Massachusetts Treasurer Tim Cahill wants to privatize the lottery, open up some slot parlors and run for Governor. So...what are his qualifications?
Financial Whiz Kid...
Hedge funds and private equity firms would be interested in the project, as they have plenty of cash to put to work, Cahill said.
Ranking Republican member Thomas Davis of Virginia said hedge funds were originally "purely private gambles" by investors, but now "pose very public peril when the bets go bad."
"Designed as a strategy to reduce investment risk, hedge funds now compound risk when complex deals start to unravel and throw off unintended consequences," Davis said.
Among those testifying were George Soros, chairman of Soros Fund Management, who said hedge funds were "an integral part of the bubble. But the bubble has now burst and hedge funds will be decimated."
Legal Eagle...
...an opinion issued last year by the US Department of Justice said selling or leasing a lottery to private enterprise would be illegal. The opinion, issued in October in response to a number of states considering leasing their lotteries to private companies, said federal law requires that states maintain control over all significant business decisions made by a lottery and keep the vast majority of the money.Willing to take Responsibility...
“Every time we talk about gambling ... you always take into account the social impact,” Cahill said. “It does rise in certain areas where you have more access. I would leave up to the legislature more ways to address that."Statehouse News Service
Man of principle...
Cahill elaborated. “We’re already paying for the social consequences of people gambling. We don’t have any money in the budget right now to address any of the gambling problems, the social consequences,” he said. “We’re not looking to exacerbate the problem, just looking to capture it in the state. "Statehouse News Service
When Republican legislators proposed privatizing the Lottery in 2007, Cahill put up a ferocious defense, reminding them that Massachusetts sets the "gold standard" among the nation's lotteries and already operates as a public-private partnership, with 8,000 small businesses that sell the product. "Why would you want to mess with the best-performing lottery in the country?" he asked at the time.
Visionary....
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11 comments:
It's really bad when the Doofus du jour seems like politics as usual in MA. So, we have Doofus #1 (Patrick)vs. Doofus #2 (Cahill). What a choice!
Thank you so much, Gladys!
I've been yelling at his face for
2 days on my television.
My husband says if I throw things, he'll send the bill to Cahill!
What a clown!
This isn't winning friends.
Maybe he should have checked the law before he proclaimed his great idea of privatizing the lottery.
Or just maybe he should have reduced his lavish spending.
Cahill lost my vote!
Wonder who he listened to?
Race track investors?
Doesn't fly with me.
Racinos:
Stupid.
Destructive.
Wrong.
Nuf said
Fife
I miss having a Republican Governor.
I saw a bumper sticker today that said "Dump Deval, Together We Didn't" I want one.
Don't blame me, I voted for Muffy!
OMG..I have been yelling at my TV too!
My goodness, we have a Governor who wants casinos and a Treasurer who wants slots parlors while at the same time thinking he can privatize the lottery (which according to the DOJ, he can't).
It's like Bevis and Butthead go to the Hill.
Cahill destroyed his political career with this move.
I listened to Cahill on WBZ the other day. Of course, the first argument was about him not taking the "moral high ground" against casinos. Where have I heard that before?
Why not take the moral high ground?
Someone has to, Taxachusettes is going to pot.
So, instead of having people spend their little extra on the the local economy to support local business, let's have them spend it all at the slots....REAL SMART CAHILL.
Why is it always about "how we can get more" how about SPENDING LESS!!
signed,
from an old New England Yankee!!
Dear Mr. Cahill,
Nothing is politically right which is morally wrong.
And,
The statesman shears the sheep, the politician skins them.
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