Wednesday, October 12, 2005

Orange Delirious?

After reading today's front-page story in the WaPo's Metro section, I'm not quite sure what to make of it.

Presumed wannabe mayor Vincent Orange got the DC Council to partially reopen the stadium funding issue, by kvetching about the private financing deal with Deutsche Bank.

That deal, as I discussed the other day, makes no sense for DC. It takes away future revenue streams for a promise of up-front cash, while taking away much of the risk for the Bank. Deutsche Bank could make money hand over fist when revenue exceeds expectations, or it could bottom out and have DC bail it out with revenue from the tax coffers.

But the article seems to indicate that this is more political posturing, with Le Grande Orange taking a few hacks at Linda Cropp's bastard child. Strangely, she supported opening the agreement, because it's non-binding.

Whether that's the case or not, it does worry me that the precedent has been set. Any of those wackos on the Council (and you know which direction I'm looking) could try and stick their once-crack-addicted foot in the door and louse things up.

Hopefully it's what Councilmember Phil Mendelson said, "This is more about rhetoric, and it puts the stadium at risk. We are at the risk of reopening the wounds here, and to what purpose? For a silly piece of legislation?"