Pissing In The Wind

The Olympics minister, Hugh Robertson, has engaged in the futile activity of pissing in the wind by urging the executives of the Olympic Delivery Authority to exercise some restraint wrt their pay and bonus packages.

It was revealed this month, for example, that ODA chief executive David Higgins is Britain's highest paid quango chief, on £384K last year. In fact, 9 ODA executives earn more than the Prime Minister's annual salary of £142,500.

Mr Robertson has suggested that ODA executives could make a gesture of deferring their bonuses until after the Games in 2012.

Fat chance!

Olympic Medals won during the Beijing 2008 Olympics

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Wasting Money

Were there to be an Olympic event for wasting money, then Surrey council would win a gold for its performance.

The council wants to appoint an Olympics co-ordinator on a three-year contract, tasked to ensure that "the Surrey 2012 programme has maximum impact."

This is all well and good, except for one small problem.

Surrey is not staging any Olympics events!

Nonetheless, the job advert says:

"The London 2012 Olympic and Paralympic Games offer a once in a lifetime chance to make a positive difference.

We are looking for someone who will help Surrey's residents and businesses gain from this unique opportunity.

We are looking for a skilled networker and influencer, who can inspire innovation and creativity in our partners."

I take it Surrey council haven't heard about the recession?

The salary, if you are interested in applying for this no job, is £46K.

Olympic Medals won during the Beijing 2008 Olympics

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No Cuts?

In spite of the recession, Lord Coe continues to insist that the "fluid" budget for the London 2012 Olympics (currently standing at £12BN, including £2BN running costs) will not be cut.

Given that the government is planning to make cuts in the public sector of up to 30%, quite how he can make such an unrealistic and frankly ridiculous promise is a mystery.

No project or spending commitment is ringfenced. The Olympics is most certainly a target for cuts, as it is a badly managed waste of money that was not professionally costed at the time of inception.

Coe is quoted:

"The budgets are set so stories that the Olympics might suffer from cuts in public spending are inaccurate."

Coe is wrong, a budget is just that - a budget.

Until the money is spent, the budget can be adjusted up or down (until now, that adjustment has been upwards). Coe knows from his time as an MP that no budget is set in stone, to suggest otherwise is highly misleading and demonstrates and ostrich "head in the sand" mentality.

Olympic Medals won during the Beijing 2008 Olympics

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Too Small To Compete?

The Liberal Democrats have warned that the organisers of the London 2012 Olympics have failed to award small businesses, promised a share of the games, despite the fact that a special website (CompeteFor) for matching Olympic suppliers with buyers has been set up.

The Liberal Democrats claim that the ODA had awarded 880 contracts, but only 140 of them were through the website. The website cost the taxpayer £5M to set up.

However, the ODA claim that awarded 550 contracts before the website was launched.

Olympic Medals won during the Beijing 2008 Olympics

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An Inspector Calls

The IOC return to London today, and will remain here until Thursday, to the review progress of the preparations for the London 2012 Olympic Games.

Sebastian Coe, Chairman of the London 2012 Organising Committee, is quoted by the Associated Press speaking about the recession:

"If you speak to most people anywhere in the world, they are having a hard time, so it's very important that they don't think it's impacting upon us, because actually it's not."

What planet is Lord Coe living on?

Of course the recession is impacting the Games!

Olympic Medals won during the Beijing 2008 Olympics

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A Nice Little Earner?

Despite the fact that the property market has all but collapsed, there are still possibilities for those with "balls of steel" to make some money.

That at least is the view that some estate agents and property development companies are trying to propagate, in respect of property near to the Olympics 2012 site.

George Wimpey, for example, are offering packages on its Altius apartment homes development which is near the London 2012 Olympic Village.

Deals include £199,995 for a one-bedroom apartment, or fast track completion in two weeks gets you the same property for £179,995.

The theory being that demand for property near to the games will be high as 2012 approaches, ie buyers can rent out the property or "flip" them to another buyer for a premium.

We shall see!

Olympic Medals won during the Beijing 2008 Olympics

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Olympic Fat Cats

Despite the UK being in the grip of its worst recession for decades, it is comforting to know that those people who are "running" the London 2012 Olympics are still able to earn a crust.

The chief executive of LOCOG the 2012 organising committee and former banker, Paul Deighton, has a package worth up to £750,000. He has earned a a performance related windfall of up to £100K, on top of his £450K base salary and guaranteed two year loyalty bonus of £204K.

Deighton is not alone in making a nice little earner out ot he Olympics. Salaries at the Government Olympic Executive totalled £3.9M in the last 12 months, that is a staggering 30% higher than the previous year.

Precisely why government Olympics staff are able to buck the market in this way is not clear. It should also be noted that the body that they work for in fact duplicates much of the work being done elsewhere on the Olympics by other bodies.

