Markets in everything, deficit spending edition
The Illinois lottery may be up for sale. The current status is discussed in yesterday’s NYT. The state hopes to get $10 billion. The lottery had $630 million in profits last year on sales of $2 billion. The buyer would get all profit for 75 years.
Here is the source. Larry Ribstein remarks: "Yet more evidence that a hedge fund is no match for a politician when it comes to short-term thinking."