The state of Texas, like a great deal of other ones, operates two funds to help companies move to the state with a goal of creating jobs. The Dallas Morning News writes that payments from the Texas Enterprise Fund to Countrywide and Washington Mutual are being criticized due to the companies recent troubles. Both companies signed deals a few years ago to received state money with the stipulation that they create a certain number of jobs each year. Last year neither met their goal and were due to the mortgage crisis absorbed by other financial firms. Now some in the state are criticizing the deals as a waste of state money. To make matters more interesting the state government claims that due to higher job growth in earlier years they have met their goals. Unfortunately the state refuses to make that information public as it is considered proprietary. While there is no real reason to doubt that goals were met without proof it leads people to believe their is some sort of grand conspiracy. The fact that the two companies involved were major contributors to the mortgage and financial mess in the U.S. doesn’t help. Without the state government clearly proving that the firms deserved the funds there will always be this criticism.
Matthew Potter works supporting US Army aviation programs. He holds degrees in history as well as studying at the Defense Acquisition University. He has written for Seeking Alpha and at his own website, Defense Procurement News.
-
Washington Post -
235 days 6 hours 25 minutes ago
DALLAS -- The company that owns baseball's Texas Rangers and hockey's Dallas Stars has defaulted on about $525 million in loans, with owner Tom Hicks saying on Friday that he intentionally made the move to help negotiate with banks
-
Globe and Mail -
274 days 4 hours 14 minutes ago
The car industry is in trouble, so it's cutting prices. The mutual fund industry's having a bad time lately, so it's... Just recently, the people at the financial advice firm Assante Wealth Management tried to get an answer to this question. They spoke to the mutual fund companies they deal with most and asked what's happening with fees in 2009....
-
Washington Post -
188 days 20 hours 48 minutes ago
WASHINGTON -- The head of the Securities and Exchange Commission is objecting to a plan being weighed by the Obama administration to create a new financial watchdog for consumers that would assume oversight of mutual funds
-
Fierce Pharma -
316 days 12 hours 19 minutes ago
Speaking of disclosure, a new front is opening in the battle for information on pharma's relationships with doctors. In Texas, lawmakers are pushing measures that would require drugmakers to report all payments to Texas healthcare providers. That's all payments--consulting fees, speaking fees, gifts, travel, you name it--in excess of $25....
-
Washington Post -
102 days 14 minutes ago
Dallas-based Lone Star Funds, which specializes in acquiring distressed assets from troubled financial institutions, has established an operation in Washington so that it can help shape federal policy on taking over failed banks, officials at the private-equity firm said Friday. Lone Star opened a downtown office last month. It has been working...
BNET User Analysis