Reuters distorts 2008 Penn Pike privatization move

It takes three Reuters reporters to get the story completely wrong. They say in a piece running today that "the Abertis-Citigroup team let their Turnpike privatization offer lapse after a series of polls showed it was unpopular with voters."

In fact the Abertis-Citi let their offer lapse when it was clear that legislative leaders supporting the Turnpike Commission wouldn't allow a vote on enabling legislation needed for the privatization to proceed.

The $12.8b offer was extended twice at the request of the Governor, Edward Rendell, to give the legislature more time.

Opinion polls showed the legislature's plan to toll I-80 was more unpopular than privatization, but the opinion polls weren't a factor.

Abertis statement Oct 1 2008:

http://www.abertis.com/dyndata/01102008_decisionpennsylvaniaen.pdf

It took Reuters staffers Jon Hurdle, Dan Grebler and Joan Gralla to get this screwed up.

TOLLROADSnews 2009-06-02