Planet Money When Chicago pawned its parking meters
89 snips
Dec 12, 2025 
Mick Dumke, a seasoned Chicago journalist known for his insights into Mayor Richard M. Daley's administration, dives into the controversial 2008 decision to privatize the city’s parking meters. He recounts the whirlwind leading to the $1.16 billion deal and its aftermath, which included soaring rates and public outrage. Mick unveils the chaos behind the deal's approval process, plus shocking tales of discarded documents revealing secret investor ties. Ultimately, he discusses how Chicago shortchanged its future with this rushed decision.
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Privatization As Short-Term Fix
- Mayor Richard M. Daley used privatization to raise large upfront cash during budget shortfalls instead of raising taxes.
- He repeatedly sold future public revenues for immediate relief, setting a precedent for bigger swaps.
A Gym Mat That Started 15 Years
- Mick Dumke remembers watching the 2008 announcement from a gym, spotting the $1.16 billion parking-meter deal on TV.
- That moment launched his 15-year reporting project on the deal's consequences.
Driving The City To Price Meters
- Sadek Waba and his Morgan Stanley team drove around Chicago to audit meter usage neighborhood by neighborhood.
- They used on-the-ground checks to build the bid that won the lease.
