I see the bailout mind set is spreading from Washington to Louisiana with the governor’s proposal via Stephen Moret to purchase the Pilgrim’s Pride plant in Farmerville.
Do you realize that the state (you and me) gets nothing for its $40 million-plus investment except some satisfaction (and taxes) that we saved some jobs in a rural area? The economic development fund was not created for something like this, and our local legislators will have to vote to change the criteria at the next session.
Louisiana does not have the resources of the federal government. Yet we are going to put the taxpayers’ money, in a time of crisis, into a questionable project (would any one of our legislators invest in a chicken farm right now?) without taking any title to property or having any say-so regarding management decisions? At least the feds are taking a cut of the action they are putting our money into. Why shouldn’t we?
I know of no venture capital firm that would invest under those conditions. Do you?
So many have voiced support for positive change in our state government. Let’s not give someone our money without at least getting some “Pride” of ownership. Better yet, kill the deal altogether and use the funds only for what they were originally intended.