The Port Authority Spends Money Like a Blackout Drunk With a Credit Card

02.08.12 Bucky Turco

According to a new audit, the Port Authority is “dysfunctional” and like the MTA, particularly irresponsible when it comes to managing money that isn’t theirs.

The findings specifically cite the agency’s insistence on opening the 9/11 Memorial in time for the 10th anniversary of the attacks—likely to maximize marketing buzz—in contributing to skyrocketing costs.

Estimates for rebuilding the World Trade Center complex are now at $14.8 billion, which is almost $4 billion more than what was proposed in 2008. In addition to burning through cash, the authority has a terrible habit of accumulating lots of debt. It’s basically Frank Gallagher from Shameless. (Photo: ANIMALNewYork)