Much of the routine trade and investment between China and America is entirely appropriate and in America’s interest. But inserting the Chinese Communist Party into America’s pay-to-play system and its economic development strategy isn’t just crossing a line. It’s a leap into an abyss of stupidity.
This is awful financial logic from the Tribune. If Chicago were sensible and wanted to buy the parking meters, it would say to the owner: “Sell us the parking meters for xxx$ (some small fraction of the pending sale) or we will file bankruptcy and void your parking meter deal entirely.” That’s because Chicago’s earlier “sale” of the meters was not really a sale. It was a “concession agreement” and probably would be characterized in bankruptcy as an “executory contract,” making it voidable in bankruptcy. I explained all that here: https://wirepoints.org/could-a-bankruptcy-court-cancel-chicagos-hated-parking-meter-deal-maybe-wp-original/. That’s how things work in the hardball world of… Read more »