David Cay Johnston looks into the government handouts around a $250 million project to revitalize a mall that should have never been built:
When the Monroe County industrial development agency gave [developer] Congel’s plan initial approval I asked for its due diligence. The county provided a thin report stating that if taxpayers finance the restoration Medley Centre’s sales would grow from $30 million annually to $420 million.
The report cover states that Congel commissioned it. Judy Seil, director of the agency which gives money to companies, confirmed that Congel paid for the report. Still, she insisted, the report is the county’s due diligence.
That’s how corporate socialism works. The poor may have to pass a drug test to get benefits but rich applicants write their own ticket.
The whole thing is worth a read.