A couple of years ago, Chicago sold its parking meters to an outside company for…are you sitting down?…$1.15 billion.  Billion with a B.

Over the years, Chicago had essentially given up on its parking meters.  Just like they have given up on snow removal and quality government.   Some meters worked, most didn’t.  No dummies, the City’s residents pretty much ignored them, and ignored any fines.  The city only collected about $25 million per year.  Not chump change, but when a private company, Parking4Dummies, LLC, approached the city mayor and council about buying all the meters for 75 years, they were all  hands out, “we need the money, you Parking4Dummies guys.”

Well, soon the private company improved the meters, ie. they take credit cards now, went after parking fines, increased the fees, and increased the revenue by three times.  Private enterprise is like that.  They figure it out.

Chicago wants a do-over.  Mostly cuz the city was supposed to use the money for future needs, as in this idea:  BUY ONE SNOWBLOWER for the City’s sidewalks for cripes-sake!   But instead of saving it, they spent it all.  Lickity-split.  Anyway, now they think they should have sold it for about $750 million more.

Who knew parking meters could be so lucrative?

My Idea:  It got me to thinking about other areas that could be privatized.  I have a foolproof one.  You could make billions.  This has to do with unemployment benefits and the fraud that occurs.

Every state has an UI fraud reporting line.  I called one I found on the google. What a joke.  No wonder why Unemployment Fraud is at an all time high.

I am starting a new company, www.UFFDA.com.  If the parking meters in Chicago were sold for over $1 billion, how much would you pay for UFFDA?

It is called Unemployment Fellow Fraud Detection Administration, or UFFDA for short.  It works like this.  We all know someone who should not be collecting un-employment benefits.  It might be Cousin Jimmy who collects UI, but paints houses on the side for cash.  Or Uncle Curly, who tutors kids for cash on the weekends.  So, you call the number, rat them out and then collect your percentage, 10% of what you save the government.  Completely anonymous of course…no fights at Thanksgiving Dinner and all.

I think it would work.  Anyone know a lobbyist who has contacts at the state levels who could make me the sole fraud collection agent?  I give great commissions.

UFFDA!