Bankrupt the City?
- Just hours before Chicago's Olympic bid team begins a ward-by-ward effort to rebuild public support for the Games Mayor Richard Daley gave one of his most passionate pleas for the Olympics to date.
"We have to worry about the future," Daley said during questioning by reporters. "If people keeping throwing darts at it, maybe [we] will not get it."
Daley said he believes the 2016 Olympic Games will provide economic opportunities for Chicago and its residents that will be the envy of America. "You tell me one economic program that anyone has offered both in the private sector and public sectors. Every other city would love to have this."
London is wishing they didn't have them. Vancouver is wishing they didn't have them either, and that's just the Winter ones.
Pat Ryan, chairman of the Chicago 2016 committee, still can't find an insurance company willing to back the bid to protect taxpayers from overruns. You know why? These are people who do risk management for a living...and they don't want to touch it. What does that tell you? And does anyone have any idea what the cost would be to get a policy like what Daley is talking about? The insurance carriers aren't going to give Shortshanks a $10 billion policy for $10 a month. It's going to be something on the order of $500 million premium per $1 billion in overruns - all paid for by taxpayers.
What a freaking bargain!
Pat Ryan, chairman of the Chicago 2016 committee, still can't find an insurance company willing to back the bid to protect taxpayers from overruns. You know why? These are people who do risk management for a living...and they don't want to touch it. What does that tell you? And does anyone have any idea what the cost would be to get a policy like what Daley is talking about? The insurance carriers aren't going to give Shortshanks a $10 billion policy for $10 a month. It's going to be something on the order of $500 million premium per $1 billion in overruns - all paid for by taxpayers.
What a freaking bargain!
Labels: olympics
posted by SCC at 12:03 AM
64 Comments:
Why not let the tax payers vote to have the Olympics? Put it on a ballot.
shortshanks will just hand out IOU s like the turdminator in caly! or barry will keep printing money til the machines break and the dollar becomes a ''peso''. or the great emancipator quinn can just open up the gates of hell! or they all can stick their fists up our arses and give us a second ''stimulas''.
pat ryan the skelton looking goof,multi-millionaire let him pay for it! Hey mayor you will bankrupt this city but with your bad heart, you will not be alive to see it!
I bet Vanecko, Daley's lil brother John, and Alderhack Eddie Burke will figure a way to sell that policy to the city.
Shortshanks wants Da Lympics, Shortshanks gets Da Lympics. Dats da way it works in dis town.
I say Nolympics.
NOLYMPICS!
The cost of insurance is a cost overrun. Specifically if the insurance is through AON or a subsidiary
There are signs "We Support the 2016 Olympic Bid" lining I57S on the overpasses in the suburbs.
We should start putting up NO OLYMPICS signs everywhere.
The taxpayers want NO part of this corruption fiasco in the undermaking.
We are heading as a City towards Chapter 9 Bankruptcy. It is too long to explain so if anyone cares Google it.
Daley needs to drop his self interested olympic legacy dream and consider using all the hidden money to fix the city. In every poll 76% and above say no to the olympics, but Daley doesn't care! Daley is a crook and everything he gets involved in costs way more than projected and is done poorly. The citizens are on to your lies Daley.
Soemone should ask how much tax payer money he wasting already on the olympics. Huge salaries to his olympic people. Daley can not be trusted and his corruption and lies should be seen by the olympic committee.
Democracy is a government for the people by the people. Maybe Daley is deaf and he can't hear that the majority of Chicagoans don't want the Olympics. Should we send a signer over there?
Let’s look at a couple of quotes in this story…
“…when the federal government will spend billions of dollars on infrastructure and on security…” If anyone thinks that billions will be spent by ANY outside entity, they are dead wrong. How many billions were spent by the federal government in Salt Lake City or Atlanta? Other than providing security at the Olympics there wasn’t much.
“But, there was a misconception by the media that I signed" an agreement making Chicago taxpayers the final back-stop against Olympic losses.” The misconception came when Daly and Patrick Ryan were beaming after agreeing to this while meeting with the Olympic committee in Switzerland and later recanted when they realized the reaction wasn’t as positive as they expected. Whod’ve thunk the taxpayers would be a little upset when they agreed to an open pocketbook at their expense?
