Monday, October 17, 2011

Bloomberg Misses Perry's TEF Vought Fiction

Bloomberg got Texas Governor Rick Perry's swagger.  They missed his put on. Author Joshua Green pushed the Perry line.

Perry has fared much better in situations where success depends upon his own formidable charm. The leading example of this, often touted by the governor and his campaign, is the Texas Enterprise Fund (TEF). In 2003, even as the state was facing a $10 billion budget shortfall, Perry persuaded the legislature to commit $295 million to lure businesses from out of state.
The Governor's most outlandish jobs claim concerned Vought Aircraft Aviation, a Carlyle Group affiliate when Rick Perry forked over $35 million for a promised 3,000 new jobs.  After six years with a Texas sized jackpot, Vought hadn't added to their workforce.  They cut 35 Texas jobs, meaning Rick Perry gave Vought $1 million per job eliminated.

Bloomberg wouldn't have to look far to garner these facts.  Vought's SEC filings and corporate website detailed job numbers.  I tracked those statistics over the years, as well as Governor Perry's preposterous claims of over 26,000 new Vought jobs in his TEF report.  Take away Perry's Vought fiction and the Texas jobs picture changes dramatically.

The bar continues to fall in ethical leadership and business reporting.