Wall Street Tightens Grip on Public Water as Local Residents Suffer

Wall Street Tightens Grip on Public Water as Local Residents Suffer by Common Dreams, August 22, 2012
Vulture capitalists are increasingly facilitating the privatization of public infrastructure, taking control of public utilities while skimping on services and causing steep price hikes — all the while making massive profits. According to the report, private equity firms show up to hurting municipalities as hired financial advisers and subsequently push through privatization deals. Massive profits are made in the process, as such advisers stand to make great financial gains through these deals. Following privatization, local residents are continually denied sufficient services and face steep consumer price hikes in the under-regulated process. “Like Wall Street’s manipulation of the housing market in the previous decade, private equity firms and investment bankers are increasingly looking to cash in on one of our most essential resources—water,”