Saturday, August 3, 2013

Terry McAuliffe compelled to respond to SEC investigation

Terry McAuliffe's visit to Virginia Western Community College.

Terry McAuliffe when he visited Virginia Western Community College.

Democratic candidate for Virginia governor, Terry McAuliffe has been taking a pounding lately over the Security and Exchange Commission investigation into the EB-5 program and financing of GreenTech. McAuliffe was CEO of GreenTech until December 2012 and traveled Virginia, including Roanoke, touting his all electric green car company.

The EB-5 program allows legal entry into the U.S. when an foreign investor coughs up from $500,000 to $1 million into a start-up company expected to create American jobs. In GreenTech’s case they were Chinese investors through Gulf Coast Funds Management administered by Hillary Rodham Clinton’s brother, Anthony Rodham.

McAuliffe doesn’t deny he voiced frustration in the programs red tape but says so did many other businesses. He also claims the current Richmond administration  – Republican Bob McDonnell and all the General Assembly delegates support the EB-5 program. He called the “selective” release of documents by Iowa Republican Senator Charles Grassley a partisan attack.

Terry McAuliffe’s statement in response to news of an investigation involving his former company: 

“I left GreenTech in early December of 2012 to focus full time on running for Governor.  The first I learned of this investigation was earlier this week when the Washington Post reached out to my campaign. I have no knowledge of the investigation other than what I have read in the papers. I find it unfortunate that a Republican Senator from Iowa – who has a long history of support for the EB-5 program – selectively released information for the purpose of partisan attacks instead of getting facts.

“If there are concerns as to whether procedures were properly followed, those concerns should be examined and I’m glad the company said it is cooperating fully.

“The EB-5 program is designed to inject capital into the American economy and to create American jobs.  It has broad bipartisan support, including from every member of Virginia’s delegation and the current administration in Richmond.  There has been widespread frustration, however, both inside and outside USCIS about the bureaucracy there and the pace of the investment program. Like many business leaders and political officials from both parties, I was among those who expressed frustration on several occasions to multiple individuals. I never asked for any preferential treatment, nor did I ever expect to receive any.  Both Republican Senators from Mississippi also met with DHS to voice their concerns about the bureaucratic pace of the program.”

McAuliffe’s Republican opponent Attorney General Ken Cuccinelli’s campaign said in response: “Rather than provide clarity regarding the situation, it’s unfortunate that Terry McAuliffe has decided to double down on denial, dishonesty and finger pointing.”

Posted By Valerie Garner

Categories: Election 2013, Elections, Politics, State Politics

Tags: , , , ,

Comments (1)

Bernie Rowe

August 5th, 2013 at 11:29 AM    

USCIS Director Alejandro Mayorkas is President Obama’s nominee to be promoted to the position of Deputy Secretary of the Department of Homeland Security. Many, including this writer, believe that he has performed in an exemplary manner as Director of USCIS and has been responsible for significant improvements in the EB-5 program.

Comments are not moderated. Notify any abuse at put ABUSE in the subject and the offensive post.

Leave a Reply