Goldy may not miss the SuperSonics, but if anyone is missing the spectacle of incredibly rich people getting public guarantees to build their sports playgrounds, Portland seems glad to oblige. The plan is to build a new minor league baseball stadium, probably where Memorial Coliseum now stands, and to refurbish PGE Park for soccer. It used to be called Civic Stadium, and hasn’t been refurbished since way back in 2001. The horror.
As always, there is absolutely no risk to the taxpayers. None. Not possible. Not in a million years.
From Blue Oregon:
Without any apparent sense of irony, the Oregonian this morning offers us up the following in vouching for the deal reached between city negotiators and Merritt Paulson:
Mayor Sam Adams and Commissioner Randy Leonard, who negotiated the agreement, said [the] city is getting solid assurances from a wealthy family. Paulson’s father is Henry Paulson, the former U.S. treasury secretary and Wall Street mogul.
The timing of those “solid assurances” is, well, unfortunate, to put it mildly. On Friday the Congressional panel charged with overseeing the Troubled Assets Relief Program (TARP) released its latest report, and this week the panel’s chairwoman Elizabeth Warren has been making the rounds on tv and radio to discuss their findings.
Warren minces no words: she accuses then Secretary Paulson of lying to her and the panel about the ways in which they used public funds to bail out the banks. Warren had asked Paulson whether, in purchasing assets from the troubled banks, they were receiving assets “at par” – and he answered yes. But the panel’s own investigations revealed that Treasury was receiving them often far below equivalent value – on average a third below.
Nope, everything should work out just fine for Portland.
Vancouver residents will be magically transported to games at the new facilities via an organic bio-fuel flying carpet, as the aging Interstate Bridge spans will be converted to a fixed-gear velodrome.