If you haven’t heard, the financial crisis is now over.  The economy is rising, foreclosures are a thing of the past, and people are finding jobs left and right.  I know that’s what you want to hear, but unfortunately that is far from the case.

To help drive home the fact that the financial crisis is not only far from over, but seemingly getting worse, the Whistler Ski Resort, which is hosting the Olympic downhill, bobsled and luge, is being foreclosed and will be auctioned off in the middle of the games on February 19th. Whistler Ski Resort is owned by Intrawest LLC, who have not been able to repay their $1.4 Billion loan.

There is little to fear with regards to the games themselves, however.


Intrawest spokesman Ian Galbraith said no company assets have been seized, and it’s business as usual for the Games. Galbraith called the notice of auction in the New York Times and Toronto’s Globe and Mail newspaper a standard practice by lenders during refinancing discussions.

“No foreclosure has happened,” he said. “We’re looking forward to the success of the Games.”

Source: sports.espn.go.com


What is most interesting is the fact that the banks are foreclosing the ski resort after Intrawest missed only one payment, and at the peak of Ski season.  It is strange that Intrawest missed their December payment, considering the New Years tourists as well as all the early skiers, however it is far stranger to see the banks foreclosing on the property knowing very well that over the next few months they are likely to make far more money than simply selling off the land.  The fact that the Olympics are being held there, and that so much money will be poured into the resort, seems to evade the banks as well.

It just goes to show that not only are the banks robbing the people in the form of bailouts, but they are also run by a bunch of idiots.

Headline stolen from Fark