"Rick Perry gave out millions in Texas taxpayer dollars to corporate predatory lenders who helped cause the economic crisis in the first place."
Perry: No to bailouts, yes to subprime lenders
2/9/09
Wayne Slater
Dallas Morning News
Copyright 2009
Interesting that Gov. Rick Perry is so dead-set against government bailouts, as we reported today, but he gave out millions in Texas taxpayer dollars to corporate predatory lenders who helped cause the economic crisis in the first place. Perry has doled out millions from his state Enterprise Fund to businesses that say they'll produce jobs in the state.
Perry awarded $20 million to Countywide Financial. The company subsequently ran into legal trouble because of its predatory loans and, as the economy turned south, was subsequently bought up by Bank of America (which happens to be one of the big federal bailout recipients).
Then there was Washington Mutual. In 2005, Perry gave a $15 million handout of taxpayer money to the nation's largest savings and loan. Again, the promise was jobs. Instead, WaMu foundered and federal regulators had to step in (and ultimately get swallowed up by JPMorgan Chase) - but only after the ailing lender's political fund made campaign contributions to Perry.
As for the promised jobs, A Perry spokesman said the governor still hopes they'll come. And if they don't? The spokesman says they'll just have to pay back the money -- presumably with federal bailout dollars.
© 2009 The Dallas Morning News: www.dallasnews.com
To search TTC News Archives clickHERE
To view the Trans-Texas Corridor Blog clickHERE
2/9/09
Wayne Slater
Dallas Morning News
Copyright 2009
Interesting that Gov. Rick Perry is so dead-set against government bailouts, as we reported today, but he gave out millions in Texas taxpayer dollars to corporate predatory lenders who helped cause the economic crisis in the first place. Perry has doled out millions from his state Enterprise Fund to businesses that say they'll produce jobs in the state.
Perry awarded $20 million to Countywide Financial. The company subsequently ran into legal trouble because of its predatory loans and, as the economy turned south, was subsequently bought up by Bank of America (which happens to be one of the big federal bailout recipients).
Then there was Washington Mutual. In 2005, Perry gave a $15 million handout of taxpayer money to the nation's largest savings and loan. Again, the promise was jobs. Instead, WaMu foundered and federal regulators had to step in (and ultimately get swallowed up by JPMorgan Chase) - but only after the ailing lender's political fund made campaign contributions to Perry.
As for the promised jobs, A Perry spokesman said the governor still hopes they'll come. And if they don't? The spokesman says they'll just have to pay back the money -- presumably with federal bailout dollars.
© 2009 The Dallas Morning News: www.dallasnews.com
To search TTC News Archives click
To view the Trans-Texas Corridor Blog click
posted by Porkus Maximus Tex: at Monday, February 09, 2009
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