<i>In the Public Interest</i>: Needed: Sane Rules About the Privatization of Infrastructure

The report describes how Chicago sold the revenues from its parking meters in 2009 to a consortium of investors led by Morgan Stanley.  “Private investors gave the city an upfront payment of $1.15 billion in exchange for meter revenues for the next 75 years," the report writes.  "Since private operators took over the parking meters, rates have significan­tly risen, whle meter maintenanc­e quality has declined.  Recent analysis shows that Chicago undervalue­d the asset and should have received a billion additional dollars for the deal.”

Bottom line:  The people of Chicago will pay higher parking fees while suffering from deteriorat­ing meters through the year 2084.  Welcome to the "efficienc­ies" and "innovatio­n" of the "free market."

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