Multinational corporations that buy and sell water and water services are seeking public utilities in the industrialized world for what they hope will be guaranteed profits. In the United States, towns and cities are flirting with water privatization as a way to pass on the costs of upgrading their aging utility infrastructure. But water is unique. Unlike electricity, natural gas or telecommunications, everyone needs water to survive. Nonetheless, local officials worldwide are negotiating deals in private with companies that view a government-guaranteed monopoly on water as the ultimate deal. In their zeal to embrace white knights, local water boards...