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Thursday, October 02, 2008
2:51 PM | Author: Brett Bumeter - Unknown | | | Edit Post
With five runways and handling nearly 305,000 flights and 19 million passengers a year, Chicago's Midway Airport has been put up for privatization. In a $2.5 billion dollar deal, a consortium of firms including the Vancouver International Airport Authority, won the development contract of Chicago's Midway.
Being the first airport to be put up for privatization in the United States, sparks the question of whether it will be the last. If we take a look at the other small regional airports across the country who are struggling in this modern economic crisis, you have to wonder how many more may come up for "privatization".
It is strange to note that the consortium of firms who won the deal to privatize Midway Airport, defeated both Goldman Sachs and Morgan Stanley, two firms at the center of the multi billion dollar Wall St. bailout deal. I find it intriguing that Goldman Sachs and Morgan Stanley were the leaders in this bid while the rest of the economy is faltering. Hey, isn't Sec. of The Treasury Henry Paulson a former Goldman Sachs guy?
The consortium has joined with John Hancock on a 99 year lease of the Chicago Midway grounds.