The mayor added, "People can discuss this, but this is the best economic engine we have going. I have nothing [else] up my sleeve." Nothing up your sleeve? How about the funds from the Skyway lease, parking meter fiasco, TIF Funds, or the non-refundable deposit on Midway that fell through?
“We're talking about contracts…coming into Chicago." Ah, now we’re getting to the bottom of the story, the contracts, and just who might benefit from some of those????
But, the mayor warned, "If people keep throwing darts at it, maybe they will not get it." I’ll be ordering darts in bulk myself, you do what you feel is best for the city.
Article on the Olympics for Politicians:
http://wistechnology.com/articles/6286/
Corporate Jobs - not tax hikes - are the answer in this state.
Anonymous said...
There are signs "We Support the 2016 Olympic Bid" lining I57S on the overpasses in the suburbs.
We should start putting up NO OLYMPICS signs everywhere.
7/10/2009 01:53:00 AM
It only takes a few strokes with a spray paint can to convert those signs to "We DON'T Support the 2016 Olympic Bid"
FUCK THE OLYMPICS, FUCK DALEY!
Anonymous said...
We are heading as a City towards Chapter 9 Bankruptcy. It is too long to explain so if anyone cares Google it.
7/10/2009 02:34:00 AM
If the City declares bankruptcy they can get out from under pension obligations and other long term debt. Stuttering prick might save that one for his final fuck you.
what happens to this city if we claim bankrupt?
RAYL is a supporter of the olympics.
WE NEED MORE DARTS!!!!!!
I should have purchased AIG stock when it fell to .35 cents on the dollar! but AIG would not insure this crapp!
Send the olympics to the suburbs. Problem solved. California is no longer honoring the IOU's effective today. Google that!
Today is furlough friday in cali. The entire state, city etc is off w/o pay.
Notice a key statement made by king shithead:
If "people" keep throwing darts at it, maybe we won't get it.
Translation: King shithead is already laying the tracks for a failed olympic bid on the taxpayer's shoulders. It's going to be YOUR fault HE doesn't get the olympics, not his.
No, it's got nothing to do with the retarded level of corruption in this city/state and the criminal daley enterprise or and the continued financial raping of the citizens of this city for his friend's financial gains. No, rather it's YOUR fault people, for embarassing the great king shithead and exposing a mere scratch of the corrupt and criminal lifestyle Daley has led since day one.
It's all YOUR fault, and YOUR gonna pay, you'll see.
"and when there's nothing left, the bank won't lend you another dime, you bust the joint out...."
-memorable quote from Henry Hill, Goodfellas.
I've always thought bankruptcy was their ultimate goal. Take everything of value, and leave the carcass for the minorities to fight over. All while they laugh their asses off in Palm Springs, circa 2020.
And shame on the white voters who enabled this back in '89.
Gee,
When hizzonor wanted Boeing to come to Chicago he offered massive tax cuts and eased regulations to attract them....hummm....you mean Reaganomics works?
You mean the Republicans are right?
Are you saying cutting taxes and reducing the size and scope of Government will actually encourage business to move here?
So if hizzonor wanted to create an engine to attract business he could...
cut taxes;
reduce the size of the city work force;
rescind reams of stupid city ordinances that kill business;
just a thought.
The only ones to profit will be the "usual suspects" plus a hefty percentage for the revs and the minority grafters.....perhaps daley can hire the gravediggers from Burr Oak cemetery to help with construction work....former ald dorothy Tillman could supervisors,assisted by caruthers...
expect bad things if chicago gets this circus
http://www.chicagobreakingnews.com/2009/07/city-breaks-lease-on-daley-nephews-warehouse.html
The Vanecko warehouse lease just crashed and burned.
The Bigger question,
Why is Patrick in hiding in of all places Russia?
We can't have the Olympics here.
Midway to Morton grove via publis transit: almost 6hours per day to commute under 21 miles.
Of course I ahve to do this as many other people, since there are NO JOBS here in the city. Unless you want to earn min wage
There are numerous other reasosn why we can't ahve the Olympics here.
But these clowns are only in it for themselves...
The Mayor is talking about the city buying the old Post Office that is bult over the Ike for an olympic type housing and after it's over turn it into condos. I ask you how many times will you rebuild a building and is it secure for the olympics. The answer is it is not secure. Just think, a truck driven on the Ike and stops with a load of high X that goes off. Oh I know, we along with all the other stupid projects in this city can pay millions to divert the Ike. After it's all over then the city can spend millions to rehab hab it into condos. The expense will go on and on. Just thinking!
