I work for a small company that has as one of it’s
customers a property management corp. which leases office
space to AIG. AIG recently finished a top notch rennovation
of this space no doubt financed by bailout money. That’s
belt-tightening for you (AIG style, anyway).
Not that there is anything I agree with in the AIG debacle, it should be noted that a commercial renovation is not an overnight process.
Concept, plans, specs, bids, permits, approvals, nothing is stock-always six weeks or more...we didn’t know the plumbing main was there!...That’s not quite the chartreuse in the specs and the owner will not accept...
Probably was well along the way when it hit the fan.