The newsprint chronicling Texas governor Rick Perry’s dedication to the Siamese principles of corporate welfare and cronyism continue to pile up. As documented earlier in The New American, during his time in Austin, Rick Perry has shown unrivaled and unashamed favoritism to the largest supporters of his campaigns.
One of the most egregious beneficiaries of Rick Perry’s largesse (and one receiving a lion’s share of the media’s scrutiny) is an economic development program developed by Perry called the Texas Emerging Technology Fund.
This pet project was founded by Perry to act as a state government-controlled version of a venture capital firm. The Texas Emerging Technology Fund would act as an angel -— bestowing financial boons on technology-based start-up companies in the Lone Star State.
Since its inception in 2005, the program -— funded by money obtained through taxing the citizens of the state of Texas -— has doled out just at $200 million to 133 firms. Said Governor Perry, “[The fund’s] strategic investments are what’s helping us keep groundbreaking innovations in the state.”
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Photo: David Spencer, chairman of the Emerging Technology Fund's advisory committee, speaks in 2006, in Austin, Texas, as Phil Wison, deputy chief of staff to Gov. Perry, listens in the background: AP Images