AAS 6/25/10Perry taps corporate fund to market Texas for business development
TexasOne picks up tab for trip to Asia, Super Bowl tickets.Gov. Rick Perry put a spotlight on Texas with his recent 12-day trip to Asia, where he promoted the state as a place to do business. The trip also brought more attention to TexasOne, the corporate-backed economic development fund that footed most of the bill.
The fund's contributors are members of an exclusive club, who enjoy special privileges, according to the amount they pay to sit at the table where economic development is the agenda. Contributions range from $1,000 to $50,000 a year.
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In 2003, the Legislature upped the ante by consolidating the state's economic development responsibilities in the governor's office. It authorized the governor to solicit private donations, which are tax-deductible, for economic development. Lawmakers also created the Texas Enterprise Fund — initially $295 million in public money — so the governor could give companies incentives for expanding or relocating.
The arrangement allows Perry to be seen as the CEO of the world's 12th largest economy, a deal-closer in a roomful of business executives and a globe-trotting head of state.
Because of the unique nature of the setup, the line between public and private can get fuzzy.
This is the same program described in white cloud's earlier thread
The Rick Perry Secret Slush Fund Junket that paid for his trip to Israel as well.
Perry's corporate money program "TexasOne" is pay for access money laundering scheme basically. He charges the big industry contributors $50K a year to get his full attention. And they in return get to buy their legislation. A heck of deal for Perry's customers:
ExxonMobil
Shell
CapitalOne
AT&T
Verizon
:mad:
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