Hey, there! Log in / Register
Remember that IndyCar thing? It had some interesting accounting
Support Universal Hub
Help keep Universal Hub going. If you like what we're up to and want to help out, please consider a (completely non-deductible) contribution.
Comments
Jesus H Christ
Imagine the Olympics …
Although you have to assume that it would have been slightly better run that this. Of course, it would be hard to be worse.
It doesn't look like incompetent management
It looks like shameless fraud and embezzlement.
If it was, what I don't understand is how they expected to get away with it. Was this only exposed because the event was canceled?
Probably
I actually wanted it. I think it would have been a blast. IndyCar is fun to watch.
If this guy is the crook implied in the article, then I hope he gets slammed. He sold out the sport and the business as well as duped the folks that paid up front.
My personal opinion? Walsh (through somebody) found out it was not on the level and torpedoed it. Wasn't it some 'obscure' city agency that wouldn' or didn't issue a permit?
Hahahahahahahahahaha
*breathes in heavily*
HAAAAAAAAAAAHAHAHAHAHHAAHAAHAHA!
I'm sure our crusading
I'm sure our crusading Attorney General Maura Healey will swiftly launch an investigation to get to the bottom of this.
/alternate universe
Dude ...
Who do you think forced the guy into actually paying refunds?
adam
thats not the point.
Wow.. If I ever did give
Wow.. If I ever did give money to the Indy car racing organization I would be fuming..
I feel sorry for those who did give money ,they have been exploited by this scumbag,now these innocent vulnerable hardworking people can't ever recover their money.
Why does Boston always seem
Why does Boston always seem to end up with these clusters?
You mean
Why does Boston always seem to sniff them out and squish them before we get left holding the bag?
Because a lot of other cities would have been suckered.
Exactly, including tea party
Exactly, including tea party fanatics' poster boy Curt Schilling who left Rhode Island tax payers on the hook for millions of dollars over his silly video game company scam... remember how he blasted Massachusetts citizens over not lending him the money? What a con artist.
Completely off-topic and
Completely off-topic and besides the point and implies politics. But I just annoyed at a false point being taken with 28 thumbs. Schilling's video game company was not a scam. A scam would have either grab all the investor money and run or made a really low effort and shitty game and run.
Instead, he had the marks of someone who is a gamer and starts a company, but have no idea of how efficiently manage it. Unlike most start-ups, he happens to be one with too many personal money and fame to bring in uninformed investors and government money. So he threw enough money to actually turn out a real game that was given decent reviews and decent sales. But he spent an amazing amount of money which means he needed amazing sales (and ideally amazing reviews).
And yes, his politics also mucks up discussions as he criticized government policies but then take government money that violates what he advocates.
But a bad project manager is not a con artist. Just a bad project manager. He should be criticized and remember as such. Because that was just what really happened.
Welcome to Boston
The only city in the country without any major league publicly funded sports arenas.
I enjoy sports as much as the
I enjoy sports as much as the average person but I'd drop a team in a heartbeat if they ever pulled a stadium financing scam on the taxpayers of Boston. There are so many better ways to spend a billion dollars than to hand it over to a billionaire.
The Pats tried that, actually....
...but on RI and CT, not Mass. Pretty funny at the time-- for about five minutes, the move to Hartford was described as a "done deal".
https://en.wikipedia.org/wiki/Gillette_Stadium#Location_discussions
Pats Tried It In Boston Too
It was before Kraft, under the Sullivan family ownership.
They made several runs at public money, including a laughable combination football stadium and dog racing track. Also tried to suck the Red Sox into a joint facility. Eventually, the Sullivans gave up and built the previous stadium in Foxboro.
Yawkey Way
Of course the city did virtually give away a couple streets.
Piercing the corporate veil
It seems to me like John Casey's blatant use of the Grand Prix as a personal piggybank would open up his personal assets to repay creditors no? If that isn't piercing the corporate veil than I don't know what would.
