Bachmann: Perry used jobs fund to reward backers

[Compu Doc]

Sounds like a pretty good return on that money....

Perry also personally got a good return on his investment with the taxpayer money.

The Emerging Technology Fund was created at Mr. Perry's behest in 2005 to act as a kind of public-sector venture capital firm, largely to provide funding for tech start-ups in Texas. Since then, the fund has committed nearly $200 million of taxpayer money to fund 133 companies. Mr. Perry told a group of CEOs in May that the fund's "strategic investments are what's helping us keep groundbreaking innovations in the state."

The governor, together with the lieutenant governor and the speaker of the Texas House, enjoys ultimate decision-making power over the fund's investments.

Among the companies that the Emerging Technology Fund has invested in is Convergen LifeSciences, Inc. It received a $4.5 million grant last year—the second largest grant in the history of the fund. The founder and executive chairman of Convergen is David G. Nance.

In 2009, when Mr. Nance submitted his application for a $4.5 million Emerging Technology Fund grant for Convergen, he and his partners had invested only $1,000 of their own money into their new company, according to documentation prepared by the governor's office in February 2010. But over the years, Mr. Nance managed to invest a lot more than $1,000 in Mr. Perry. Texas Ethics Commission records show that Mr. Nance donated $75,000 to Mr. Perry's campaigns between 2001 and 2006.

The regional panel that reviewed Convergen's application turned down the company's $4.5 million request when it presented its proposal on Oct. 7, 2009. But Mr. Nance appealed that decision directly to a statewide advisory committee (of which Mr. Nance was once a member) appointed by Mr. Perry. Just eight days later, on Oct. 15, a subcommittee unanimously recommended approval by the full statewide committee. On Oct. 29, the full advisory committee unanimously recommended the approval of Convergen's application. When asked why the advisory committee felt comfortable recommending Convergen's grant, Lucy Nashed, a spokesperson for Mr. Perry, said that the committee "thoroughly vetted the company."

Starting in 2008, Mr. Perry also appropriated approximately $2 million in federal taxpayer money through the auspices of the Wagner-Peyser Act—a federal works program founded during the New Deal and overseen in Texas by Mr. Perry's office—to a nonprofit launched by Mr. Nance called Innovate Texas. The nonprofit was meant to help entrepreneurs by linking them to investors. It began receiving funding on Dec. 31, 2008, soon after Mr. Nance's previous company, Introgen Therapeutics, declared bankruptcy on Dec. 3. According to state records, Mr. Nance paid himself $250,000 for the two years he ran Innovate Texas. Innovate Texas, whose listed phone number is not a working number, could not be reached for comment. (Two phone calls left for Mr. Nance at Convergen's offices went unreturned.)]

http://online.wsj.com/article/SB1000...897285614.html

So not only was state tax payer money involved but their was also federal tax payer money involved as Fred had said earlier.

[TxMusky]

Keep digging guys....the only thing I want to see is how Texas ranks as compared to many of the other States when side by side comparisons are made pitting how we are doing and how you home is doing. Unemployment, Taxes, fees, consumer prices on housing,utilities, fuel, labor rates and actual poor. Dont forget to add in all of the additional monies we spend on illegal immigrants and local LEO doing the Feds job of patroling a massive border.

I'm positive in all of my travels I do around the State every week, that we have jobs available but not enough people to fill them, our housing prices are pretty low, and we are not raked over the coals by state income taxes or fees, plus we are a right to work state. Piss and moan with Michelle all you want, but how many Texans on this board are bitching about their lives on a daily basis? It must be pretty good here as compared to all the complaining Doc does about everything. Dont knock it til ya tried it pal.

[Compu Doc]

It is not how Texas is doing. Texas may be doing fine with one of the highest poverty rates next to Alabama. What matters is Perry's ethics since he is running for POTUS. Texas enjoys an 8.5% unemployment rate tieing with Colorado in 27th place. 16.7% poverty rate 4th in the nation. Texas has one million fifty thousand illegal immigrants. 450 murders per 100,000 people. Let's also not forget that Texas has the highest number of people without health insurance.

http://old.usccb.org/cchd/pov/map.htm Poverty rate of ALL states.
http://pewhispanic.org/unauthorized-immigration/Illegal immigrant count.
http://www.infoplease.com/us/statist...ate-state.htmlCrime rates
http://articles.businessinsider.com/...ent-rate-msnbcOver all Texas economy



Anything you would like to dispute about the information given?.

Don't knock it till I tried it?. Are you sure you want me to be your neighbor?

[TxMusky]

The main point here being, we aint bitchin about it! The unemployment stems mainly in the large cities of Austin, Houston and Dallas, the rest of the State is doing well. I have stated on many occasions that just about every business from Abilene to almost El Paso which is 400 miles and from about Sonora to Lubbock which is about 400 miles is solid labor. They need people bad and some companies are even offering sign on bonuses for workers.

Watch defining all successes with a statistic because sometimes it doesnt always tell the real story. How come some politicians were complaining about Texas gov Perry luring their companies away from their States? If they are moving here or building here there are jobs available and the economy will be doing even better.

[Ironic_Beauty]

Not being a Perry supporter, I'm certainly a TX supporter. Living in TX for the last 12 years I can personally attest to how "fine" we are doing. All of the issues Compu Doc stated are due to illegal immigration. For those of us that live here legally we are blessed with a plethora of job choices, abundant healthcare, and plenty of guns to protect ourselves with if the need arose (which it doesn't). I'm not a rich suburbanite nor a trailer dwellin' redneck. I live comfortably in the middle class, have awesome health insurance, have never been concerned for my safety (and I don't even own a gun), and have met at least a dozen people in the last year that have just moved here from out of state/country. I may not know exactly how awesome it is in other states, but I'm not moving any time soon.