I have always disliked the privation of our infrastructure and especially the roads (tolls). And as I have been investigating them I am finding much more to dislike. Check it out. Beginning with the contracting stage, the evidence suggests toll operating public private partnerships are transportation shell companies for international financiers and contractors who blueprint future bankruptcies. Because Uncle Sam generally guarantees the bonds - by far the largest chunk of private money - if and when the private toll road or tunnel partner goes bankrupt, taxpayers are forced to pay off the bonds while absorbing all loans the state and federal governments gave the private shell company and any accumulated depreciation. Yet the shell companys parent firms get to keep years of actual toll income, on top of millions in design-build cost overruns.
Posted on: Tue, 23 Dec 2014 23:56:43 +0000
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