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NY Hudson Yards Back Yard Deal – Disgrace of NY

Another disgrace!
City is broke, so we are told, so we pay ridiculous tolls, massive taxes, reduced services, and a punitive parking meters that are linked directly to our wallet – YET we have money to pay for this.

Something is wrong here – the bubble is at its limit – it will break – we cannot tolerate this anymore – the level of corruption is beyond control.[backtopost]

Mayor Bloomberg (center) is flanked by Related Companies’ Chairman Stephen Ross (left) and City Council Speaker Christine Quinn during a groundbreaking ceremony for the Hudson Yards at 30th St. between 10th and 11th Aves. on Tuesday.

	Rendering of some of the new Hudson Yard buildings.

Rendering of some of the new Hudson Yards buildings.

Private developers were supposed to pay for the grand Hudson Yards project on Manhattan’s far West Side, but right now taxpayers are being made to finance an ever-growing bill for the development.

The Bloomberg administration paid $234 million during fiscal year 2012 to a city-created development group that oversees the huge new commercial and residential complex, one of the mayor’s most ambitious projects.

City Hall quietly earmarked most of that money — $155 million — to the Hudson Yards Infrastructure Corp. in late June, because the group has not been generating enough revenue to pay the annual interest due on $3 billion in bonds it issued.

Hudson Yards Corp. floated those $3 billion in bonds to pay for an extension of the MTA’s 7 subway line to 34th St. and 11th Ave., plus a new boulevard that will run between 10th and 11th Ave. Initial plans by Bloomberg’s aides called for private developers to pay enough money in fees, air rights, and taxes to Hudson Yards Corp. to pay back the $3 billion in bonds.


Rendering of the completed Hudson Yards project on the far West Side of Manhattan.

But when the City Council approved that plan in 2005, the Council also agreed that if revenues from private developers were not sufficient to pay debt service in the early years, the city would make up the shortfall.

In fiscal 2012 alone, six years after the project started, the city transferred $79 million to Hudson Yards Corp. from the general budget to make up for anemic revenues from developers. That’s nearly double the $42 million it paid in 2011.

Then in June, in the midst of final budget negotiations with the Council, Bloomberg aides added another $155 million to help Hudson Yards Corp. make up for even bigger revenue shortfalls expected for both 2013 and 2014, a city official with knowledge of the transaction said.

“Consistent with the city’s general approach to managing its budget and debt service, the city decided to make a grant to HYIC at the end of FY (fiscal year) 2012 to pre-fund future (interest) costs,” David Farber, spokesman for Hudson Yards Infrastructure Corp., or HYIC, said.

And that’s not all the money the public is forking out.

This column reported last December that an analysis by the city’s Independent Budget Office found nearly $160 million of additional “infrastructure projects” related to Hudson Yards that Bloomberg’s people have buried in the budgets of other agencies.

All the rosy predictions have not materialized of a new commercial district springing up in the Hudson Yards area once a new subway got underway.

Maybe it will in 50 years, when most of us are dead.

As you might expect, none of this was mentioned at the huge and happy groundbreaking ceremony that Bloomberg and other politicians attended Tuesday for the first office building to be built in the Hudson Yards area.

Bloomberg praised Stephen Ross’ Related Companies for leading the way in “developing Manhattan’s last frontier,” and all the press ran futuristic pictures of the new district. As for the cost to you, don’t dare ask.

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Failing Hospitals taking Federal Money need to FIRE their failing Overpaid CEO’s and board

If they cannot make payroll or pay their bills, then they do not deserve to be in business taking our money.

Perhaps they all need to be paid commission – hence they get PAID FOR PERFORMANCE!

And please – if the hospital closes no one will be the wiser – people will simple goto the next hospital – many hospitals have closed (Victory Memorial in Brooklyn, St Vincents in NY to name 2) and all the pundits cried about how care will not be delivered and people will die – blah blah blah – what actually happened is that the Unions lost jobs for their people, the lawyers made 30million + in closing Victory alone and people did not die – they simply went to another hospital.

We as Americans and as a people are very resilient and will make due with what is given us without problems. Just look how we keep absorbing the insane ridiculous criminal prices the MTA keep charging us!

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NY School system – a 44 Billion a Year Failure

Graduating people that cannot read or write
Failing Grammar Schools
Failing High Schools

54Billion a Year spent on 3 million Children that’s $18 million a year on each student – 18 million dollars a year and we have a failing system.

Are we kidding here? Most if not all of these graduates will NEVER make this much in their lifetime.

Whats wrong here?


When this folly ends

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Brooklyn Hospital Interfaith declares bankrupcy – Goodby, Farewell – you wont be missed!

