Aldercreatures Question - Then Cave In
Prior to the voice vote, aldermen acknowledged they were voting "blindly" on a layered guarantee they know nothing about.
It assumes a Chicago Olympics will turn a $525 million profit and that — even if it loses money — that a $200 million cushion will be enough to shield Chicago taxpayers. Chief Financial Officer Dana Levenson reiterated Monday that the chances of actually tapping Chicago tax dollars are "practically nonexistent."
"We really are placing a lot of trust in your assessments, your judgements, your recommendations and your predictions. Other than that, we're voting blindly," said Ald. Tom Allen (38th).
Way to stick up for your constituency there aldercratures! Vote blind, trust the mayor and his handpicked bean counters. Do we really have to dredge up the last couple of decades of cost overruns, not the least of which is the ongoing O'Hare debacle that is costing $400 million OVER the original $2.8 billions dollars - and that's just the FIRST phase of a $15 billion project.
We are so doomed.
We are so doomed.
Labels: dumb ideas
posted by SCC at 12:02 AM
14 Comments:
This is Chicago, a totalitarian dictatorship. Of course the minions(aldercreatures) are going to act like bobbleheads. Yazzz Missa Mayoa.
Voting against this is kinda like voting against the Patriot Act on 12 Sep 01.
Those who dont learn from history are doomed to repeat it.
Im thinking cost over-runs hear in the BILLION Dollar range
It was done(G.Dunn) deal from the start!!!!!!!!!!
Bad enough when politicians lie and claim "they didn't know" when something wrong happened under their administration. As if not being aware of their own area of responsibility is somehow excusable. Now ignorance BEFORE the fact is tolerated, i.e., "We don't know what were doing but going to do it anyway so don't hold us accountable when it all goes to shit."
And they were JUST about to put that money in the underfunded pensions! So very close!
Recently, I opened a discussion thread regarding municipal pension funds on one of my regular investing blogs. To my surprise, Larry Swedroe responded. Larry is a renowned financial economist, four-time author and Principal and Director of Research at Buckingham Asset Mgt. (Assets under management in excess of $1 billion). Those interested can read the whole thing here:
http://www.diehards.org/forum/viewtopic.php?p=3269&highlight=#3269
Me: “Interesting article referenced on DH Classic regarding underfunded government pensions got me thinking. In Chicago, our municipal pension plans keep dwindling. ……Are they taking their lead from the private sector to let it shrink to the point that there is no option but to eliminate pensions altogether? Is this the wave of the future?”
Larry Swedroe: “IMO what will happen is that the cities will be forced to renege on many of these promises…”
“…I know that legally that they cannot currently renege but laws or their interpretations of them change. If the city cannot survive and pay those obligations, what do you think will happen?”
no, no! it will be different this time. no bid rigging, no cost over runs and they promise not to c...................
They are just sheep led by daley & Company! not 1 of them have any spine! what a waste of money! O'Hare is way over budget thanks to the combine giving their friends free contracts!
No way this fucked up city will get the olympics. Miil. Park over cost by 279 million. L.A will get the U.S. nod for consideration and an overseas country will get the games. Can you imagine if chicago got this shit? This fuckinf idiot mayor and his bullllllshit alder fucks got no clue. Het 019 Ward Rugai-------------clean up the fucking side street from the fucking parade instead of sucking up to certain people. Ms. school teacher.
so what else is new in Chicago? there is nothing but money to give away, throw away and not pay to the poor working stiffs on the payroll legit.
I sent Mayor Daley an email about this matter. Of course, I'm sure he has handlers that read his mail. Whatever.
Our city needs major improvements ASAP. The Mayor knows this. He knows this because damn sure he put the Olympic Committee on a SPECIAL CTA BUS just for THEM. The funny thing is that I heard one of those special buses broke down but it supposedly had the media on board.
All of you know what would have happened if these people would have been on board the Wet Dog Aromatic Line (Blue Line), run in w/the "Sandwich Man" or the continous Bbbbeeeeppp! sound/major slow downs, ticked off riders and packed trains.
I know you got my email, Mayor. Because I mentioned the taxes the Gov. wants to slap on these overtaxed business owners and sure enough, you just happen to mention it in today's Times. ;)
Attention Citizens of Chicago.
You hayseeds will not get the Olympics. We want to take the games to an upstanding city,
Moscow sounds good. DA.
Let me see....Walsh will get most of the contruction bids....the corruption is just beginning.
Now daley is promising 500 million of our money as a emergency back-up plan daley says "like an earthquake", it will be used! hey moronic mayor you know full well you sit around with your insane clown posse joyce-degnan-stroger-blago and freiends and are figuring out how to divide the money assclown.
Pat Ryan, the multi-millionaire point man for lil dick, is also lil dick's wife ,maggie's employer. A bogus high paying job which is really no more than a slick way to slip lil dick cash.
just look at london for an example starting price 2.2 billion pound latest price 10 billion
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