It needs to be reiterated constantly...don't give this City a fuckin' thing in terms of revenue generation!
It's utterly pathetic to see guys still proactively doing sound impounds, etc., saying "It's fun to take a banger's car"!!! or writing parkers because someone gave them a dirty look. Time to totally cease putting money in Daley's criminal organizations pocket, none of which we'll ever see in the form of a nice contract, raise or retro pay.
There's simply too many company suckasses on this job. Makes me want to puke.
How about if there is a cost overrun then the police get to live outside the city.
good thing the city has money to wine and dine these Olympic jack assess and to fly all over and push for the games but no money for our own backyard and the people who live here. Thanks mayor your the best nobody will screw us like u do
We need to be in every ward he goes to beg for public support and deny him that support, if you ask the questions long enough people will take up the battle
I'll Sell them the policy and then go bankrupt months later. This is a no brainer!
This is Daley's last big deal to reward all his capos and make money for his family and friends! This is a multi billion dollar payday if the city (none of its residents, mind you) win the Olympics! Think you will be able to get a vending license or sell bottled water to the public and make an extra mortgage payment over those two weeks? Forget about it! Its a closed shop and you ain't invited! Daley just loves making money for all those who stuck with him over the last 20+ years and that includes their families too! Hiring scams will only get larger over the next few years if we get the Olympics! Pat Ryan has a gold key to anything he needs if he snags this Giant Gold Egg! And for the rest of us? How about a free ticket for every household? Forget about it! Do we really think that these "town meetings" actually mean anything? Daley gets caught with his pants down, and now he wants to "embrace" the public and "plead" with them that this is good for them and Chicago! Daley's legacy will be Daley's Folly 2016! He will say, "who could have known back in 2009 that the overruns would be this high?" It was Ryan's idea, honest! He was KOO-KOO!
FUCK WORRYING ABOUT THE FUTURE, I'M WORRIED ABOUT MYSELF AND MY FAMILY NOW, DALEY, YOU FUCKIN DUNCE...
Daley knew this was going to happen the same time he let the cat of the bag and said that this city will no longer have insurance coverage in 2013. He uttered it about a year or so ago. What a Douche!!!
Da Mayor has spent his entire life proving that he can fool most of the people all of the time.
To the person who recommends letting the citizens vote....we need some protection against the stupidity of our fellow citizens, too.
70% of the population is in favor of this Financial Time Bomb. That's because they are, like most Americans, childish people who love Disneyland-type spectacles and feel-good and don't connect the dots between all the pretty spectacles and their swelling tax loads. Da Mare has them sold on the idea that private donors will pick up the whole cost.
Even the Chicago business community is getting a little nervous about the costs to the public till. Daley has pledged to all losses incurred in the construction of the Olympic Village, which is estimated to cost at least $4.8 Billion.
Do you believe that we will be clear of all the billions of dollars in real estate losses in this city alone by then? Will the country have worked through enough of the trillions of $$$ of bad debt for the Village to get financed by 2016?
The Bejing games cost that city over $44 Billion. The London 2012 games have already run over $20 Billion.
Even the taxpayers themselves should not be able to vote the city into bankruptcy.
Its all bling bling
Quit bare boning the city and its services and and blaming it on the economy. The money that is hidden to fund the Olympics if used, would put this city back to where it has to be.
not 1 neighbor of mine, not 1 parent at little league, not 1 co-worker, and not 1 person at my church wants the Olympics. The writing is on the wall. Dick Daley wants to end his legacy with a bang and brag about bringing the Olympics to Chicago. He won't care then, like he doesn't care now what shape the city will be left in after the Olympics has come and gone. We will be in finacial ruins and the good ole tax payer (not the ghetto leaches) will be left holding the bill. FUCK THAT. NO THANK YOU. CHICAGO DOES NOT WANT THE OLYMPICS!
I can't wait, once somebody else gets the Olympics (lets hope so), out of nowhere, Chicago will have 1 billion dollars available to fix the pot holes, cut the damaged trees down, fix the sidewalks, fix the street lights and most importantly, hire 3,000 cops that we're short and pay the police with a decent well deserved contract.
