Perry's tech fund shows $6M in potential losses

By: From Wire Reports
By: From Wire Reports

AUSTIN, Texas (AP) - A new report shows that Gov. Rick Perry's pet fund for high-tech startups in Texas is leaving room for $6 million in potential losses due to troubled investments.

That allowance for bad debt is a drain on the value of the Texas Emerging Technology Fund. According to an annual report from Perry's office, the tech fund is now worth $2.4 million more than what the state has given to more than 130 private companies.

Perry's office says the report included the potential losses to give lawmakers a clearer picture of the fund's condition.

The tech fund has handed out more than $184 million since 2005. Perry calls the fund an innovative sparkplug for the Texas economy, but critics have targeted the program over performance and politics.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
Sherman 4201 Texoma Pkwy (903) 892 -8123 Ardmore 2624 S. Commerce (580) 223-0946
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 189692751