Thursday, December 6, 2012

Is PA Gov. Corbett lottery privatization outcome rigged?


A firm hired to advise Gov. Tom Corbett’s administration in its pursuit of privatizing the Pennsylvania Lottery management is no stranger to the company interested in taking
over the lottery, the Patriot-News reports.
"The state’s financial adviser, Greenhill & Co., worked on the $576 million sale of the Camelot Group to its present owner, the Ontario Teachers’ Pension Plan, in 2010.
 "One of Camelot’s companies, Camelot Global Services PA, was the only firm to submit a bid to take over running the state’s $3 billion-plus lottery enterprise for the next 20 to 30 years.
"Now both Greenhill, which has a financial incentive in its contract if the lottery’s management goes private, and Camelot stand to make millions if Corbett signs the privatization deal."

Read the full story here.

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