Fix the street lights? I think we should turn half of them off, or at least turn half of them off for half the night. We don't need enough light to do brain surgery by on every street, alley, and thoroughfare. Just imagine how many millions that alone will save. If people think that the front of their house is too dark, let them install their own lights. This is how it works in most places in the world, and it doesn't cost the taxpayer anything he's not willing to pay for himself. They could take the savings and put it towards police and fire, and other essential services (read: not welfare).
Millenium Park....Cost Overruns
O'Hare....Cost Overruns
Either one of these would have been the death of the mayor in the private sector...now he wants to be trusted with this???? Said it before...he needs to go. PERIOD!!!!
I have the best idea- I will sell them a CDS ( credit default swap) on any insurance policy they can acquire. The only problem will be that I do not have the capital to repay if called to do so ( just like AIG). But I am sure that the gubbernment will bail me out.
If it were not so sad, it would be funny.
"Pat Ryan, chairman of the Chicago 2016 committee, still can't find an insurance company willing to back the bid to protect taxpayers from overruns. You know why? These are people who do risk management for a living...and they don't want to touch it. What does that tell you?...The insurance carriers aren't going to give Shortshanks a $10 billion policy for $10 a month..."
"No health examination! No salesman will call!"
*
God, this is wonderful. It's the only time I've ever felt that the flinty-eyed, ice-hearted, scheming bastards in those mirror-glass insurance towers were ever doing some good.
Watch Ryan and the actuaries blow up Daley's Olympics! Whee!
I think the phrase I'm looking for is "hoist on their own petard."
"'We have to worry about the future,' Daley said during questioning by reporters. 'If people keeping throwing darts at it, maybe [we] will not get it.'"
WHACK!
WHACK!
WHACK!
Gimme another one!
WHACK!
"The Mayor is talking about the city buying the old Post Office that is built over the Ike for an Olympic type housing and after it's over turn it into condos."
--7/10/2009 10:45:00 AM
Just what we need. More condos. Ask Sam Zitella. He'll tell ya.
Hey. Sam. How's 6060 Northwest Highway going? All I see is a hole, over by dere. You pay Parkway Bank that $3 mil for the property yet? I see your name all over town on some really zoomy-looking vacant lots...
The bigger they are...ask Steven Good.
This economy has a LONG way left to fall.
"There are signs 'We Support the 2016 Olympic Bid' lining I57S on the overpasses in the suburbs."
--7/10/2009 01:53:00 AM
A. Who's "We?"
B. If I'm not mistaken, isn't that kind of sign-posting specifically illegal on state highway property?
Where I work, we do not want to write any insurance in the City. Its a totally losing proposition. I cannot imagine any underwriters who would want anything to do with ANY Olympic coverage.
Anonymous said...
The Bigger question,
Why is Patrick in hiding in of all places Russia?
7/10/2009 09:29:00 AM
%%%%%%%%%%%%%%%%%%%%%%%%%%%
He's learning how to come out of the closet fromt he Russians.
"Barry will keep printing money 'til the machines break and the dollar becomes a peso."
--7/10/2009 12:25:00 AM
Already happened in many parts of town; Spanish the de facto official language, and the aluminum storm door the accepted unit of exchange. 1 storm door = 10 old tires = 20 Pampers.
Or at least it was until the depression collapsed the price of scrap metal.
Machine's already broken. A lot of people just don't know it yet. Too busy picking out a big-screen, custom rims, a new cowboy hat...credito facil!
On what fucking planet?
Word cloud -- "Third World," "disastrous," "unsustainable..."
*
"Not 1 neighbor of mine, not 1 parent at little league, not 1 co-worker, and not 1 person at my church wants the Olympics. The writing is on the wall."
--7/10/2009 05:08:00 PM
OK. If that's the case, time for money where mouth is. If people can afford those lightweight corrugated-plastic signs -- the ones that go on the little wire holders that you stick in the front lawn -- that say "Home of A Such-And-High School Aardvark," they can surely afford to get together and order 100,000 of the same, saying "NO OLYMPICS." I'd say Day-Glo hi-viz lime green with stark black lettering.
Printers are in the phone book.
...or is everyone going to wait for similar "BANK AUCTION" signs to appear on their lawn after Daley ruins the city?
Uncomfirmed Chit Chat By The Dist. Desk!!
Did our ears deceive us?
If people keep "throwing darts" and Chicago doesn't get the Olympics, Shortshanks is going to say "shit on the Police & Fire Departments." No retro, no raises and a %10 pay cut across the board.
