Lingering Questions Remain About Boston 2024

[unhappycamper]

http://bostinno.streetwise.co/2015/08/11/boston-2024-final-report-on-financial-details-costs-of-olympic-bid-yet-to-emerge-what-chicago-new-york-spent/



The former Boston 2024 offices in the Seaport.

Lingering Questions Remain About Boston 2024
Hayden Bird
08/11/15 @10:42am

Boston 2024 is gone from the minds of the public, having melted away swiftly following the decision by the United States Olympic Committee to pull the bid in late July. In the time since, Boston 2024 employees have slowly begun to move on, as the once thriving day-to-day of an Olympic push has subsided. The sunglasses and gear have been given away, while the office supplies will be donated. What remains to be disclosed is what happens to the money Boston 2024 raised.

In its first (and only) quarterly report, Boston 2024 noted that it had raised approximately $14 million since its January 2014 start. Clearly, more was raised in the second quarter of 2015, even as the bid encountered increasing trouble.

Exactly what happens to that money has not been revealed. Of course, it's not even known if the bid will necessarily finish with a surplus. The uncertainty in this instance is created by the fact that there are still outstanding bills and obligations (with other loose ends left to tie up). Also, the bid's infrastructure has already been essentially washed away. Email addresses previously linked to the bid now send automatic replies with a message that includes:

"As of Friday, August 7, 2015 this email address is no longer associated with Boston 2024."

Naturally, there is a portion of the public who will rightfully ask why any of this even matters. After all, the bid (which was privately funded) is now dead.

[djean111]

1. That committee was prepared to give Deval Patrick $7500 A DAY.

http://www.masslive.com/news/boston/index.ssf/2015/03/deval_patrick_will_get_7500_pe.html

BOSTON — Former Massachusetts Gov. Deval Patrick will be compensated $7,500 per day when he travels on behalf of the backers of a bid to bring the 2024 Summer Olympics to Boston, according to organizers.

The organization – Boston 2024 – is also spending tens of thousands of dollars on a monthly basis for consulting, according to salary information released on Monday.

......
Boston 2024 also released information on staff salaries and consultants. Rich Davey, Patrick's former transportation chief and the Olympic organization's CEO, annually makes $300,000, while Murphy earns $215,000. Joe Rull, a former top aide to Boston Mayor Marty Walsh, makes $175,000 as chief administrative officer.


.......

Much more boondoggle (IMO) at the link. I had heard that the Olympics, like FIFA, makes a lot of money for those on the committees. I would imagine that, after "expenses", there will not be any refunds forthcoming. I also saw that plea to keep going on the plans for Boston infrastructure as a plea to keep some of those salaries rolling in, at taxpayer expense, but then I am a cynical person.

[unhappycamper]

2. Deval Patrick

He's been a major disappointment.

He killed Cape Wind.

Then the $7,500 a day for Boston2024.

Then he joined Bain Capital.

[djean111]

3. Yep. And at Bain Capital, he is quite cheery about exploring ways to make a profit from

helping poor people. THIS is the new face of the Third Way takeover. I wouldn't be surprised to see him on a VP shortlist for any candidate who is not Bernie. Obama has mentioned that Patrick would make a great president or V. Yes - for the 1%.

https://www.bostonglobe.com/business/2015/04/13/former-gov-deval-patrick-join-bain-capital/QEgS648qXMm2KIq1AUySRO/story.html

The move is a new avenue for Bain Capital, an $80 billion firm best known for investments in companies like Dunkin’ Donuts and Staples. Patrick will help give Bain its first foothold in the growing field of “social impact” investing, tackling social problems such as hunger and climate change with for-profit investments.