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Started By
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"A lesson in worst business practices' presented by the city of Chicago
Posted on 6/6/25 at 4:10 pm
Posted on 6/6/25 at 4:10 pm
In 2008 Chicago like now was broke, so they started selling some of their stuff.
Last year the firm brought in $161 million. If that number is the average over the next 58 years, they will turn a profit of $ 9.338 billion
quote:
Chicago City Council struck a deal to lease the city’s 36,000 parking meters to investment consortium Chicago Parking Meters LLC, a group of global investors led by Morgan Stanley.
The investors paid nearly $1.157 billion to receive the revenue from the meters for 75 years — and the city must reimburse them whenever the parking meters are taken offline, such as for festivals or construction
quote:
Now, a 2024 audit by accounting firm KPMG has found that, with another 58 years still left in the agreement, the private investors have already recouped their initial investment.
Last year the firm brought in $161 million. If that number is the average over the next 58 years, they will turn a profit of $ 9.338 billion
11
Posted on 6/6/25 at 4:19 pm to TigerintheNO
Posted on 6/6/25 at 4:20 pm to TigerintheNO
Chicago would just piss it away with fraud and misuse anyway
Frick ‘em
Frick ‘em
Posted on 6/6/25 at 4:22 pm to ThatTahoeOverThere
The American system of government is such a sham.
A private group runs the parking meters in a major American city and enforces laws on the citizens.
What a retarded system.
A private group runs the parking meters in a major American city and enforces laws on the citizens.
What a retarded system.
This post was edited on 6/6/25 at 4:23 pm
Posted on 6/6/25 at 4:37 pm to TigerintheNO
Ah, govt.
This is what you get when idiots are in charge of tax dollars
This is what you get when idiots are in charge of tax dollars
Posted on 6/6/25 at 4:46 pm to TigerintheNO
I thought I remember seeing something about this not too long ago and I believe the “investors” are either Chinese, Qatari, or Indian
Edit: looks like UAE
Edit: looks like UAE
This post was edited on 6/6/25 at 4:47 pm
Posted on 6/6/25 at 4:48 pm to TigerintheNO
We live in one big Monopoly ponzi scheme.
Posted on 6/6/25 at 4:48 pm to TigerintheNO
If you understand time value of money at all, this is a fantastic deal Chicago made.
Posted on 6/6/25 at 4:50 pm to Scruffy
quote:
The American system of government is such a sham. A private group runs the parking meters in a major American city and enforces laws on the citizens. What a retarded system.
They’ve been using this country as shell company to get rich quick or to get a quick bail out for the last 40 years. They don’t want to make unpopular cuts or cuts that affect their buddies so they just sell off their sovereignty for a quick nickel.
Posted on 6/6/25 at 4:50 pm to bbap
quote:
If you understand time value of money at all, this is a fantastic deal Chicago made.
Explain
Posted on 6/6/25 at 4:51 pm to TigerintheNO
Here’s the seminal (heh-heh) tome on the subject.
Quality reading on an admittedly extremely dry subject.
Quality reading on an admittedly extremely dry subject.
Posted on 6/6/25 at 4:53 pm to genuineLSUtiger
quote:
We live in one big Monopoly ponzi scheme.
You pay into social security. Then get taxed on it when are old enough to take it out.
75% of that tax goes back into the fund.
They say you can’t get rid of that tax because then SS will go insolvent.
But it’s not a Ponzi scheme because the government says it’s legal.
Posted on 6/6/25 at 5:00 pm to bbap
quote:
If you understand time value of money at all, this is a fantastic deal Chicago made.
$1.157 billion invested should easily produce more than 9 billion in 75 years.
I ran a savings account interest calculator for 1.157 billion at a measly 4% interest gain.
quote:
Your savings could be worth $23,235,093,678.23 after 75 years of $0.00 monthly deposits to a Savings account returning 4% APY† compounded daily.
Posted on 6/6/25 at 5:02 pm to Shexter
Oh I know, but most seem to not understand. Hell even if they only invested half.
Now did they do that? No clue, but they could just as easily piss away the money if they don't make this deal and is a completely different discussion.
And 4% is really conservative, put in 8% and see what you get.
Now did they do that? No clue, but they could just as easily piss away the money if they don't make this deal and is a completely different discussion.
And 4% is really conservative, put in 8% and see what you get.
Posted on 6/6/25 at 5:02 pm to TigerintheNO
Everyone wants easy money.
The turtle wins the race.
The turtle wins the race.
Posted on 6/6/25 at 5:23 pm to bbap
quote:
Now did they do that? No clue,
LINK
quote:
A Temporary Fix, Lasting Consequences
The $1.15 billion payout gave the city a quick fix for its budget gap, but critics said the money wasn’t handled wisely. Promises to save some of it for future needs, like pension obligations, didn’t really pan out.
Ferguson pointed out that if that money was invested properly, it could have been generating revenue for years.
Instead, Chicago gave up a major moneymaker. Now, the city is dealing with new budget challenges, but the parking meter system—once a reliable source of income—is making big profits for private operators instead.
This post was edited on 6/6/25 at 5:30 pm
Posted on 6/6/25 at 5:30 pm to upgrayedd
quote:The system is broken. The concept of voting/democracy is hijacked by people who, honestly, shouldn’t be voting at all.
They’ve been using this country as shell company to get rich quick or to get a quick bail out for the last 40 years. They don’t want to make unpopular cuts or cuts that affect their buddies so they just sell off their sovereignty for a quick nickel.
The elected officials are the dregs of our society, all of them. There are zero good ones.
It’s all a sham. The system doesn’t work.
Posted on 6/6/25 at 5:37 pm to Shexter
quote:
ran a savings account interest calculator for 1.157 billion at a measly 4% interest gain.
Run it again but assume 18% interest and that I piss all the principle balance away before it gets invested.
Posted on 6/6/25 at 5:39 pm to Shexter
quote:
$1.157 billion invested should easily produce more than 9 billion in 75 years
I suspect by law some of that had to go to municipal bonds, some of those get breaks on taxes.
Posted on 6/6/25 at 5:39 pm to Shexter
quote:
$1.157 billion invested should easily produce more than 9 billion in 75 years.
It will, that's only if revenue stays flats for the next 58 years. 10 years from now the prices to park will be higher.
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