Bain Equities? An example of the U.S. at it's best. Organizations with large amounts of money look for losing companies they believe they can help turn around. Some succeed but many fail, What's the difference between a private organization lending money and the government? Do you need an answer? The government, made of maily of attorneys, are using YOUR money. Bain used mainly private dollars.
FireFly in Peoria is a good example but Bain would have never invested in this company that eventually went bankrupt sticking the City, County, State, and Federal governments and foreign companies with millions of taxpayer dollars.
Even I could see this company was destined to fail. But you won't know unless you read all the Peoria County Board meetings covering FireFly. At one meeting covered by the JS saying, "FireFly is a risk that makes Merle Widmer nervous. He keeps reminding people: What often looks greener out there is often times not." Despite the fact that I was the only board member consistently opposed to the FireFly taxpayer risk, this was the only ink the JS reporters printed on the many questions I asked the EDC and the County Board. Not even when I was the only one who voted no on the original loans.
What was the Journal Star's position? "Firefly's promise trumps pitfalls. Yes, it's a gamble, but one we'd be inclined to take." JSEB 5/22/09) And the JS writer lives in Tazewell County, of course, and never saw a project costing taxpayers money, they didn't like. One exception: they endorsed the expansion of the PDC Hazardous Waste landfill at Pottstown which the Peoria County Board denied by a vote of 12-6. I was one of the 6. Unfortunately, both the JS and the other 5 were right. We yes supoorters all listened to the testimony with open minds.
As a successful businessman, what did I know.
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