Tuesday, January 13, 2009

Olympic Village Boondoggle: Neither Standard Nor Poor.


Well, well, well.

Is this what Peter Ladner was really afraid of if news of the boondoggle were to 'leak' out?

Jan. 13 (Bloomberg) -- Vancouver’s debt rating may be cut by Standard & Poor’s after the Canadian city agreed to cover a funding shortfall on construction of the athletes’ village for the 2010 Winter Olympics.

Vancouver stepped in as manager and financier of the C$1.1 billion ($900 million) development after New York-based Fortress Investment Group LLC stopped advancing money for construction.

“Depending on the scope of the city’s financial obligation, we believe Vancouver’s potential debt burden might not be consistent” with its AA+ rating, the credit rating company said today in a statement.

Thing is, are these not the same fine folks that told everybody to keep giving money to Hedgie Boys like Fortress 'till the Cows and/or Reality came home?


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