Met puts more of its assets in hock
mainThe Metropolitan Opera, which has already pledged its Chagall paintings to the bankers that control its debt, has added a pair of Maillol sculptures to the pawnbrokers’ pile. The Met showed a $21.9 million deficit in the last fiscal year. Bloomberg has the numbers here.
Since when is pledging something as collateral akin to hocking it at a pawn shop? Have I been mistaken about our financial system all this time?
Obviously I am not pretending the Met is in a great financial situation. But please report stories accurately!