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Taiwan TransAsia plane crashes into river
4 February 2015 Last updated at 10:50 ET http://www.bbc.com/news/business-31125052
A plane carrying mostly Chinese tourists has crashed into a river in Taiwan, killing at least 25 people. Dramatic video footage emerged showing the TransAsia Airways plane clipping a bridge as it came down shortly after take-off from a Taipei airport. The plane, carrying 58 people, has broken up and the fuselage is lying half-submerged in the Keelung River. Rescue efforts are ongoing. At least 15 people have been pulled out alive, with 18 still missing.

 

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Wow, pretty shocking video. Right after take-off.

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The 2014 Winter Olympics in Sochi, Russia, were a scam from the very start. Sochi is a resort city with mild weather that had nothing close to the infrastructure necessary to host the Olympics, yet the initial budget was only $12 billion dollars. In comparison, the budget for the 2010 Winter Olympics—held in the much more developed Vancouver, Canada, whose metro area is seven times bigger than Sochi—was $8 billion. The real final cost of everything in Sochi, as documented in this exhaustive Businessweek piece? $51 billion.

But Vladimir Putin had a plan, you see! Instead of the Russian government shouldering the $39 billion in cost overruns. they were going to get rich Russian oligarchs to do so. While it seemed like a harebrained scheme, there was at least the "hope" that Putin's government was so corrupt that it could essentially run a protection racket, and demand the oligarchs pay to be able to continue doing whatever shady things got them rich in the first place.
Today, almost exactly a year after the opening ceremonies, AP dropped a big story on the Games's finances. You'll be shocked to learn that, with oil prices dropping and Russia facing a financial crisis, the plan has fallen apart and the Russian people will end up biggest losers, ultimately paying for the entire thing with their tax money.

 

Deadspin

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