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| Re: Gibbs Can't Name Countries Where Government Health Care Works Better (466082) | |||
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Re: Gibbs Can't Name Countries Where Government Health Care Works Better |
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Posted by bmtlines on Wed Jun 24 10:38:10 2009, in response to Re: Gibbs Can't Name Countries Where Government Health Care Works Better, posted by GP38/R42 Chris on Mon Jun 22 12:37:04 2009. The owner of the leases on the els was the City of New York, a government agency?That part was August Belmont's fault (greed) that came back to bite te IRT 30 years later. The IRT leased the els from the Manhattan Railway Co for 999 years partly to eliminate any competition for the subway. By the 1930's the els had become unprofitable, however the IRT did not have enough money to buy out the Manhattan El bondholders in order to terminate the lease. They were very comfortable because they collected rent from the IRT whether or not the els made money. In fact the complications involving the Manhattan El bondholders delayed transfer of the IRT to the city until 6/12/1940. The BMT which was in full control of all of its subsidiaries transferred on June 1. Had the IRT been able to terminate the Manhattan El lease it may never have entered bankruptcy and been in a stronger negotiating position. Perhaps a friendlier Supreme Court would have eventually ruled that the forced continuation of the five cent fare was in fact an unconstitutional "taking". We will never know.... |
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