"In its good years," Liebman said, "there was no incentive to make a profit, no need to cut costs at any time. The pensions they gave out were generous and bloated. There was little accountability. The public has never been told who authorized using the horsemen's fund to pay operating expenses. Nobody was penalized for those actions. There was no explanation why there was no competitive bidding on some of the [remodeling contracts] that NYRA let.
"So much has [happened] that it's hard to figure out what happened and why. Getting to the bottom of things is a lot like handicapping on a muddy track."