The Yankee Stadium parking garages are losing money

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New York City issued a bunch of bonds to build parking garages around Yankee Stadium. Seems that way fewer people are parking in them than expected, however, the garages have lost money both last year and this year and now it looks like the garage operator is going to default on rent payments to the city and bondholders are going to get stiffed as a result.

One way to look at this is to say that you’re pretty much a moron if you’re buying bonds backed by parking garage receipts at a facility with ample, cheap and convenient mass transit next door.

Another way to look at it is that this is just another example of public money being wasted on ballpark and ballpark-related projects. Because — as Neil deMause notes at the great Field of Schemes blog — even if it’s the bondholders and not the city who are left holding the bag here, the city issued bonds that are likely to end up in default, and that will make it harder and more expensive for the city to issue bonds for other projects in the future.

Report: Hanley Ramirez “eyed” in federal and state investigation

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Former Red Sox first baseman Hanley Ramirez is reportedly being “eyed” in an ongoing federal and state investigation, per Michele McPhee of ABC News. McPhee did not elaborate on the exact nature of the investigation itself, but provided a few more details during an interview with 98.5 The Sports Hub on Friday:

“Obviously, I know absolutely nothing about sports or Hanley Ramirez’s stats, but what I do know is crime,” McPhee said. “And there has been some reports about a FaceTime phone call that was made between a man during a car stop. After that car stop, police recovered a significant amount of drugs. And during that car stop, the suspect claimed that one of the items found in the vehicle belonged to Hanley Ramirez and then FaceTimed [Ramirez] in front of police. And that car stop coordinated with the timing of his release from the Red Sox.”

McPhee further clarified that she thinks the suspect — who was reportedly transporting 435 grams of fentanyl and a “large amount” of crack cocaine — was tied to “a sweeping federal case involving a substantial ring that’s being operated out of Lawrence, Massachusetts.”

Ramirez, the Red Sox, and Major League Baseball have all denied knowledge of any current investigation. According to the Boston Globe’s Alex Speier, Red Sox VP of media relations Kevin Gregg insisted that Ramirez had been dropped from the team for baseball reasons alone and had not been made aware of an investigation at the time of his release.

“Hanley has no knowledge of any of the allegations contained in this media report and he is not aware of any investigation,” the infielder’s agent, Adam Katz, added Friday.

The 34-year-old Ramirez was designated for assignment on May 25 and became a free agent on June 1. Prior to his release, he batted .254/.313/.395 over 195 plate appearances, 302 shy of the 497-PA threshold he would have needed to cross in order to activate his vesting option for 2019. He’s still owed the remainder of his $22 million salary for 2018.