Jay-Z under Federal investigation

Nobody wants the "Alphabet Boys" in your business�especially if you’re a rapper. 

New York Governor DAVID PATERSON has denied rumors his friendship with JAY-Z influenced him to approve a new race track and casino venture.

Bosses at event promotion company Aqueduct Entertainment Group (AEG) landed a lucrative multi-million dollar contract from New York state officials in January (10) to upgrade the existing Aqueduct Race Track venue and turn it into a top race track and gaming site – known as a racino – the only legal gambling place in the city.

But the ethics surrounding Paterson’s choice of contractor has been called into question after it was revealed Jay-Z holds a seven per cent stake in AEG via his firm Gain Global Investments Network LLC.

The rap superstar established a friendship with Paterson after they teamed up to stage his star-studded 9/11 benefit concert at the Big Apple’s Madison Square Garden last September (09). 

Jay-Z signed a deal with AEG executives later that month – but the agreement has prompted a federal investigation into whether Jay-Z and Paterson conspired to illegally and unethically acquired the bid contract.