If the dollar has little value, then donate a few.

Tuesday, November 13, 2012

Tennmessco

Justin Wilson smacks Economic developments hands  for giving out taxpayer money without any controls or safeguards in the Tennvesco.

The Comptroller’s report says "the program was launched without adequate safeguards in place to determine that the companies receiving start-up funding were actually eligible to do so. Those safeguards are still lacking."
Tennessee's Department of Economic and Community Development is responsible for monitoring the program, but current ECD Commissioner Bill Hagerty recused himself from that oversight — he has a stake in one of the TNInvestco firms — and designated another member of his staff to provide oversight. According to the Comptroller's auditors, that oversight is sorely lacking in a number of areas...

...."Without adequate documentation, top ECD officials might have difficulty determining if the required investment strategy benchmarks are being met and if investments are free from fraud, waste or abuse," the Comptroller's report says. "Furthermore, the lack of documentation raises questions about how accurate reports can be provided to the governor’s office."


Government does a poor job of being a banker, running businesses or picking who should win in business. I have often thought if you put them in charge of running the Sahara desert they would find  way to screw up sand. Government working with its eyes closed and no controls can make it even  tougher and quickly looks more and more like crony capitalism.





1 comment:

  1. Why do we use Article II Section 22 as an excuse to hide these programs' actions from the public that pay for them?

    Article II Section 22. The doors of each House and of committees of the whole shall be kept open, unless when the business shall be such as ought to be kept secret.

    If the ECD is appointed by and operated by the Executive Branch, why do we pretend it can be "secret" under this provision of the Constitution which is clearly under the Legislative article (II) rather than Executive (III)? If it is not part of the Executive branch, why does ECD need a "Legislative Liason" to communicate between the Executive and Legislative branches, so the Legislative branch doesn't screw up their "secrets"?

    "Article II Section 1. The powers of the government shall be divided into three distinct
    departments: legislative, executive, and judicial.
    Section 2. No person or persons belonging to one of these departments shall exercise any of the powers properly belonging to either of the others, except in the cases herein directed or permitted."

    ReplyDelete

Here are the rules for comments. Know them. Live them.

http://lastcar.blogspot.com/2011/04/rules-for-comments.html?m=1