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Did NYC help inflate Yankees' deal?

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Mayor Bloomberg's aides secretly pressured city tax assessors to inflate the value of land under the new Yankee Stadium so the team could qualify for nearly $1 billion in tax-free bonds, city e-mails show. In March 2006, the city's chief tax assessor put the market value for the stadium site at $27 million, far lower than the Yankees wanted. A Finance Department official ordered him to redo the report. Within hours, he jacked up it up to $204 million. The bombshell e-mails raise a big question: Did city officials violate state law, which requires uniform valuation methods for all properties? "This is the smoking gun," said Assemblyman Richard Brodsky, who has spearheaded a state probe into the stadium deal. "The professionals did their job. The political appointees then ordered them to change the assessment - and they did." Bloomberg aides have told a state Assembly committee and a House of Representatives subcommittee they did nothing improper.

New York Daily News

Yankee Stadium, Chris McGrath/Getty Images Yankee Stadium, Chris McGrath/Getty Images
December 17, 2008  06:54 AM ET

The NYC tabloids are way way behind the NYC/Yankees corruption story. The New York Times has been on this for months and is way ahead of them. Yet people still consider the NY Daily News and even far far worse, the NY Post for their primary news sources. If you really want to find out what the Yankees have done to citizens in the Bronx, and what Bloomberg has done to the Yankees, go to the NY Times archives.

December 17, 2008  08:18 AM ET

Hmmm this could get ugly. Below is the article link mentioned by ECK

http://www.nytimes.com/2008/09/17/nyregion/17stadium.html?_r=1&scp=3&a mp;sq=Yankees%20Staidum%20fraud%20deal%20with%20bloomberg&st=cse

December 17, 2008  08:19 AM ET

I knew I saw this story months ago. I wouldn't have expected any less.

December 17, 2008  08:35 AM ET
QUOTE(#3):

I knew I saw this story months ago. I wouldn't have expected any less.

I thought this one looked recycled......have a colon blockage on me Fannation!!!!!!!!!!

December 17, 2008  09:15 AM ET

The Yankees and the mayor are nothing but corrupt pricks. I hope the state forces them to pay all that money back. Lets see if they are going to be able to sign all these expensive free agents in few years. Losers.

December 17, 2008  09:48 AM ET
QUOTE(#5):

The Yankees and the mayor are nothing but corrupt pricks. I hope the state forces them to pay all that money back. Lets see if they are going to be able to sign all these expensive free agents in few years. Losers.

Terry180

First don't be stupid just cause your team should now be called the Hanging Sox (nice new logo). Find out the fact first and then have an intelligent conversation rather then "OH I HATE THE YANKEES... THEY ARE GUILTY"

Second... pay attention to the entire story and not just what "Truth & RUMORS" posts before making a judgment. Please take note that "RUMORS" is capitalized.

Third Do you really think $177 million will phase the Yankees? I have said this before and I will say it again... The Yankees are a virtual printing press for money. The team is worth over a BILLION $$$$$$$. That is Billion with a GIGANTIC B.

Fourth... This story was reported over 2 months ago and this post shows nothing new.

Fifth... The Mayors aides already showed the emails that they are reporting on. They started off by saying something to the affect of... "we disagree with your assessment of the valuation of the property located at....blah blah blah and respectfully request a secondary valuation"

If the property assessor was so sure he didn't do something wrong then why did he revisit the site and deem that he only assessed 1/5 of the total property and not the entire site of construction.

NOW I am not completely biased to the Yankees just cause I am a Yankee fan and I absolutely agree that $204 million for that area is OVER Valued but not by the $177 million they are now trying to state. As someone who has been in that line of work but isn't any longer, I would value that area at roughly $125 million.

Then again the question at hand should be does it also include the property under the now being demolished Yankee Stadium? If it in fact does include that property then the $204 Million would be accurate.

FACTS ARE FACTS... RUMORS ARE RUMORS...

YOU CAN'T PUT SOMEONE IN JAIL CAUSE OF A RUMOR.

December 17, 2008  10:42 AM ET

$177 million....$80 million....whatever

December 17, 2008  11:00 AM ET

In order to qualify for a billion dollars tax free bonds the city officials had to inflate the price around the stadium. Its not that the Yankees don't have 177 million. This land they are talking about is from other properties not the Yankee stadium. Do you understand now? This is not some rumor the fanation came up with. This is been going for months now. The state is going after the mayor and the Yankees because they asked for 1 billion dollars tax free money. Now tell me why the people of the state of New York should give tax free money to a billion dollar Yankee team when they can't even afford to see those games?

