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graft and corruption - surely not

Posted 10 Dec 2011 at 22:44 PM by clive

From New York Trade Center - Living Archive

1965, when PA director Austin Tobin exhorted members of the Building Trades Employers' Association: "You, the master builders of the most spectacular skyline in the world will not quail - or be daunted - by the inevitable evolution of new structural concepts" the tab had leapt to $525 million. By the time the towers topped out, the PA's official cost estimate had escalated to $800 million - an amount generally regarded as $300 million shy of the true bottom line. But neither figure accounts for the $25 million in yearly graft that city officials estimate the PA paid to construction locals during the building phase. Certainly the trade center's cost was raised significantly by what planners call "occult factors," such as inflation, interest rate fluctuation, construction delays, and sabotage. (ED)
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