Olympic-sized bailout - Macleans.ca
 

Olympic-sized bailout

Vancouver turns to feds for help in $1 billion Olympic Village funding scandal


 

Quietly yet inevitably, the City of Vancouver has approached the province and feds to bail it out of the $1 billion Olympic Village funding scandal, in which developers of the village foolishly got on the hook for a $750-million loan from a Wall Street hedge fund. The loan has gone sour, the project is already $125-million over budget and debt servicing costs have hit $35 million per year. Meantime, the resale value of the units is crashing, meaning taxpayers would likely recover a fraction of the original value of the project. No wonder, then, that some are drawing comparisons to the 1976 funding debacle in Montreal. It’s one thing for an Olympic Games to be in the red after the party’s over. But before a single skater puts blade to ice?

The Vancouver Sun


 
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Olympic-sized bailout

  1. For God’s sake, when, when, when, will Canadain cities stop flushing money down the toilet on these spectacles? They never, never come in on budget, never,ever produce all the fabulious “legacies”, affordable housing, and other puffery and pipe dreams the flim flam artists promise. Halifax was the only place to ever have the brains to pull the plug(Commonwealth Games), and everyone laughed at us. Well, who’s laughing now? Vancouver should not get on fricken dime from the feds. Let them twist in the wind as a warning to any local nitwit politician who want to jump in bed with these international extortion schemes. This is just the start. Wait till the real bill comes in for security. The RCMP says they cannot secure the country and these games at the same time. The military is diverting warships and personnel to babysit this fiasco. London( England), is on the hook for 12 to 15 billion for the next olympics and now says they would never have bid on it had they known about the economic downturn. Sorry, no excuse, those in charge should have been aware of the risks! What an absolute disgrace.