Politics, Weather, Photography, and the Dog
Friday 19 June 2009

The Chicago Reader has another article on the Chicago Parking Meter Debacle, this time examining who got rich off it:

Not only did William Blair advise the city on the deal—it came up with the idea in the first place. Then it provided the city with the only estimate it ever received of what the system was worth and coordinated the bidding process.

Two other financial services firms and three law firms were brought in to assist. All were given no-bid contracts for the work, and all appear to have political or personal ties to the Daley administration (which is not unusual for the way the city of Chicago does business).

The financial advisers were each paid a share of what the city made in cash on the lease deal. William Blair received 0.375 percent of the payout, or about $4.3 million, according to records obtained from the city through a FOIA request. The others, Gardner Rich and Ramirez & Company, each received 0.0625 percent, or $722,813. The attorneys’ fees added up to another $1.3 million. All told, the city paid its legal and financial advisers more than $7 million for their work on the deal.

Yeah? So where's mine?

Friday 19 June 2009 09:21:26 CDT (UTC-05:00)  |  | Chicago | Politics#
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