The British taxpayer is being taken to the cleaners, by a government bulldozing it Olympics vanity project through against the wishes of the electorate.

Olympic Medals won during the Beijing 2008 Olympics

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The Olympics Defies The Laws of a Recession

Despite the fact that we are now facing the worst recession for decades, the costs of the 2012 Olympics are defying normal economic laws during a recession and are continuing to rise.

The Telegraph reports that the cost of venues have risen by £97M in the last year, and are projected to rise by a total of £371M by 2012. It also notes that there is now only £500M of the £2BN contingency fund left to cover unforeseen emergencies and shortfalls.

Despite all of this the hapless Olympics Minister, Tessa Jowell, stated:

"This shows we are on course to remain on budget despite the economic downturn."

Jowell may care to reflect on the accuracy of that statement. The original "budget" for the Olympics was around £3BN, it now currently stands at £12BN (including £2BN running costs).

Precisely how can she claim, with a straight face, that the budget is "on course"?

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Lawyers To Make a Killing

Every cloud has a silver lining, and it should come as no surprise to learn that even if the Olympics are a colossal waste of money and that we are facing the worst recession for decades, lawyers will still make money out of the games.

That at least is the view of Charles Tomlinson of Mace & Jones'.

He is quoted on Heating and Ventilating News:

"When London was awarded the Olympics the construction sector was booming. It was a welcome bonus for the sector. Now it will be seen as vital for the survival of many companies at time of unprecedented crisis in the sector.

With margins going through the floor and the commercial sector in freefall, all parties will be looking to protect their positions. This is not the ideal environment for a project of the scale and importance of the Olympics.

If, or example, you are waiting payment, does the other party have the means to pay? If so, a well timed adjudication can protect cash flow.

In relation to more complex disputes, parties must consider alternative forms of dispute resolution such as mediation, expert determination or just good old fashioned commercial negotiation to keep the project alive".

The lawyers will at least do very well out of the games!

Olympic Medals won during the Beijing 2008 Olympics

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Rogge In Denial

The International Olympic Committee (IOC) president, Jacques Rogge, has rather bizarrely claimed that the London 2012 Olympics has not overshot its budget.

This is rather an "odd" statement given that the original "budget" for the games was £3.4BN, it currently stands at £12BN (including £2BN running costs) and is likely to rise further.

Rogge clearly does not have good grasp of financial matters.

He went on to claim that, despite the recession, the scale of the Games should not be rolled back.

Maybe he will help make up the shortfall out his personal finances?

Olympic Medals won during the Beijing 2008 Olympics

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Another One Bites The Dust

Another Olympics sponsor has bitten the dust, thanks to the recession.

Nortel, the telecoms equipment company has filed for bankruptcy protection today in a move affecting around 2,000 UK staff. Nortel UK is a £40M "tier one" sponsor of London's 2012 Olympics.

The London Olympic organising committee (Locog) appears to be "relaxed" about the matter. They are quoted in The Independent:

"We are aware of the situation and will work through it with Nortel."

Nortel currently employs around 30,000 people across 30 countries.

Olympic Medals won during the Beijing 2008 Olympics

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A Shot in The Arm?

Tessa Jowell referred to the Olympics 2012 as being a "shot in the arm", whilst appearing on BBC Two's Daily Politics programme, at a time when Britain is expected to go into recession.

She noted:

"But, as it turns out, facing a recession deeper than any that we have known, almost certainly, the Olympics is, I mean, it's economic gold at a time of economic need."

Given that the out of control "budget" currently stands at £12BN (including £2BN running costs) and is likely to rise further, as private finance deals fall through, why is so much money being wasted on this white elephant which will not produce any meaningful legacy?

This waste of resources is more akin to a shot in the head, rather than a shot in the arm.

Olympic Medals won during the Beijing 2008 Olympics

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Tess Jowell Puts Her Foot In It - Again!

The hapless and hopeless Tessa Jowell has put her put into again, by lecturing so called "junk food" sponsors of the Olympics 2012.

Jowell, who spoke at a local government conference, said that companies such as Coca-Cola, Cadbury and McDonald's "need to be made aware" of increasing concern about healthy eating and childhood obesity.

The Guardian quotes her:

"[They] need to be made aware of the increasing concern about child obesity and the increasing possibility of their leadership to address the eating habits and sedentary way of life by encouraging exercise."

That may well be true.

However, if Jowell and the government are so concerned about "junk food" and the companies that sell it why are they so keen to receive sponsorship from these companies for the London Olympics?

Could it be the £50M funding shortfall in the £12BN plus Games?

Given that companies such as MacDonalds and Cadbury are mainly purveyors of burgers and chocolate, what exactly does she expect them to do - sell salads only?

When you sup with "the devil" use a long spoon.

