Comptrollers: MTA Cooked Its Books

McDonald, Michael
April 2003
Bond Buyer;4/24/2003, Vol. 344 Issue 31621, p1
Trade Publication
The New York's Metropolitan Transportation Authority (MTA) manipulated its financial statements, including hiding more than 500 million dollars in revenues, in order to justify the need for transit fare and toll hikes, according to state Comptroller Alan G. Hevesi and New York City Comptroller William C. Thompson Jr. Hevesi said he and Thompson would not sue the MTA to force the board to reconsider its vote of early 2003 to increase subway and bus fares in New York City by 50 cents to 2 dollars and also to increase commuter-rail fares and bridge tolls.Thompson also said the results of the audits do not provide any basis for lawsuits from bondholders.


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