Pulled off CTV news.
Final cost to tax-payers depends on how strong the property market is. Best case from Robertson = break even.
Worst case $1 billion in the hole.
As they said on CTV, politicians should not dabble in business.
More importantly who advised the previous council (only Susanne Anton is left in the boat from that administration) ? Which law firm, which accountants and financial advisers??
Should they not be held liable?
Does anyone have the time to ferret through City info and find out who these advisers were?
Meanwhile the RCMP have been questioning the friends of Olympics opponents. Be careful who you share that extra-hot skimmed late with :
And yes anon (from the last comments) I did see what happened to Canwest. The ire of the public prevented at least one tax-payer bail-out, though I do feel sorry for the employees:
CanWest union decries bankruptcy protection
2009-10-06 16:01 ET - News Release
Mr. Peter Murdoch reports
CANWEST EMPLOYEES DESERVE BETTER
After CanWest Global Communications Corp. filed for Companies' Creditors Arrangement Act (CCAA) protection for some of its operations, Peter Murdoch, vice-president of media for the Communications, Energy and Paperworkers Union of Canada (CEP), said in reaction, "Media workers at Canwest stations should not be forced to pay the price with their pension and severance payments for financial problems that are of the company's own making."
"Employees have done everything they can to sustain this company," says Mr. Murdoch. "Thousands have already lost their jobs and there has been no wage increase for years.
Though management salaries have been excessive -- $49-million to eight people from 2001 to 2008, while during that same period over 1,000 Canwest employees lost their jobs.
Those who are left are on pins and needles, including pensioners." Mr. Murdoch adds that governments, banks and media conglomerates have all ignored the warnings about the dangers of massive media convergence and unsustainable debt. "CEP will be front and centre to ensure that employees are first in line for company obligations," says Mr. Murdoch.
Mr. Murdoch also says the federal government should step up to the plate. "The federal government has been irresponsible in monitoring and policing pension plans, and where is it now to backstop this?"
"Yet another major company has filed for bankruptcy protection under Prime Minister Stephen Harper's watch," says CEP president Dave Coles. "It's time for this government to stop congratulating itself and to take action to prevent more working people from falling victim to this recession."
CEP represents more than 25,000 newspaper and broadcast employees across Canada, including workers at the National Post and Global TV who are affected by the filing announcement.
Fun with quant: MS Business Conditions edition - Marketwatch recently reported that Morgan Stanley's Business Conditions Index had deteriorated to levels last seen during the 2007-08 financial crisis. Wow...
9 hours ago