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Good News Dallas
Lifestyles
'Austin Machine' Bankrolling Bankrupt Companies Print E-mail
by Tom McGregor    Tue, Apr 16, 2013, 08:53 AM
Aba Tech.jpgThe 'Austin Machine' Bosses - Texas Gov. Rick Perry, Lt. Gov. David Dewhurst, and House Speaker Joe Strauss - have used millions of Texans taxpayers' hard-earned cash to fund bankrupt companies in the Emerging Technology Fund.

Hardhatters reports that, "one sad discovery was the loss of tax payer money to companies going bankrupt or terminating the agreements. Currently eight companies have filed for Chapter 7 (liquidation) bankruptcy or ceased operations, four have not performed their duties, and six companies have had their agreements terminated. The potential tax payer loss was just over $14.2 million."

Nevertheless, 'Austin Machine' spokeswoman, Lucy Nashed, defended funding bankrupt companies by saying that, "nobody expected that there wouldn't be some companies that didn't make it. This type of fund have companies like that."

To read the entire article from Hardhatters, link here:

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written by Mit mold , August 21, 2013

It is such a shame when hard working companies in Dallas take the short end of thing on huge tax increases. These can really strangle profits and more jobs.



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