December 17, 2008  11:08 AM ET

The politicians and their huge donors are so corrupt that they do whatever they want and the taxpayers end up footing the bill. Its happening all over t he country and they NEVER get punished as harshly as they should and its all because the crooks control everything. Bloomberg and the Yankees are wrapped up in this totally and they will probably only get a slap on the wrist because the crooked judges and other politicians in NY will make sure they dont get hammered.

December 17, 2008  11:20 AM ET

Buttman, Here comes the story of the hurricane, the man the authorities came to blame, for something he never done.... you know the rest.

December 17, 2008  11:43 AM ET
QUOTE(#8):

Now tell me why the people of the state of New York should give tax free money to a billion dollar Yankee team when they can't even afford to see those games?

Great point. Reality is though: the Yankees have more leverage over the city than the city has over the Yankees. The Bronx needs the yankees, and it's prudent for the city to cater a secure relationship. Doubt any crimes were committed, but they bent the rules Im sure. Ensuring that stadium is built there ensures that multiples of whatever discount they received is poured into the neighborhood over the next 50+ years. win win

December 17, 2008  11:48 AM ET
QUOTE(#11):

Great point. Reality is though: the Yankees have more leverage over the city than the city has over the Yankees. The Bronx needs the yankees, and it's prudent for the city to cater a secure relationship. Doubt any crimes were committed, but they bent the rules Im sure. Ensuring that stadium is built there ensures that multiples of whatever discount they received is poured into the neighborhood over the next 50+ years. win win

You doubt any crimes were committed? What makes you say that? The honest track record the crooked politicians have developed? You have to be kidding me if you dont think they broke any laws. They dont care what the law says. Heck, they just had their governor thrown out of office for corruption and now they have a blind dunce leading the state now so why not break the laws because he cant see it happening.

December 17, 2008  11:52 AM ET
QUOTE(#11):

Great point. Reality is though: the Yankees have more leverage over the city than the city has over the Yankees. The Bronx needs the yankees, and it's prudent for the city to cater a secure relationship. Doubt any crimes were committed, but they bent the rules Im sure. Ensuring that stadium is built there ensures that multiples of whatever discount they received is poured into the neighborhood over the next 50+ years. win win

I dont get that philosophy that the Yankees have all the leverage. Where the he!! are the Yankees going to go? They cant leave NY because George will not have the earning potential he has right where he is and he knows better than to leave because there would be several teams dying to move right in to that spot that he vacated. The city has all the leverage in my eyes.

December 17, 2008  11:58 AM ET

The Yankees want $2,500 a ticket and also want to screw over the fans with this financial doctoring of the tax accessor? The corruption just never ends does it? How much can the public take til they just tell all these sports teams to go to hell?

December 17, 2008  12:19 PM ET
QUOTE(#13):

I dont get that philosophy that the Yankees have all the leverage. Where the he!! are the Yankees going to go? They cant leave NY because George will not have the earning potential he has right where he is and he knows better than to leave because there would be several teams dying to move right in to that spot that he vacated. The city has all the leverage in my eyes.

They would be stupid to leave.

December 17, 2008  01:31 PM ET
QUOTE(#15):

They would be stupid to leave.

I think youre right. Where could Steinbrenner go and hold the fans hostage for $2,500 a ticket except in NY?

December 17, 2008  01:39 PM ET

Its only money

December 17, 2008  01:40 PM ET
QUOTE(#12):

They dont care what the law says. Heck, they just had their governor thrown out of office for corruption and now they have a blind dunce leading the state now so why not break the laws because he cant see it happening.

A. The governor resigned because of a sex scandal, not corruption. Yes, he's a lying ****, but not a crook.

B. Calling Paterson a "blind dunce" and mocking his disability makes you bigotted ****.

And I'm not even a Yankees fan...

December 17, 2008  01:48 PM ET
QUOTE(#18):

A. The governor resigned because of a sex scandal, not corruption. Yes, he's a lying ****, but not a crook.B. Calling Paterson a "blind dunce" and mocking his disability makes you bigotted ****.And I'm not even a Yankees fan...

If the new governor is blind (which he is) and a dunce (which he is) then that guys not an idiot, you are for being so PC that speaking the truth gets you called a bigot. Grow up man, the crooks are running almost every state now and that shouldnt be a shocker to even you.

 
December 17, 2008  01:56 PM ET
QUOTE(#19):

If the new governor is blind (which he is) and a dunce (which he is) then that guys not an idiot, you are for being so PC that speaking the truth gets you called a bigot. Grow up man, the crooks are running almost every state now and that shouldnt be a shocker to even you.

That new NY governor sure looks WAAAAY over his head taking over for Spitzer. Has there ever been a less qualified governor in such a large state as this guy is? Everyday he comes up with another ridiculous idea on how to straighten out the states budget when he refuses to do some simple things that would help out immediately. He really is a dunce so go ahead and call me a bigot as well if you think thats bigoted.

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