When I say "we" I mean the province because the City of Vancouver has taken a page from the current corporate culture and stretched out its hand to government for a bailout. Harper is being all tough-love about it but Campbell will cave and we will all have to pay.
And if you think this is all Vancouver's problem, think again. The rocket scientists/flim-flam men running the Millennium Development Corporation that is behind the Olympic Village haven't been able to even begin construction on the other project bid they won -- a hotel complex adjacent to the new Nanaimo conference centre. The city council there has been trying to fine the corporation but in the meantime they are still screwed.
Meanwhile CBC is pointing out that two of the big sponsors for the Olympics are Nortel (which just filed for bankruptcy today) and General Motors (and I think we are all aware of how they're doing).
It's not just me crying foul:
- After the Olympics comes debt (Vancouver Sun, 13 Jan 09)
- Straight talk on Games costs (Victoria Times-Colonist, 14 Jan 09)
- Olympic Village may cost Vancouver taxpayers $875M (CBC online 9 Jan 09)
- and over at the Coffee Crew blog, Colin regularly raises his digital fist. He recently posted Olympic Rant #24.
Of course, part of this mess can be blamed on the current global economic situation but at the root of that is the very same thing that is at the root of the consistent cost overruns and scandals faced by both city and international Olympic committees: greed. There's a good reason it's one of the seven deadly sins.
*simple math: $875million overrun for 1,100 units.
If you want to show your disdain for the Olympic mess, how about a Vancouver 2011 bumper sticker? See the pile of rubble? Yeah.