Yeah, nothing like a little (or a lot, in this case) government waste in the name of “job creation.”
Lawmakers didn’t expect that, in addition to the management fees, the CAPCOs would take another $24.5 million for start-up and operating expenses – a total of $33 million. Two firms, Advantage and Wilshire, claimed $9 million and $1 million, respectively, just to pay their owners’ taxes on profits. That was allowed the way the law was drafted.
That seems to be the going rate. It’s about the same as the recent subsidies to the airplane company in far north WI. And we thought the government was going to get out of the way!
My fave bit was at the end of the article, where the mystery company that got $2.2 million for doing nothing at all tells the reporter to go stuff himself.