OTB Planned to Keep Paying 6-Figure Salaries; Now it Won't

The city’s Off-track Betting board issued 1,350 pink slips Friday, and today it’s suspended six-figure pay to consultants and executives—but only after interrogation by reporters. "Until a compromise is forged that saves these jobs, we will suspend our pay," the city's OTB President Raymond Casey said in a statement, but documents revealed he planned to continue paying consultants hired to rescue the organization. According to the News, “Four consultants—two with ties to [OTB] Chairman Meyer Frucher—and two law firms stood to make an estimated $4.5 million through June,” even as scores of workers lost their jobs after the institution filed for bankruptcy, demanding a state bailout. Following inquiries by the tabloid, they’ve been cut off.

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By Sabrina Jaszi in News on March 28, 2010 4:50 PM

Comments [rss]

whitecastlerock

The government is crying poverty but they still keep paying themselves six figure salaries...

Mr Mel

If a bomb was dropped on any OTB location, not one missing person report would be filed.

FelixtheCat & Christine Quinn'

No state bailout, let them shut down.

Splicer

Let's face facts, OTB has been mismanaged for decades right into the dirt. Even though I know more than a dozen people who love to bet on the ponies on a regular basis, I know only one that actually goes to an OTB parlor. For me, OTB means a place where old men who smell of cheap cigars hang out to gamble like degenerates and pontificate. I prefer going to Belmont where it's much nicer.