While many stockholders saw the value of their Cat stock drop up to 60%.
Maybe name the new riverfront center The Jim Owens Caterpillar Visitors Center that will be built with stockholder dollars, if it's built. The JS should print what the other Cat executives made in 2008 compared to 2009. Also the Cat board members.
The Tea Party people got it 2/3 rds right. The other 1/3 lies in the greedy executives and board members in the private sector. Suggested reading, "House of Cards, A Tale of Hubris and Wretched Excess on Wall Street", by William D. Cohan.
Of course, not to be overlooked is the recent Owens Family donation of $1 million to OSF and up to $1 million to the PRM. Actually, partially stockholders money.
Hope I'm around to comment on his 2009 income. No change, I'll wager, if he brings Cat stock up to $50 which would still be $35 below where some stockholder bought it..
Wonder how much of the Cat stockholders money was part of the $640,000 the PRM Committee spent to "sell" this (not fully understood project by the ordinary taxpayer) riverfront development.
More on this project as it becomes more transparent that this museum will be more than 65% funded by the taxpayer. Someone challenge me on this figure. The $14 million or more of stimulus money just promised (sought) doesn't fall from trees. That's in addition to the $14 million from the city, taxpayer dollars, and the $4 million already secured by Ray LaHood in 2007 as a Highway Bill Earmark. Remember? And the $6 million already secured from other state and federal sources. Nor the $1,250,000 in stimulus earmarks being sought by Rep. Schock. No, sorry, Virginia, it comes from taxpayers, many who can not afford it. Promoters like LaHood and Schock can afford it. Being high level politicians, they are set for life.
Sorry I haven't blogged much lately. Not too much good news and a reminder today by the JS that the entire cities (possibly your) obligation, and absolutely your risk, on the new Pere Hotel expansion is $81 million counting interest, until 2032. Thanks, John Sharp, for printing more of the "whole story".
It was never acknowledged by the "$640,000 RFM Committee" that the "small" two-bit sales tax will actually add up to as high as $72 plus over 20 years.
If all the spending and planning don't turnout as promised, so what? It will be built, just like the RiverPlex and ballpark. The drivers will all point to their accomplishments despite the fact that these like most other "downtown type" developments, haven't yet lived up to their projections.