So... Short Biggie is pissed because people are starting to call bullshit on his Olympic pipe dream?
Is he pissed because no matter how hard he tried, his mega-million dollar spin/p-r/message control machine could not keep pace?
Is he pissed because his bullshit started unraveling because people are stopping by a heretofore "insignificant" blog and saying "wow, those guys are really pissed and they may be on to something?"
The Policeman is the canary in the coal mine and shortshanks hates it.
People want to know what coppers know.
What say you Mark Do-not-do? Confirm? Deny? Whistle, fart, yodel? Want to get some fire in the belly and fight the fork tailed Devil as hard and as viciously as he fights the men & women who really do stand between chaos & order? Or are you so enamored of the Devil's charms that when he embraces you you kiss him instead of striking a blow for decency and biting the muthafucker's nose off? What did he pay you Mark? What did he promise you to go easy on him Mark?
It seems you're committing whoredoms against the membership Mark.
Speak Up! We Can't Hear You!
Paint over those signs with the truth. "We bought the 2016 Olympic Bid with your Tax Dollars and without your permission. Thanks Biotches!"
City buying the post office. Like that wasn't planned five years ago. Gosh darn they tore Robert Taylor down just in time. And the winner of this unadvertised, misplaced in the want ads, for sale bid, goes to........It's in trust. But who knows? The shadow knows. Fucking feds know too.
South Africa has a union leader. 80,000 union workers building the world soccer stadium in South Africa dropped their tools to ground today in almost perfect syncroncity and walked en masse off the job STRIKING and demanding a 15% raise until any more work is done. I wanna be like them.
No union unity here. Where would Daly be if no coppers worked their days off at the taste? He dangles the carrot and the cry babies jump. If no coppers showed up the taste would have been a masacre.
No union unity here. Where would Daly be if no coppers worked their days off at the taste? He dangles the carrot and the cry babies jump. If no coppers showed up the taste would have been a masacre.
7/11/2009 09:13:00 AM
If no coppers show up, they get them by reverse seniority. You think Shorthshanks would leave the Taste unguarded? I think it would be a great sign of unity and that it would give them the "Oh shit" for a moment, but they'll fill the spots anyway. Funny part is, the guys with no seniority would benefit here.
Paint over those signs with the truth. "We bought the 2016 Olympic Bid with your Tax Dollars and without your permission. Thanks Biotches!"
7/11/2009 03:52:00 AM
Just paint an "N" in front of the Olympics.
Kind of like a "V" for victory.
It's right to rebel.
I don't know anyone, and I mean anyone, who lives in the city who wants these games here. I've spoken to quite a few people about it. Business owners in particular seem to not want it. None of my neighbors think it's a good idea and all believe that Shortshanks and crew would steal like there was no tomorrow.
the f*cking suburbanites are the ones backing the Olympics.
Why don't we ask all of the backers where they live???? Won't be coming out of their pockets.
What SOLID PLAN does the city have in place to avoid--totally avoid--- FRAUD? With all this money and construction comes FRAUD.
With minority contracts, cronism, construction, etc.....we can't even keep fraud at bay during normal business activity.
Daley is playing the citizens of Chicago as REALLY STUPID. He is trying VERY HARD to get all the aldermen on board with this tanker. We voted these people in and they HAVE TO BE ACCOUNTABLE for this time bomb. So this taxpayer is asking:
Who is donating all these billions of dollars to support this? Names, we want names and how much are they pledging.
No, not pledge, show the citizens of Chicago the MONEY NOW. A pledge means nothing when that corporations says, ooops, the economy is bad now, we can't give you the money we pledged ...sorry. They keep on giving us this lip service that "the private sector" is funding the olympics. Who exactly is this "private sector"?? Let's see who exactly who they are and how much money they have NOW contributed for the billions that are needed to fund the olympics?????
"It's utterly pathetic to see guys still proactively doing sound impounds, etc., saying 'It's fun to take a banger's car!'...Time to totally cease putting money in Daley's criminal organizations pocket
--7/10/2009 10:52:00 AM
Oh, I dunno. The city, with or without Daley, does need money for things like police salaries (with or without a contract), fixing the streets (I'd prefer without the Olympic-inspired wasteful excesses) and the like, and I'd rather see it coming from a "street tax" on scum like this than out of the pockets of elderly homeowners, etc.
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