White attacks Perry for Lexicon ‘bailout’

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By Matt Stephens
Updated: 05.22.10
Former Houston Mayor Bill White recently criticized Gov. Rick Perry and the Texas Enterprise Fund for a $35 million “bailout” of The Woodlands-based Lexicon Genetics in 2005.

White, a Democrat, is challenging Perry, the Republican incumbent, in the November election for governor.

The $35 million came from the TEF, a job creation program created by Texas legislators in 2003. In exchange for the funds, Lexicon was contracted to create 1,616 jobs by 2015, but Lexicon has lost more than half of its job force, or about 400 employees, since 2005.

If Lexicon fails to create a single additional job, it is only required to pay back $14.2 million in “clawback provisions,” which are designed to protect taxpayers if companies fail to create jobs.

Wade Walke, senior director of communications for Lexicon, said Lexicon has met all the obligations under the TEF agreement and said the company would meet the job requirement as well beginning in 2012, or will pay back the clawback provisions, if needed.
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http://www.hcnonline.com/articles/2010/05/22/conroe_courier/news/lexicon052310.txt

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1. I love that he used the word "bailout"

That's the way to frame it Bill!

Lexicon is another one of Perry's Slush Fund babies!
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