The Mayor’s Idea of a Deal

March 3, 2008

As I posted


NYC is considering handing over more


to America’s favorite – and possibly richest – pastime. Since then the plan to give tax breaks to Major League Baseball caught the attention of

The New York Times

. The Times story caught the attention of other


forcing Bloomberg to defending the MLB plan, including during his weekly call in show on Friday when he was asked why the city continues to subsidize baseball teams and big firms, like Merrill Lynch. (The

Merrill Lynch deal

has more holes than Swiss Cheese, but it was approved under Guiliani, not Bloomberg). The Mayor’s


is, hey, we got a good deal at only spending $75 million (each) on Yankee and Shea (err….

Citi Field

) Stadiums.What? I guess giving $150 million of someone else’s hard earned money is like chump change to the Mayor. And the Mayor neglected to mention his deals for

Goldman Sachs




American Stock Exchange

among others. But I wonder what the mayor's defense would be if he had his facts straight? The


New York City figure is closer to $400 million – and that’s just for the Yankees. Throw in Shea Stadium and the teams are tapping into well over

$1 billion in city, state and federal subsidies

All this from a man who built a business worth

$4.7 billion

and rejected a subsidy for his company's new office tower in 2001 since location isn’t a “

function of tax breaks