Parking Meter Lawsuit
When the government botches up governing, are courts the answer, rather than distant elections somewhere down the road?
- A local investment firm advising Mayor Daley's administration in the run-up to the parking meter deal provided a "grossly faulty assessment" that will short-change motorists and Chicago residents for years to come.
That's according to a class-action lawsuit filed Friday in Cook County Circuit Court against the Chicago-based firm William Blair & Company, which analyzed the deal and advised city officials before they approved the 75-year, $1.15 billion deal to lease the parking meters, the Chicago Sun-Times is reporting.
According to court papers, Blair was paid millions for the analysis and in a written memorandum to the city in June 2009 issued a report stating the deal "was fair to the City from a financial point of view."'
Fair to the City?
- The company expects to rake in more than $73 million this year — more than triple the city's annual $20 million take before the meters were privatized.
Double the money would have alleviated a lot of problems, including the bond rating and the half-a-billion dollar deficit. It might have smoothed over the rough patch we're going through. Government is supposed to provide for the citizens, not for cronies.