Friday, March 6, 2009

Trolling DC for Cash

When you are an insider, sometimes you get the money this way, and sometimes that way, but you always get the money. PEU has a real-time example to keep an eye on:

The Port of Oakland negotiated a public-private infrastructure partnership with Ports America Group [PAG]. PAG is controlled by private equity underwriter HighStar Capital, seeded with AIG money. If HighStar gets funds from President Obama's National Infrastructure Bank, will PAG double dip in taxpayer green, NIB funds and AIG seed money? Will they access Treasury money to buy back PAG debt for pennies on the dollar? Congress gave firms like that a $25 billion tax break.

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