If Trump can get away with it
then I imagine John Casey won't be paying investors back out-of-pocket. Hell, given the way 2016 has gone, he could parlay it into a Senate run.
Trump did something even
Trump did something even worse. He used a charity as his piggy bank. Republicans love to talk about being tough on crime, but apparently that doesn't extend to rich, while males who steal millions.
Or female
Or the Clinton Charitable Foundation, which donated an insignificant percentage of its haul to charity. Look it up yourself...
Better yet
Provide a link to the specific accounting of that charity that you are talking about. Let's just say that gross speculation based on what some email may or may not have said or implied as gushed out by some known shitfont of a tabloid is not the same thing as evidence.
Neither is anything by Bratbarf or the Washington Times.
LoL
This won't take long...I do have to go outside and play.
Shit, just found a New Yorker article from 2015... missed that one before. Chock full of Crooked Hillary goodness.
All of a sudden your Googles don't work, swirl? It's like the crickets from the Babson kids...now that more light has been shone on that episode.
Where's Dan Rather when you need him?
So, what do think about the New Yorker font?
Even better, ask Kinopio.
Somebody doesn't know ...
how to put a link in a comment.
Somebody doesn't know...
... that the burden is on the person making the assertion to back it up.
Somebody doesn't know ...
How to actually read what they find, given the poster's history with links and what they actually say in long-form context.
Yes, Bob
It's dmcboston making the assertion, and in response to Swirly's request that he back it up, he refers to an article he says he found, but does not link to. Or quote from.
Wow
From the article:
"So where did all the money go?Records show the company spent nearly $20,000 on luxury boxes at the Boston Garden for a Bruins game and a Bruce Springsteen concert, as well as money for junkets to Indy races in California and Florida."
" 'I wasn't paid that much money,' Casey told 5 Investigates back in June, but under oath before the bankruptcy trustees’ attorney, he said he paid himself more than $608,166 and claimed he is still owed another $377,834."
Casey also testified he regularly paid his own personal bills out of company bank accounts,including $8,200 dollars for his personal home mortgage and a legal bill paid on his behalf to a lawyer in Utah.
Boston Grand Prix also paid for Casey’s Porsche, which he is still driving, $6,000 for two business suits and $2,500 for a Boston College Club membership.
The company even paid off a debt for one of Casey's other businesses, Laser Leasing, which had nothing to do with the race.
- - -
YET, I've heard so many people blame the city, NIMBY's, etc. for the failure of this event.
edit -- actually the city SHOULD be blamed
Seems to me
That it looks like the Fed and state tax authorities should come sniffing around. Don't they have rights over aggrieved creditors? Oh, can they make it personal?
CK Strategies / Kate Norton
I remember the Indycar / CK Strategies mouthpiece Kate Norton painting CK Strategies as victims who were never paid. Turns out they got $138k which is far cry from being defrauded.
I don't think Marty Walsh is corrupt at the same level as the various indicted Speakers we've had, but he sure has a lot of shady connections who are into soft corruption.
Mr Casey
Belongs in jail.
Walsh quote of the day
Taking disingenuousness to new heights.
The organizers HAD to know
The organizers HAD to know this race would never happen. It was 100% a scam from day 1.
When your "racing" cars don't have engines in them
it's a pretty sure bet you know you don't intend to have an actual race.
http://www.universalhub.com/2016/sale-two-unused-race-cars-and-1100-jers...
No accounting and
no accountability. Cripes almighty. Another dark spot on the Mayor's administration. Keep 'em coming, Maarty.
Sooo
Wow just wow. And people ragged on me about being against this thing?
Sounds like this was a money making scam all around. Casey should be in jail for fraud. He defrauded everyone for his own personal gain.
where's LogMeIn in this story?
Wasn't the race originally that company's idea, and they were the primary financial sponsor?
No, they were the presenting
No, they were the presenting sponsor, Which cost them $750K although I don't believe all payments were made. It's well documented they got the tax break from the city. Perhaps there was a quid pro quo?