Despite record sales, New Jersey’s lottery earnings are worst since 2009 + MORE Sep 14th

WASHINGTON – Two years after New Jersey Gov. Chris Christie privatized much of the state’s lottery operations, a big payoff remains out of sight.
Higher costs associated with the private company that Christie hired, Northstar New Jersey, have cut the state’s income for the second straight year, creating a $136 million shortfall in the state’s 2015 budget, according to internal documents obtained by The Associated Press. The results are poor enough that the state is entitled to fire the company if its performance doesn’t improve in the current fiscal year.
Now a 2016 presidential candidate, Christie didn’t immediately respond to questions from the AP. But he had said at the time the new arrangement would enable New Jersey to cut costs and create new sales. Christie’s office directed questions to the state’s Treasury Department, which praised the company’s “proactive and creative efforts” as the reason losses weren’t even higher…

The Financial Post’s Jonathan Ratner looks at some of the day’s top business and financial stories.

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Q: What’s the worst that can happen if I decide to exaggerate my income on a credit application?
— Risky Business, Toronto
A: Don’t ever kid yourself that distorting the truth on a credit application is comparable to telling a little white lie, says Sameh Elrefaei, head of personal lending at BMO. Whether you’re applying for a credit card, a mortgage or store credit, every credit application goes through a verification process that includes a review of a person’s credit history, as well as income and employment verification. So any fabrications will be found out, and the consequences of your actions will depend on the severity of the situation, says Elrefaei. In minor cases where income is only slightly exaggerated, you may still be approved for a smaller loan amount. But in more severe cases, or for repeat offenders, the financial institution will contact authorities and you could be charged with fraud—a serious offence that can lead to a fine and even jail time…

New York TimesEU Ministers Fail to Agree on Plan to Require Sharing of MigrantsNew York TimesBRUSSELS — Even as three more countries followed Germany in introducing border checks to control a flood of migrants, the European Union on Monday failed to agree on a modest plan that would force individual countries to take in a share of some of the …UPDATE 3-Hungary launches migrant crackdown on EU borderReutersEastern Europe's crisis of shameHindustan TimesEU Ministers Try to Tackle Differences Over How to Distribute MigrantsWall Street JournalCNN -The Australian Financial Review -The Hinduall 5,431 news articles »

Full syndicate is now set with the prospectus expected soon