Jay-Z, Fleeing Subpoenas and David Paterson, Bows Out of Aqueduct Gambling Venture

It all seemed so glamorous back in the fall, when Jay-Z signed on for a single-digits stake in the development conglomerate AEG, just weeks before the company successfully pitched his buddy David Paterson and was awarded a billion dollar-plus contract to run slot machines out at the Aqueduct Racetrack. Then came Paterson's spiraling political downfall, bickering with fellow rap mogul Russell Simmons over who should have really been awarded the contract in the first place, allegations that AEG had improperly retained Jay-Z in order to influence the governor and, finally, subpoenas issued last week by the State Inspector General's Office. Now Crain's reports that Jay has had enough, withdrawing yesterday from a deal characterized in the story as "coming apart quickly." So, basically, one more influential and famous person, jumping ship from the SS Paterson. After all, who needs a bumbling governor when you can go directly to the POTUS himself? The path to the lifeboats is thataway Jay, though you may have to wait in line. [Crain's]

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