Snouts In The Trough

How reassuring to see that, despite the current recession and a budget that is out of control, those tasked with keeping the costs of the London Olympics 2012 under control are making sure that they are personally not in danger of facing any undue financial hardship.

CLM, a consortium of surveyors overseeing the Olympic construction project, received £151M last year (double what had been previously paid).

On top of this largess to the consultants, Olympic bosses found the time and the funds to award themselves some very generous pay rises.

Staff at the Olympic Delivery Authority (ODA) took home £30M, including £2M of bonuses. David Higgins, CEO, received took home £537K (generously deferring half of his £201K bonus until 2012).

Howard Shiplee, director of construction, claimed £19,343 in expenses, including £11,478 on hotels and nearly £2,280 on taxis.

It is reassuring to know that those who are running this "venture" on behalf of the taxpayer, really know and understand the true value of money.

Our money safe in their hands!

Yes?

Olympic Medals won during the Beijing 2008 Olympics

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Cuts

Over £20M per annum, for the next 3 years, will be cut from the London budget to cover irregularities in the 2012 Olympics accounts.

The black hole (estimated at being between £60M-£100M) in the accounts means that the London Development Agency, the Mayor of London's economic and business unit, does not have sufficient reserves to cover compensatory commitments owed to businesses forcibly relocated from the Olympic Park.

KPMG are conducting a forensic investigation into the irregularities, and will issue a report at the end of July.

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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Brothel Funds Olympic Bid

Full marks to Logan Campbell from New Zealand for using his initiative wrt sourcing funds for his Olympics 2012 bid to win a medal at taekwondo, he has opened a 14 bedroom brothel.

New Zealand decriminalised prostitution six years ago, and brothels are allowed to operate with few restrictions.

However, Team NZ funding manager John Schofield is not happy. He is quoted in the Sunday Star Times:

"Selection takes into account not just performance but also the athlete's ability to serve as an example to the youth of the country."

Olympic Medals won during the Beijing 2008 Olympics

Don't forget to visit www.theolympicswarehouse.com
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Jowell Contradicts Johnson

Tessa Jowell has contradicted Boris Johnson, Mayor of London, over the legacy of the London Olympic Stadium.

Johnson said last week that it would be "very foolish to rule out" retaining at least a 50,000 capacity as England bids to host the 2018 World Cup

However, Jowell claims that it will not be a potential venue for the 2018 World Cup.

"We don't need another football stadium, we have got Wembley.

Funding the maintenance of a stadium between 2012 and 2018 is quite a stretch, so I think we will continue to develop the plan that we have for the Olympic Stadium."

The one small problem with Jowell blocking this is that she will be leaving Parliament at the next election, some two years before the Games. The final decision over the legacy of the stadium will therefore be made by someone else.

Olympic Medals won during the Beijing 2008 Olympics

Don't forget to visit www.theolympicswarehouse.com
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Cyber Crime

Deputy Assistant Commissioner Janet Williams of Scotland Yard has warned that international criminal networks are preparing to target the London 2012 Olympics, using the Internet to carry out their frauds.

Deputy Assistant Commissioner Williams, speaking at Association of Chief Police Officers annual conference, said:

"There is a lot of work to be done with e-crime and the Olympics. First of all we need to get the money sorted and there is an imperative about that now.

We know from Canada and Beijing that the threats are real and they have grown in the last six months.

These are all potentially subject to abuses and we need to understand these and put plans in place very quickly now.

That is a projected area of work and it is where e-crime meets the more significant threats and terrorism threats."

Needless to say, the police are asking for more money to help them fight the 2012 threat. Funny how the Olympics is used by all and sundry as an excuse to get the begging bowl out!

Olympic Medals won during the Beijing 2008 Olympics

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Jowell To Quit

The hapless Olympics Minister, Tessa Jowell, is to quit Parliament at the next election (latest 2010). Which means that she will be quitting at least two years before the London games.

Will this make any difference to the Olympics?

Olympic Medals won during the Beijing 2008 Olympics

Don't forget to visit www.theolympicswarehouse.com
www.olympicsdiary.com brought to you by www.kenfrost.com "The Living Brand"

Legacy Targets Falling Short

The London Assembly Economic Development, Culture, Sport and Tourism Committee stated in a report today that organisers of the London 2012 Olympics are falling short on delivering employment targets, tourism strategy and sports participation.

Quote:

"The promise of a legacy was a significant factor in London winning the bid to host the 2012 Olympic and Paralympic Games. Urban and social regeneration, and increased sports participation, were to be the hallmarks of these Games.

Some aspects are on track, but there are still areas that need more attention to deliver the promises that were made."

Olympic Medals won during the Beijing 2008 Olympics

Don't forget to visit www.theolympicswarehouse.com
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