Grand Avenue: "Wall Street" Meets "Money Pit"
Oops! Now the millionaire and billionaire developers who "needed" $40 million of YOUR tax money to make a profit on their $2.05 billion project supposedly need $125 million of your money. In other words, you were going to pay for just 2% of this fiasco, but now you're paying for 5.9% -- not counting the value of the public land given away or leased at below-market prices.
For more details on how you will pay for the Mayor and City Clowncil playing "investment banker," read my essay at MooreIsBetter.com.
Posted by Walter Moore @ 2/03/2007 10:46:00 AM
2 Comments:
I'm too lazy to click Wacko's link. Can someone summarize for me?
Joel Wachs: We sure could use you back at City Hall... Ain't no one there these days with either the smarts or the political will to stand up against these humongous subsidies. Bottom line then is that Broad and AEG and Related Cos., etc., can rest comfortably knowing that "their" interests are taken care of....
Post a Comment
Subscribe to Post Comments [Atom]
<< Home