The Big Lie being disseminated by the Nationals and local media outlets is that Nationals Park cost the city a mere $611,000,000.00. This is not true. And shame on anyone willing to believe it. The stadium is going to cost the city at least $674,000,000.00. I say at least because who knows how much money the city will have to fork over after all of these eminent domain lawsuits are settled.
But that's not all folks!
Hundreds of millions of dollars don't just appear out of nowhere. Much like building that publicly subsidized stadium in Rustyport in Sim City 2000, these things take loans. Loans that are going to be considerably more expensive than previously thought.
The District has begun paying an extra $1.2 million every month because its interest payments have doubled, and in some cases even tripled, on $601 million of these bonds. That represents nearly one-seventh of the city's total debt and includes $24 million for the Washington Nationals' new stadium, the District's treasurer said. City officials were convinced by investment banks that these types of loans would be safe and cheaper than traditional borrowing.
It seems to me that these investment goods just pulled the wool over our eyes. More financial mismanagement and more taxpayer dollars being thrown down the Navy Yard Money Pit.
Not everyone believed the sales pitch on these securities. Auction-rate bonds were shunned by all of the localities that border the District as well as the state governments of Maryland and Virginia.
Hahahaha. Go DC! It's good to know that when there's some kind of rip-off, the District can always be counted on to volunteer our dollars. Got to spend money to make money. Or, alternatively, spend money in order to spend more money.
It must be nice to live in Maryland or Virginia and know that your monies are being properly handled. And sure there isn't a lot to do out there, but you can always catch a ride to Nationals Park knowing that the stadium didn't cost you one God-damned dime. And it won't for the foreseeable future. No matter how shitty the loan, any percentage of zero is still zero.
4.07.2008
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Hey don't knock MD or VA because there aren't things to do out there.
ReplyDeleteI mean, DC is the place in which people go apeshit with excitement over a Target opening.
I can't believe you haven't blogged this yet; http://www.washingtonpost.com/wp-dyn/content/article/2008/04/04/AR2008040402391.html
ReplyDeleteDon't throw the Nats under the bus for DC's poor choice to gamble with its choice of finance vehicles, just like every moron with an ARM who are now grovelling for a bailout up on Capitol Hill. That $1.2 million is a direct result of choices the city made and has nothing to do with the Nats.
ReplyDelete"It must be nice to live in Maryland or Virginia and know that your monies are being properly handled"
ReplyDeleteOh puhleeze...since when has any government properly and judiciously handled taxpayer money?
Getting loans in SimCity 2000 was never, ever a good idea.
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