Quick Hit Adam Doster Monday August 9th, 2010, 11:12am

"We Could Have Done That Ourselves"

That's Ald. Scott Waguespack (32nd Ward), parking meter privatization opponent and rumored Chicago mayoral challenger, speaking to Bloomberg reporter Darrell Preston over the weekend about the city's parking meter sell-off. According to documents related to the deal, the partnership of investors that dished out $1.15 billion to "purchase" the city's meter system is on pace to earn at least $9.58 billion in profits over the next 75 years. All the Morgan Stanley allies had to do was pay the up-front cost to Mayor Daley, raise the meter rates marginally, invest about $40 million in capital improvements, and watch the revenue rush in. 

If the council had followed the advice of Waguespack or Ald. Rey Colon (35th Ward), that money could be headed straight into Chicago's coffers. Instead, it's padding the paychecks of politically-connected banks. And future taxpayers will have to cover the loss.


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