Chicago Gets Park-Jacked

meter fail Under the brilliant leadership of Mayor Richard M. Daley, in 2008, the City of Chicago leased the right to collect money from the city’s parking meters to Morgan Stanley, Abu Dhabi Investment Authority and Allianz Capital Partners.

Turns out that, during the life of their 75-year lease, these capitalists will collect at least $11.6 billion from Chicagoans, and, from that $11.6 billion, will likely net a profit of $9.58 billion before interest, taxes and depreciation. That profit will be more than 8 times the $1.15 billion Chicago received from the coalition of vultures.

As Bloomberg Business Week puts it:

The deal illustrates how Wall Street banks, recipients of more than $300 billion in taxpayer bailouts in the worst credit collapse since the Great Depression, are profiting from helping states and cities close record recession-induced deficits by selling bonds and leasing public properties.

With “help” like that, who needs harm?

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