McAuliffe’s stalled electric car company salary raises funding scheme questions

By: Dan Spencer (Diary)  |  May 29th, 2013

At this point the failures and false promises of Virginia Democratic gubernatorial candidate Terry McAuliffe’s electric car company, GreenTech, have been well documented.

For those who need a refresher, Clinton fundraiser and party insider McAuliffe re-christened himself a ‘Virginia businessman’ in his second quest for the Old Dominion governorship and touted several supposed job-creating ventures on the campaign trail, one being a wood pellet firm that has yet to become operational, and another was GreenTech Automotive, which he pledged would create thousands of jobs.

First, it was revealed that those promised jobs were to be created in Mississippi, not Virginia. Then, McAuliffe was caught fibbing about why the company chose to locate outside the state, claiming Virginia authorities had rejected their application before it was made clear that GreenTech had never completed its application materials. Then the revelation that Virginia officials were concerned that the company was “a visa-for-sale scheme” given its lack of a credible business plan and utilization of the EB-5 funding mechanism, which hands out U.S. visas to foreign investors (more on this later)……. To Read More....