AJC-Georgia jobs plan slammed as a waste

[XanaDUer]

Critics say investment program didn't work in other states; supporters say it spurs growth

SNIP-Gov. Nathan Deal and backers say it will plow much-needed capital into emerging businesses. But critics call it a scam that has cost states more than $2 billion over 20 years.

“If they sold deals like this to naive little old ladies, they would go to prison,” said Republican state Sen. Glenn Grothman of Wisconsin, where a similar program has drawn criticism. “I don’t know what should happen to you if you sell deals like this to naive legislators.”

...CAPCO critics, however, say it’s difficult to discern what jobs CAPCOs have created — perhaps those jobs would have been created anyway, or perhaps they’re only temporary or even part-time positions. And they point to a new program in Maryland that cuts CAPCOs out of the process, enabling the state to get back its principal and most of the profit.

http://www.ajc.com/news/georgia-jobs-plan-slammed-1208112.html