Frank DeFilippo: Public-Private Partnerships — Like Something Out of Ayn Rand

More than a decade ago, the state of Indiana sold a 157-mile toll road to a private venture for a lump sum payment of $3.8 billion. The road lost $260 million a year later, the private consortium was unable to make the debt payments and the state almost got stuck with paying off the bonds. A second private consortium bailed out the deal for $5.7 billion with 66 years left on the lease. Tolls skyrocketed. Illinois turned its lottery over to private managers but canceled the arrangement after three years when revenues fell $500 million behind projections. (Md. Matters)

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