Sunday, April 20, 2014
South Dakota Newspaper Provides Back Story on Regional Center Failure
A South Dakota newspaper has provided an in depth report on the state's troubled EB-5 regional center program. From the Rapid City Journal:
The need for dairy cows led to state government’s decision to seek foreign investors.
The initiative grew into a global program that attracted hundreds of millions of dollars from investors in China and South Korea.
For $500,000 apiece plus fees for lawyers and services, foreigners could invest in a project and if enough jobs were created receive federal immigration clearance to live in the U.S.
Eleven years later, Gov. Dennis Daugaard shut down the EB-5 program that has left a mixed record and unanswered questions in its wake.
A central figure in the operation is dead. Others were hurt or wiped out financially. One project failed. One business solidified itself. Two energy projects paid less for financing. Another casino was built.
And former Gov. Mike Rounds finds himself answering questions about what happened from 2003 through 2010 as he now runs for the U.S. Senate.
# posted by Greg Siskind @ 6:32 PM
Comments:
Post a Comment
XML newsfeed
archives
December 2007
March 2008
July 2008
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009
January 2010
February 2010
March 2010
April 2010
May 2010
June 2010
August 2010
November 2010
May 2011
September 2011
October 2011
November 2011
December 2011
January 2012
February 2012
March 2012
April 2012
May 2012
July 2012
September 2012
December 2012
December 2013
January 2014
February 2014
March 2014
April 2014
May 2014
A South Dakota newspaper has provided an in depth report on the state's troubled EB-5 regional center program. From the Rapid City Journal:
The need for dairy cows led to state government’s decision to seek foreign investors.
The initiative grew into a global program that attracted hundreds of millions of dollars from investors in China and South Korea.
For $500,000 apiece plus fees for lawyers and services, foreigners could invest in a project and if enough jobs were created receive federal immigration clearance to live in the U.S.
Eleven years later, Gov. Dennis Daugaard shut down the EB-5 program that has left a mixed record and unanswered questions in its wake.
A central figure in the operation is dead. Others were hurt or wiped out financially. One project failed. One business solidified itself. Two energy projects paid less for financing. Another casino was built.
And former Gov. Mike Rounds finds himself answering questions about what happened from 2003 through 2010 as he now runs for the U.S. Senate.
# posted by Greg Siskind @ 6:32 PM
March 2008
July 2008
January 2009
February 2009
March 2009
April 2009
May 2009
June 2009
July 2009
August 2009
September 2009
October 2009
November 2009
December 2009
January 2010
February 2010
March 2010
April 2010
May 2010
June 2010
August 2010
November 2010
May 2011
September 2011
October 2011
November 2011
December 2011
January 2012
February 2012
March 2012
April 2012
May 2012
July 2012
September 2012
December 2012
December 2013
January 2014
February 2014
March 2014
April 2014
May 2014