Failure, failure, failure – all we do is reward failure – Brooklyn Hospital, Interfaith and other hospitals must either close or we must remove the board and management. They have been failing for years and we, the people, have been throwing them bailout money for years – enough is enough. Poorly run, poorly manages strangles by the unions and being raped by their own boards, these hospitals are always under 50% full. In any normal business environment they would have closed long ago – like Hostess, who had to close because the Unions though they were so powerful, market competition and changing tastes combined with poor management, the market drove them to close their doors. No one bailed them out, no one gave them money to continue to operate in the same failing fashion. So why do we tolerate hospitals who cannot manage themselves and generate a profit or break even? Why are not the board and ceo’s held to the same standards as businesses? Why do we continue to give failing hospitals money and yet have them keep their failing management? Why Why Why?

The below article has a excerpt from the board stating a merger without state aid would close Interfaith –   Sorry Mt Boratz, you are part of the problem! How dare you request money form me the people and yet not change your failing corrupt ways.

We cannot tolerate Business As usual – We are daily told healthcare is so expensive that its killing our country – we have Obama care which taxes us into death to “save” healthcare – YET we allow hospitals to rob, steal and pilfer billions of dollars – I say to all Americans – end the corruption – just cleaning up Brooklyn and Ny hospitals will save Billions of tax dollars and server better more efficient healthcare – then we don’t need obama care!

The time has come – good by Interfaith – we are not sorry to see you go and we will not miss you – yo will be like Victory memorial in Brooklyn and St Vincents in the city – empty failed testaments to the strangle hold of unions and Board corruption. When you go you wont be missed at all – that’s the hard truth and realty no matter what you say.[backtopost]

Leery of a Merger, a Hospital in Brooklyn Plans to Declare Bankruptcy



A financially troubled hospital serving a largely African-American and Caribbean niche of central Brooklyn is planning to declare bankruptcy this week, hospital officials said on Sunday, raising concerns that New York State may force it to close or merge with another institution.

Christopher Gregory/The New York Times

Interfaith Medical Center serves Bedford-Stuyvesant and Crown Heights.

Ozier Muhammad/The New York Times

Nathan M. Barotz, the chairman of Interfaith’s board of trustees, said a merger with another hospital without a guarantee of state aid would be tantamount to closing Interfaith.

The hospital, Interfaith Medical Center, serving Bedford-Stuyvesant and Crown Heights, has been in and out of financial trouble for decades, with its survival dependent on infusions of state aid. In difficult economic times, however, the Cuomo administration has not indicated a willingness to continue bailing out failing hospitals.

James Introne, Gov. Andrew M. Cuomo’s deputy secretary for health, when asked on Friday about the possibility of an Interfaith bankruptcy filing, said he was not aware of it, but he said, “That’s their decision, not ours.”

A year ago, a Brooklyn work group of the governor’s Medicaid Redesign Team, which was created to find savings in the hospital and health industry, recommended that Interfaith merge with two other Brooklyn hospitals, Wyckoff Heights Medical Center and Brooklyn Hospital. It suggested that Brooklyn Hospital, judged to be the most financially stable of the three, should take the lead.

Interfaith officials said on Sunday that they had no choice but to file for Chapter 11 bankruptcy reorganization, given the hospital’s precarious financial situation.

But they said the hospital had a better chance of surviving in the long term if the state would guarantee it about $20 million in what is known as debtor-in-possession financing to underwrite its operating costs during the reorganization.

The officials said the state Dormitory Authority, which holds $130 million of the hospital’s debt, had refused to provide the financing unless Interfaith would first sign an agreement to merge with Brooklyn Hospital.

But the Interfaith officials said that granting Brooklyn Hospital control without the state’s first promising the financing needed to keep the hospital going would be tantamount to a covert plan to close the hospital in a year and a half or so.

“That is turning over the keys to Brooklyn and we have no further say in the future of this hospital and, more importantly, whether it will stay open or not and whether it will continue to serve the community,” said Nathan M. Barotz, the chairman of Interfaith’s board of trustees.

Mr. Introne denied that that was the case. “My understanding is that Chapter 11 has to be part of this process given the liabilities associated with the organization,” he said. “But I’ve also been advised that it can be constructed in a way that would allow a successor organization that has been previously planned.”

The hospital, at 1545 Atlantic Avenue, is so poor that it cannot afford malpractice insurance. In August, hospital administrators said that it was running out of cash and that they feared they would soon be unable to meet its payroll.

Wyckoff hospital dropped out of the merger plan this year, with trustees saying they feared that the merger would lead to a severe shrinking or a closing of the hospital. Wyckoff’s new chief executive, Ramon Rodriguez, had served on the Brooklyn work group that recommended the three-way merger, but he later turned against it.

In letters to state officials, Mr. Barotz has said a 2010 cut in Medicaid rates cost Interfaith 40 percent of its inpatient revenue and precipitated its current crisis.

The hospital has about 11,000 inpatient visits a year, and 250,000 outpatient visits, according to the letter. It has 1,516 full-time employees, many of whom live in central Brooklyn.