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Privatized lottery idea criticized10 September 2007TALLAHASSEE, Florida -- As reported by the Palm Beach Post: "Should Florida lease its lottery to a private company, then turn around and use the proceeds to buy an annuity to replace the regular payments the lottery currently provides? "Major New York investment house Lehman Brothers thinks it should and is trying to sell the proposal to Gov. Charlie Crist's office as a way to help the state get out of its budget bind. "...Critics, though, call it a boondoggle that would transfer billions of dollars back and forth for no apparent reason other than to generate millions of dollars in fees for the underwriters involved and as much as $1.8 billion a year in profit for the private vendor. "... Crist said Friday that he was not wedded to the proposal but wanted to study it. "...Florida is one of the only states with a mature lottery that does not participate in multistate games, and the price for the lottery lease at auction would depend largely on whether vendors would be allowed to conduct it and other types of games..." |