Sweet: Port Authority sold the name "World Trade Center" for $10, leases it back for $10,000

In 1986 Guy Tozzoli "negotiated" the sweetest deal in the History Of Deals.

He paid ten dollars for the rights to the name "World Trade Center."

And ever since he's been raking in the dough, licensing the name back to the guys who built, and are now rebuilding, lower Manhattan.

And pay is the operative word. Two hundred grand up front, plus $10,000 bucks a year. Forever.

Not bad for a ten dollar "investment," eh?

But wait, it gets worse.

Now, with the Port Authority hoping to sell branded souvenirs and merchandise next year after the new One World Trade Center skyscraper opens, the World Trade Centers Association is requesting free office space worth more than $500,000 a year in exchange for use of the trademark.

Need I remind you of who paid for the original Twin Towers? The taxpayers of New York and New Jersey.

And of who's paying for the Freedom Tower? Yup, me and you.

So why should we also pay this con artist to use the name of a building we own?

Because that's how backs get scratched and hands get washed in New York and New Jersey. But please, don't call it "corruption."

Tozzoli was the political hack put in charge of overseeing the original WTC construction project. And his proteges wanted to ensure a cushy retirement for their capo. So they set him up in business.

The sale of the trademark turned out to be perhaps the biggest financial benefit of Tozzoli's long, accomplished career during which he oversaw construction of the Twin Towers. In 2011, his last year as president of the non-profit, according to WTCA tax filings, Tozzoli received $626,000 for working an average of one hour per week.

The Port Authority charges you $13 bucks (soon to be $15!) to drive into Manhattan.

Now you know why.

Posted at 10:47 by Chris Wysocki   [/news]   Comments | Perm Link |
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