Public-Private Partnerships Could Be a Lifeline for Cities http://t.co/qNiA1490XY
— DealBook (@dealbook) July 15, 2013
The New York Times’ DealBook, ran a blog post written by an attorney involved in some of the worst privatization deals in America. The author Kent Rowey is described by DealBook as “a partner in the energy and infrastructure practice at Allen & Overy in New York.” What DealBook fails to disclose is that Rowey was the transaction attorney for the deals he is praising in the piece and using as examples for other cities to follow. Is this anything less than a paid advertorial in The New York Times?
Rowey jumps into the hellfires of muniland with his piece (emphasis mine):
Gaining much needed cash and operating efficiency are prime incentives for municipalities to undertake such transactions [public-private partnerships]. Chicago entered into a concession for 36,000 parking meters a few years ago through a 75-year contract valued at more than $1 billion. Besides streamlining the costs of running the citywide program, the new concession exposed abuses of handicapped parking permits and led to the passage of a law preventing abuses. Today, the Chicago Metered Parking System is considered one of the world’s best.
Actually, Chicago’s parking deal is considered one of the most egregious municipal scams in the last century. Here is the current mayor of Chicago, Rahm Emanuel, recently describing the deal:
‘I know this tested everybody’s patience. This deal tests the patience of our residents every day,’ the mayor said.