Aug 3, 2009
A Los Angeles City Council committee is offering the CIM Group a 30-million dollar loan. CIM says it needs the money to retrofit one of its theaters, for Cirque de Soleil's acrobatic circus show.
Officials say CIM pledges to create 868 jobs. Why 868? Because that way, it comes to one job per $35,000 loaned – a requirement of the federal fund from which the money comes. And about "creating" these jobs, all CIM had to say was that the show would bring business to the retailers in the mall and its vicinity!
The city had already poured 127 million dollars into the construction of CIM's Hollywood & Highland mall where the theater is located. And CIM is not the only company to get big sums of money. Far from it!
So it's a big lie when L.A. politicians say that the city has no money and demand more concessions from city workers.