Thursday, July 3, 2008

full disclosure

In the stock market, if someone is selling a stock that they stand to benefit from, they have to tell whoever they am trying to sell it to. It is called FULL DISCLOSURE, and enables the person to judge the stock on its merits, not because the salesman wants to line his pockets. There are, apparently, some residents who dont believe in FULL DISCLOSURE, or perhaps have NEVER heard of that concept. FULL DISCLOSRE is the law in the stock market, for good reason. It helps to weed out the snake oil salemen and shysters. Why wouldnt that principle apply here? If the sales pitch of a $50 stock requires FULL DISCLOSURE, why wouldnt the sales pitch of a MULTI-MILLION dollar gym? In BOTH cases the saleman wants you to buy his argument in support of his product, yet with the stock pitch, at least he has to be honest and upfront about it. Last I heard the latest estimates on the gym project were a mere FIVE YEARS to complete and a final budget of a mere 15-18 MILLION dollars, based on the city's incredible lack of performance in the CC addition and the bathrooms. Most recently we have spent OVER $414,000 on TWO bathrooms (1116 sq feet). That comes to a little less than $400 a square foot, compared to normal new construction costs of $125 a square foot (an EASY triple), and is only the costs SO FAR. Is anybody disputing those numbers? If so, on what basis? The truth shall set you free.

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