>Morgan Stanley to Sell Off Revel Casino Project
Dateline: Atlantic City -Morgan Stanley Bank filed Wednesday with the SEC indicating the impending sale/auction of their failing Revel casino. Morgan’s board recognized the failure of the casino before New Jersey state legislators, poised to pour $300 million into the project, recognized the danger of the risky investment.
In a shocking demonstration of the New Jersey State Legislature’s willingness to gamble on highly risky bailouts, under the guise of “economic development”, the Board of Morgan Stanley has indicated it would rather take the loss before pouring more money into the project. State legislators who voted for the project demonstrated they have no idea how bad the investment of $300 million of taxpayers is, or simply do not care. New Jersey needs legislators who understand the danger of these risky bailouts, not political hacks bowing to special interests. Once again, the lesson learned is that government should stay out of the private sector.
For the Revel bailout to continue forward would be reckless and irresponsible on a massive scale. Throwing money at Revel would be reminiscent of the $180 million lost on Lehman Brothers by the state pension system as they were on the way out of business.
CALL GOVERNOR CHRIS CHRISTIE TODAY AT 609-292-6000. Tell him not to gamble our taxpayer dollars on another risky and reckless bailout!