Tuesday, May 21, 2013

Chicago and its parking meter deal

"Lipstick on a pig"--more like "hogs at the trough"--

Rahm Emanuel, Chicago Mayor, parking meter deal - chicagotribune.com: "The mayor acknowledges this proposal is lipstick on a pig. The awful 2008 contract gets worse with every reading of it, but it most likely cannot be undone. And if it could be, the city has already spent the money and doesn't have a spare billion or two to buy out the company anyway. . . . Yes, the city apparently is on the hook to pay $1 billion to a company that paid the city ... $1.2 billion. It sounds like the mayor's team has substantially reduced a frightening city obligation. But here's what keeps gnawing at us. If this deal is so good financially for the city, why would Chicago Parking Meters LLC agree to it? Fool me twice ...."

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