"Reveling in Your Money
Posted: Tue, 30 Mar 2010 17:27:13 +0000
As we wait to see if Governor Christie will sign the bill that takes away the voter's right of referendum on a proposed $300 million tax break for Morgan Stanley's casino, two excellent new articles came out about the issue.
Paul Mulshine, an editorial writer with the Star Ledger, penned a piece entitled "Atlantic City's Revel casino: Wall Street's Reveling in your money." In the piece, Mulshine wrote:
The prime backer of the half-finished Revel casino, Morgan Stanley, has put together a financing deal that relies on funding from the Chinese government. Yes, you read that right. The geniuses in Trenton are preparing to give a giant grant to a consortium of commies and Wall Streeters.
But as Doherty points out, both the Chinese and Morgan Stanley have plenty of money at the moment. Morgan Stanley got $10 billion in bailout funds, he said, so there's no reason they can't finish the project on their own.
Meanwhile, the Philadelphia Inquirer has a new article discussing the "furor" over the involvement of the Chinese government in Morgan Stanley's casino project."