The Privatization Scam 0
Another privatization scammer goes bust.
IFM Investors purchased ITR Concession Co., which holds the lease on the 157-mile highway across northern Indiana for another 66 years. ITR Concession had declared bankruptcy on more than $6 billion in debt last September, and a federal bankruptcy judge in Chicago approved a plan to put the lease out to bid.
It’s not just bad policy, it’s bad business to try to wring private profits from public responsibilities.
Via Eschaton.
