Goldman Sachs’ Road to Riches

Like a real estate agent representing both buyer and seller, Goldman Sachs simultaneously urges governments to privatize highways, advises them as they structure the deals, and buys a piece of the action.

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Number of city and state governments that have hired Goldman Sachs to advise them on privatizing highways: 4

Amount that Goldman Sachs clients recently put into a fund that invests in infrastructure such as highways: $3 billion

Amount that Goldman Sachs gave to a PAC established by its lobbying firm, Hillco Partners, to push a 2001 Texas ballot measure allowing privately operated roads: $10,000

Minimum amount Goldman Sachs paid Hillco lobbyist J. McCartt, a former aide to Texas governor Rick Perry, between 2002 and 2005: $95,000

Difference between the amount Goldman Sachs offered for Houston’s 83 miles of toll roads in 2005 and what a subsequent study found they were really worth: 86 percent

Number of county commissioners who voted to privatize: 0

Number of Goldman Sachs funds that invested in Australian toll road operator MIG while the bank was advising Indiana on its privatization deal with MIG: 3

Amount it would cost to drive through NYC’s Holland Tunnel if a MIG-style toll pricing scheme had been put in place at its inception: $185

Back to “The Highwaymen”

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None of it should surprise us. The problem with American journalism has always been that we entrusted this vital public service to for-profit companies whose allegiance could shift with the political winds and the bottom line.

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We’re funded by our readers too. This week, we have a generous $50,000 match for all donations, meaning that your donation—and your impact—will be doubled. Gifts from readers like you help keep us fiercely independent and telling the truth about those in power.

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