Friday, May 10, 2013

Pence Disappoints With His Signing Of $100 Million Bailout Bill For The IMS

I thought Gov. Mike Pence would have the political courage to uphold the Indiana Constitution he took an oath to uphold by vetoing a clearly unconstitutional gift of $100 million to the Hulman-George family to make improvements to their Indianapolis Motor Speedway. Yeah, I know they call it a loan, but I'm not just another one of the sheeple who will believe that a gift becomes a loan just because corrupt lawmakers describe it as such in their legislation. By that measure, the CIB's $44.5 million gift to billionaire Herb Simon's Indiana Pacers was a loan. Here's the statement his office put out today after he signed HB 1544.
Governor Mike Pence today signed House Enrolled Act 1544 authorizing the Indiana Finance Authority to issue bonds to fund improvements at the Indianapolis Motor Speedway and creating a Motorsports Improvement Fund for loans to industry businesses across the state.
"The Indianapolis Motor Speedway has contributed to the life of our state for more than a century, enhancing the global reputation of Indiana,” said Pence. “The legislation I signed today makes a state investment that will further economic development in the motorsports industry while also protecting the interests of Hoosier taxpayers.”
Approximately 23,000 people are directly employed in the state’s motorsports industry with an average wage of $63,000. Thousands more are employed by motorsports-related companies that can be found in 91 of Indiana’s 92 counties.
Under this legislation, a newly-created Indiana Motorsports Commission and the Indiana Finance Authority will work together to create a sound, commercially-viable investment. The legislation includes provisions to protect the state’s investment, including a security interest in the Indianapolis Motor Speedway’s assets, an annual $2 million investment by the Speedway annually throughout the life of the bonds, and a corporate guarantee of the debt.
The legislation also creates a Motorsports Improvement Fund that will provide revolving loans to motorsports businesses across Indiana, including race tracks, race team owners, drivers, motorsports suppliers, and other qualified businesses. The Indiana Economic Development Corporation will administer the fund and ensure it makes commercially sound loans that support the development of the motorsports industry in Indiana. 
“Our administration is committed to protect the state’s investment and to further economic development in this industry throughout the state,” said Pence. “I am grateful for the work of the members of the General Assembly on this legislation.”
Representative Eric Turner (R) authored HEA 1544, and Representative Steve Braun (R) co-authored it. Senator Brandt Hershman sponsored the legislation.
Now watch the lobbyists for the Hulman-George family get to handpick the members of the newly-created Indiana Motorsports Commission. If we had a real federal prosecutor in this town, a grand jury would have already been convened to hear evidence of all the corrupt acts that occurred to pass this awful piece of legislation.


Pete Boggs said...

This & inaction late in his house term (even Kruschev banged a table with his shoe in protest during an UN meeting), to derail the runaway statism, aren't good advertising for the "party of small government."

The Governor's a fine, likeable man, but the party needs direction & leadership. Loans to the auto racing industry are not the business of government.

It's becoming clear to a growing breakaway of the former Republican base (i.e. 8M registered & abstaining voters during the 2012 election), that the party doesn't exist in a form other than D-lite.

Unigov said...

This government's legitimacy is vanishing.

I read today that Mao Tse Tung's granddaughter is worth $815 million.

By signing this turd, Pence is no better than the Chinese "Communists" who get rich off pay-to-play and insider deals.

Gary R. Welsh said...

This kind of crap would have been unthinkable not that many years ago. These corrupt people we elect to office do it so casually. I don't pay taxes so these bastards can steal our tax dollars and give it to multi-millionaires and billionaires for their private business endeavors. They do it because they've been bribed by them. Prosecutors these days don't even understand the concept of what a bribe is. Their perspective on what is legal is so twisted. They turn petty offenses into major crimes and ignore the real crimes that are taking place under their noses.

Flogger said...

No surprise here. Pence is a part of the Crony-Capitalism Group. Think of this as Pence having his Passport stamped by the Society of Crony-Capitalism. Pence now advances to next level.

This must be a part of his "Family Values" spiel, in this case a very rich family.

Somehow, small businesses and ordinary citizens are expected to function without state subsidies, not so the Mega-Billionaires in Professional Sports.

Honestly I see no value in Subsidizing the IMS, Colts, or Pacers. If they truly were real profit producing members of the business community they would not need any subsidies direct or indirect.