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Private Equity, Public Inequity: The Public Cost of Private Equity Takeovers of U.S. Water Infrastructure

Private Equity, Public Inequity: The Public Cost of Private Equity Takeovers of U.S. Water Infrastructure

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Investment bankers and other major financial players are increasingly interested in taking control of water and sewer services across the United States. Private equity vehicles are armed with more than $100 billion for infrastructure worldwide. Although most deals in the U.S. water utility market have involved existing private sector companies, a number of fund managers anticipate that the ongoing fiscal crisis will drive some governments to privatize their water infrastructure. To make that prediction a reality, major financial interests are backing various government proposals that facilitate privatization and private investment bankers and other major financial players are increasingly interested in taking control of water and sewer services across the United States. Private equity vehicles are armed with more than $100 billion for infrastructure worldwide. Although most deals in the U.S. water utility market have involved existing private sector companies, a number of fund managers anticipate that the ongoing fiscal crisis will drive some governments to privatize their water infrastructure. To make that prediction a reality, major financial interests are backing various government proposals that facilitate privatization and private financing of public infrastructure.
Investment bankers and other major financial players are increasingly interested in taking control of water and sewer services across the United States. Private equity vehicles are armed with more than $100 billion for infrastructure worldwide. Although most deals in the U.S. water utility market have involved existing private sector companies, a number of fund managers anticipate that the ongoing fiscal crisis will drive some governments to privatize their water infrastructure. To make that prediction a reality, major financial interests are backing various government proposals that facilitate privatization and private investment bankers and other major financial players are increasingly interested in taking control of water and sewer services across the United States. Private equity vehicles are armed with more than $100 billion for infrastructure worldwide. Although most deals in the U.S. water utility market have involved existing private sector companies, a number of fund managers anticipate that the ongoing fiscal crisis will drive some governments to privatize their water infrastructure. To make that prediction a reality, major financial interests are backing various government proposals that facilitate privatization and private financing of public infrastructure.

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Published by: Food and Water Watch on Sep 06, 2012
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Public Inequity
Private Equity,
THE PUBLIC COST OF PRIVATE EQUITY TAKEOVERS OF U.S. WATER INFRASTRUCTURE
 
Food & Water Watch works to ensure the ood, waterand fsh we consume is sae, accessible and sustainable.So we can all enjoy and trust in what we eat and drink,we help people take charge o where their ood comesrom, keep clean, aordable, public tap water owingreely to our homes, protect the environmental qualityo oceans, orce government to do its job protectingcitizens, and educate about the importance o keepingshared resources under public control.
Food & Water Watch Caliornia Ofce
1616 P St. NW, Ste. 300 25 Stillman St., Ste. 200Washington, DC
 
20036 San Francisco, CA 94107 tel: (202) 683-2500 tel: (415) 293-9900ax: (202) 683-2501 ax: (415) 293-8394
info@fwwatch.org info-ca@fwwatch.org
www.oodandwaterwatch.orgCopyright © August 2012 by Food & Water Watch.
 
All rights reserved.
 
This report can be viewed or downloadedat
www.oodandwaterwatch.org.
About Food & Water Watch
 
THE PUBLIC COST OF PRIVATE EQUITY TAKEOVERS OF U.S. WATER INFRASTRUCTURE
Execuive Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Privae Equiy Targes U.S. Waer and Sewer Sysems .......................3
Rate Hikes Follow Private Equity Deals: “Social Dynamite” 
.................3 
“A errible deal” in Sana Paula, Caliornia
................................3Pushing Privaizaion ..................................................5 
“The inrasrucure privaizaion bank”
..................................5 
“An indusry-backed deal” in Chicago, Illinois
.............................6
Privatization as a “Mega-Credit Card” and “Budget Gimmickry” 
.............6 
“Sheer olly” in Nassau Couny, New York
................................7
Financial Consultants’ Conlict o Interest 
...............................7 
A rejeced gamble in Reno, Nevada
.....................................7
Public’s Lack o Bargaining Power 
.....................................8Eye-Waeringly High” Prois ...........................................8
Squeezing Dry and Running 
..........................................8
Leveraging Risks and Costs 
...........................................9
Gilding Inrastructure 
 ...............................................10
Circumventing Income Taxes 
.........................................11
Lacking Transparency 
..............................................11Recommendaions ....................................................13
Local Public Control 
...............................................13
Public- 
Public
Partnerships 
...........................................13
Increased Federal Funding 
...........................................14
Reauthorization o Build America Bonds 
...............................14Endnoes ............................................................15

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