Credit Suisse

The Tribune reported today (I can't find it online) that Credit Suisse, a global investment banking company, is pulling out of a venture capital deal with the State of Montana Board of Investments. The state put up 25,000,000.00, and Credit Suisse was to put up $15,000,000.00.

Since the company backed out of the deal, the Tribune reported that the $25,000,000.00 committed by the state will be "reallocated, although exactly how it will be used has not been determined yet."

Hmmm. Remember a few weeks ago when Great Falls lost an opportunity to recruit a new company with 100 jobs at $35,000.00 per year because our Chief Economic Development Officer dropped the ball for six weeks, and then claimed he could not come up with $200,000.00 for the deal over three years? So, let me get this straight. The state has $25,000,000.00 in funds sitting there to encourage investment. And there was just no way to find another $200,000.00 to bring a new business here. Is that a good indication of how high Great Falls rates on the Governor's radar, or does it tell us something about the competence of economic development team?

1 comment:

Anonymous said...

How much did Judge Judy cough up for the Malting Plant? 90 million dollars wasn't it?

40 jobs were supposedly created, but how many were filled by Montanan's?