Friday, April 02, 2010

Carlyle Group's Vought Aircraft Refunds Texas $900,000

Governor Rick Perry proudly announced a grant of $35 million to Carlyle affiliate Vought Aircraft Industries in 2004. Vought's 2009 10-K states:

As a result of our failure to maintain the required employment levels, we repaid $0.9 million to the Texas Enterprise Fund in 2010. Our failure to satisfy these commitments in the future could result in the requirement to repay some or all of the remaining portion of $35 million grant over the next nine years.

For details on the agreement's history and Vought's abysmal record under TEF, go to PEU Report.

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