams got the money. Both parks are built and season ticket sales are filling them. Some fines and penalties may or may not be levied, but what purpose, outside of proving to us all how corrupt everything is, does all this spilled ink for two baseball teams prove? Especially when former New York Senator and new Secretary of State of State Hilary Clinton did the same thing but with much less fanfare. (First and last politics related post, I promise)

An upstate New York developer donated $100,000 to former President Bill Clinton's foundation in November 2004, around the same time that Senator Hillary Rodham Clinton helped secure millions of dollars in federal assistance for the businessman's mall project. Mrs. Clinton helped enact legislation allowing the developer, Robert J. Congel, to use tax-exempt bonds to help finance the construction of the Destiny USA entertainment and shopping complex, an expansion of the Carousel Center in Syracuse. Mrs. Clinton also helped secure a provision in a highway bill that set aside $5 million for Destiny USA roadway construction. The bill with the tax-free bonds provision became law in October 2004, weeks before the donation, and the highway bill with the set-aside became law in August 2005, about nine months after the donation.

This whole issue seems to be something much bigger than two baseball teams.