There are a handful of ways Edmontonians could react to news that its municipal government sunk $9.4-million over the last six years into a recycling business that just filed for bankruptcy.
Finger wagging over wasted taxpayer money is one way to go. Why, some might chide, did the city mess about in private business with public dollars? Government ought not be in the game of picking private sector winners and losers. And those millions of dollars could have been better spent somewhere else.
Others might feel it was a mistake for the city to let something like Greys Paper Recycling fail after investing so much already in the northeast Edmonton facility at the Waste Management Centre. That includes, according to bankruptcy filings, $5 million for construction costs in 2009-10 and a total of $4.4 million for equipment in 2012 and 2014 that was supposed to be paid back to the city through lease payments.