Want to Lose Money Faster? Host an Olympics!

The hosts of the next two Olympics have found themselves laden with debt already with no relief in sight.  Vancouver’s city council had to advance cash to the builders of the Olympic village just to be sure of their solvency and now have to wonder if they’ll be able to sell off the housing to private developers for condos after condo development has practically ceased in that city.

2010 Vancouver Olympics mascot

(To save money, Vancouver mascot Quatchi takes up a second job)

Also, the London Olympics have already run up a $15b bill with more to come.  As the Credit Crunch has sapped private donations expected for the 2012 Games, the government has been forced to step in and drain the contingency fund more quickly than expected.  No wonder they’re talking about saving money on flowers.

So, uhm… go Chicago 2016?  Right?  Maybe they can sell the CTA in time to afford the Games.  It’s worked so well for their bridges and airports.