Thursday, October 21, 2010

O'Malley's $900 Million Boondoggle

The Baltimore Hilton, Martin O’Malley’s $300 million tax payer financed boondoggle, is coming back to bite him. According to Investigative Voice the hotel has racked up $30 million in losses and failed to boost the city’s convention center business—the ostensible goal for which it was built.

The city’s total debt burden for the hotel is $900 million.

While the hotel currently generates enough to pay the interest on it’s debt, it must however, by 2014 start paying down the interest, a much harder prospect as Investigative Voice notes.

It appears that the only people to profit from O’Malley’s boondoggle were the developers, including one Ronald Lipscomb—if only for a short time before the law caught up with him.

Lipscomb you may remember is the developer and donor—who heaped gobs of campaign cash on O'Malley and other Democrats—at the center of disgraced former Baltimore mayor, Sheila Dixon's corruption saga.

O'Malley you may remember called Lipscomb "a man of vision, talent, and commitment to the greater good." Of course, by “greater good” O’Malley means padding his campaign account and enriching other connected Maryland Democratic cronies.

Enriching connected Democrat donors and cronies while sticking tax payers with the bill, now that’s moving Maryland forward.


John said...

It sort of makes you think of James Taggart and his friends (from Atlas Shrugged) doesn't it?

Chester Peake said...

The hotel also ruined the gateway look of the historic Bromo tower as you entered the city from Russell Street. Now it's hard to glimpse more than the very top of the historic structure. I hate that hotel. Any chance it can be foreclosed on and torn down?

DetectiveDick said...

Words just Words and speeches, let's reread O'Malley's Inaugural speech of Jan. 17 2007.