Monday, January 12, 2009

Olympic Village Boondoggle: The Return Of The Dimness


Well, well, well....

It's official.

Philip Owen is ready to keep on Spec-U-Vesting.

For generations even, if that's what it takes:

Former (Vancouver) mayor Phillip Owen said city council is falsely presenting the project as a loss for the city.

"That might be true if the land and the 850 units, when finished, are worth nothing," Owen said. "The spin is just absolutely ridiculous. We need to have some reality from city hall."

Owen said talk of Vancouver losing millions of dollars on the project the previous city council approved is just the current council painting a worst-case scenario.

"At the end, we're going to have 800-odd condominium units on 17 acres of land on a beautiful waterfront area of Vancouver. That's gotta be worth something," Owen said.

"I've got children and grandchildren. I'm not worried about them having to be hammered in any great way in future ways because cities can ride this out."


It's "gotta be worth something" your bulblessness.

And as a Lotuslandian taxpayer who just checked the box on ~$100 million in capital investments in addition to all of all of this laying out large to bail-out a bunch of over-leveraged hedgie-boys from back east that don't give a hoot-in-hell about me or mine, I feel much, much better now.


And I can't wait to hear whether or not AIG's creditors or maybe even some of Mr. Madhoff's finest investors are holding the pretty much now worthless swaps on this thing.


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