Over the past decade, the city of Chicago has sold off more of its public infrastructure and services than any other city in the U.S. It is the poster child for privatization—for privatization gone wrong.
In 2006, the city leased four major parking garages to a Morgan Stanley-led firm for $563 million. In 2009, Morgan Stanley sued the city for threatening its profits by allowing a nearby building to open a public garage. Chicago had to pay $62 million to settle. Continue…
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