Morgan Stanley announced today that Chicago Parking Meters, LLC, a consortium led by its infrastructure investment group that is part of the Firm’s Investment Management Division, has been selected by the City of Chicago as the winning bidder for the 75-year concession of the Chicago Metered Parking System ("the System" or "metered parking system"). Chicago Parking Meters, LLC submitted a bid of $1.15 billion for the metered parking system. LAZ Parking ("LAZ") will be responsible for the operation of the System.
Here is the link. Remember the great scene from Donnie Brasco? For the pointer I am thankful to Air Genius Gary Leff.
A 75 year concession in one bid? No wonder they call it the System.
Think of all the babies not yet born who will grow up and retire without ever having the chance to solicit bribes for parking meter concessions.
Followed by
pay toilets
pay elevators
and eventually
pay sidewalks
“Investment management” is not equivalent to “investment banking.” You are conflating two different business models, like real estate investing and real estate brokerage. That being said, viewing the Donnie Brasco clip in the context of former white shoe investment bank (now sneaker-clad government protege) is pretty funny.
I have always heard from liberals that it is
conservatives who are always privatizing government
jobs. Can’t these Cook County liberals count
on some super efficient government employees
to run the system instead of outsourcing it.
I never saw Donnie Brasco, but suddenly the opening scene from Cool Hand Luke seems more relevant than before.
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