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Off The Market: Pay No Attention To That Old Plan Behind The Curtain

Hoosierlottery Run away!

"Gov. Mitch Daniels says he won't make a renewed pitch in the upcoming legislative session for his proposal to privatize the Hoosier Lottery, saying lawmakers will be too busy considering property tax reforms."

There's also the small matter of it being a generally bad idea to sell off any more state assets, especially in an election year.

It'll be tough enough for the Guv to recover from handing over the Indiana Toll Road and sending more than $2 billion in taxpayer-funded contracts to out-of-state companies.

(Of course, as a hypothetical aside, it's entirely possible the Guv is backing off this plan because none of the interested buyers would agree to take former Lottery Director and eternal charmbot Esther Schneider as part of the deal.)

Comments

Yeah. It will be really tough to recover from replacing an "asset" that made no money and cost hundreds of thousands per year with a $4 BILLION check.
How will he ever do it?

Playing a little fast and loose with that extra $150 million, aren't you, pal? (More than that if you include how much was taken out by the firms that worked on the deal.)

That's how we wound up with the Guv's bargain-rate estimate on the Iraq war.

Numbers matter.

Our fearless leader would love us to believe that he's an amazing businessman - NOT!!! Here's why:

Let's say you have a company that's losing money because you haven't raised your prices in twenty years. So you sell (I won't dignify this with the word lease because that implies a steady income rather than a one-time lump sum payment) your company for a seemingly gigantic amount.

Now the new owners (lessee if you're stickler here) promptly raise the prices, trim the fat and are now reaping a very nice profit for the next 75 years. Meanwhile, your gigantic check which should have lasted you a lifetime is dwindling day by day. In fact, it will be gone in less than 15 years and you will have nothing.

Sort of like the guy who sells his business to retire and then finds himself with nothing before he dies!

5:39 wrote:
"...it will be gone in less than 15 years and you will have nothing."

Except some road projects that might have otherwise been completed anytime soon?

Nothing like that?
:-)

AR

Ug...make that "...might NOT have otherwise been completed..."

Sheesh - all my Thanksgiving prep has taken it out of me.

Happy T-Day, all!

AR

Road projects are all ephemeral. Anything done today (that is actually used) will need re-doing in 15 years anyway.

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