For good measure, Jowell then said:

"There is no more money and as I have said before we are on time and on budget."

Errmmm...no you are not!

Thee original budget was around £3BN, it now stands at £12BN (including running costs) how can she possibly claim that the Games are on budget?

Olympic Medals won during the Beijing 2008 Olympics

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The Enormous Piss Up

ZaNu Labour would still have us believe that the 2012 London Olympics (currently budgeted to cost us £12BN, including £2BN running costs) will produce tangible benefits for the ordinary people of Britain (not just those executives involved in the IOC/LOCOG and marketing/property development companies).

However, a report detailed today in The Times states that the Games are nothing more than an excuse for a "national celebration because the economic rationale is weak" in order to boost morale (much like third world dictatorships use national events to divert the attention of the people from reality).

The real irony in this 250 page report, commissioned by Bliar's DCMS and entitled Game Plan, is the date on which it was published - December 2002.

The only reason that it is coming to light now is that fact that Bliar and the hapless/hopeless Tessa Jowell all but sat on it, permitting only a handful of people to read it.

Why is Jowell still "in charge" of the Games?

Why are we still pushing ahead with them?

Olympic Medals won during the Beijing 2008 Olympics

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Moaning Moynihan

The Times reports that Lord Moynihan is moaning that that the target of fourth place in the 2012 London Olympics medal table for Team GB will slip to 8th, if budget cuts of up to £79M are pushed through.

Quote:

"We will be deeply disappointed this week if the Government moves away from their commitment.

To give our Olympic and Paralympic athletes the best chance of success in 2012, the full investment programme agreed by Gordon Brown when he was Chancellor must be honoured in full."

So what?

We are facing the worst recession in decades, there are far better uses for the money than the Olympics.

Olympic Medals won during the Beijing 2008 Olympics

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Cancel The Games

Given that the Olympics were cancelled during both world wars, why do the IOC and LOCOG not think outside of the box and cancel the 2012 Games?

Could it be pride and personal gain comes before common sense?

Olympic Medals won during the Beijing 2008 Olympics

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The Wartime Olympics

Kevin Gosper, a member of the Sydney Olympic organising committee and chairman of the IOC's media commission, told Locog chairman Lord Coe at the four-day IOC conference:

"I think you will be taking your team through the toughest challenge short of wartime in getting the project to 2012."

A colossal waste of money at a time when we can ill afford it.

Olympic Medals won during the Beijing 2008 Olympics

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British Pluck

Lord Coe displayed true British pluck and guts during a meeting of European Olympic committees in Istanbul, when he told them that the UK organisers of the London 2012 Games would "honour commitments" to the IOC.

He is quoted in the Telegraph as saying:

"We are now in a very different economic and financial environment from when we bid for the Games.

The world is a very different place than even six months ago. We want to reassure you: we are no less determined to honour the commitments we made to you.

Even in the current climate and with the complexities of bringing the private sector to the table, there has been no lack of progress."

That's all very well, but even ignoring the current recession, the £12BN plus cost (including £2BN running costs) of the Games is a colossal waste of taxpayers' money.

Olympic Medals won during the Beijing 2008 Olympics

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Calls For Jowell's Resignation

Unsurprisingly Tessa Jowell's comments about the Olympics not being a good idea have provoked a minor uproar.

London Mayor Boris Johnson said:

"The case for the Games, if anything, is stronger in difficult times, and I believe that the development under way in the east of London will prove a vital shot in the arm for the city when it needs it most.

London is extremely fortunate to be hosting the Games in 2012."

Andrew Boff, the Conservative Party spokesman on the Olympics, called for her resignation:

"For her to say that it was a mistake to bid for the Games is utterly irresponsible.

Why should the private sector risk investing millions in the Olympic venues if the minister responsible has no confidence in its long term viability?"

What did Jowell expect after speaking so negatively about her pet project?

Ironically, she was right.

Olympic Medals won during the Beijing 2008 Olympics

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Jowell Admits Olympics Are A Mistake

Tessa Jowell, the minister for the Olympics and Paymaster General, has had an epiphany.

She has finally realised, and publicly admitted, that the London 2012 Olympics are a mistake.

Something that everyone else has been saying for the last few years.

Jowell, who has mismanaged the Olympics budget (which has ballooned from £3BN to £12BN, including running costs) made her admission to 40 leisure industry bosses at a dinner on Tuesday night.

Quote:

"Had we known what we know now, would we have bid for the Olympics? Almost certainly not."

Quite!

She then had a go at the media for giving rise to the impression that:

"The budget is out of control; all the venues are late; and all the people involved with this great project are completely useless."

Unfortunately for Jowell, all of the above seems to be pretty accurate from where I am sitting.

Olympic Medals won during the Beijing 2008 Olympics

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