COLUMBIA, S.C. (AP) — Texas Gov. Rick Perry joined the 2012 GOP race for president Saturday
But Charles Dameron has this news flash in the WSJ:
The Emerging Technology Fund was created at Mr. Perry’s behest in 2005 to act as a kind of public-sector venture capital firm, largely to provide funding for tech start-ups in Texas. Since then, the fund has committed nearly $200 million of taxpayer money to fund 133 companies. Mr. Perry told a group of CEOs in May that the fund’s “strategic investments are what’s helping us keep groundbreaking innovations in the state.” The governor, together with the lieutenant governor and the speaker of the Texas House, enjoys ultimate decision-making power over the fund’s investments.
The potential for cronyism is immense. This fund is what we do not need. It’s just another example of what we already have in Washington and other state capitals.