“…virtually unintelligible legalese designed to give the private partners an advantage in court, while also rendering public scrutiny of the contract exceedingly difficult….”
Wall Street Firms” are holding us hostage all over again. They are using infrastructure built over decades with public monies as collateral to extract profit off of the back of taxpayers. A cursory look at some past projects of this nature demonstrates that PPPs are often inefficient, overly costly and inherently unjust.”
“infrastructure trust” works: the city pays for upgrades to its roads, rail or schools with dollars pooled by Emanuel’s friends from the banking and investment world. Meanwhile, the city retains “ownership” of the infrastructure, though this comes at the cost of having to ensure a revenue stream for the fund. One operative word being to “ENSURE”.
And what happens if the “savings” or “enhanced revenue” from the scam isn’t enough to meet the payments the City of Chicago “ENSURES” Wall Street? :) Hint: the public works asset is already being held in trust by Wall Street who will essentially end up owning it. The whole thing is a protracted round about way of selling off City assets – recently improved to be state of the art - to Wall Street with the added bonus of a guaranteed taxpayer funded cash stream (in an amount that is probably less than fair) that (with the Cities credit rating) can subsequently be used by Wall Street for further financialization.
Rahm Emanuel is guilt of racketeering. Cities wouldn’t have budget problems in the first place if it weren’t for the fraudulent schemes used by Wall Street in the Mortgage “Crisis”. Wall Street is looting Chicago with the Mayor’s complicity.
No way in hell am I voting for his buddy Tom Barrett