Met puts more of its assets in hock

The 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.

metropolitan-opera exterior

 

 

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  • 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!

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