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Excerpt from Interview with Matt Taibbi by Maria Armoudian www.Alternet.org
MA: You say that there’s another half -- the outsourcing through foreign sovereign wealth funds. What are these funds, and how are they connected to all of this?
MT: This is an ancillary part of the story. A sovereign wealth fund is basically like a giant hedge fund that is government owned, and they’re particularly popular in the oil producing countries of the Middle East. You have a country like Saudi Arabia or the United Arab Emirates, for instance, that gets a lot of revenue from oil, and they put the excess cash in this giant fund that looks for investment opportunities around the world to grow itself bigger. My friend who works at one of these foreign funds called me and said, “I was in a meeting, and a bunch of guys from an American investment bank showed up with a slide projector and tried to sell me and my bosses the Pennsylvania Turnpike. They sat down, showed us all these pictures and said, ‘look the toll booths are in good shape the roads are paved and you should buy this thing.’” And they did try. The State of Pennsylvania shopped the Pennsylvania Turnpike for a period of time. They ended up not doing that deal, but there are cities and states all around the country that are doing these deals.
MA: So they are selling parts of the highways? What else?
MT: In Chicago, it’s the parking meters. They sold 75 years worth of parking meter revenue for the City of Chicago. The Abu Dhabi Investment Authority is at least a 26 percent owner in the Chicago parking meters now. Now there are no parking holidays in the city of Chicago. You have to pay meters on Lincoln’s birthday, on Christmas, Thanksgiving. If you’re an alderman and you want to have a street fair or something like that, you basically have to pay an exorbitant fee to the investors in order to have the right to hold a fair in your own neighborhoods. That’s happening all over the country. There are dozens of these deals going through.
Posse Comitatus is Alive and Well
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