There’s a good bit here of interest in this surprisingly hostile Washington Post article on Democratic gubernatorial candidate Terry McAuliffe* and his horrible, awful, no good kiddie electric car company GreenTech, but one particular bit jumps out:
VEDP [Virginia Economic Development Partnership] officials were also uneasy about GreenTech’s heavy reliance on EB-5 financing. A top GreenTech executive told the VEDP that each year, 20,000 Chinese entrepreneurs immigrate using the EB-5 program.
“If we obtain a fraction of that market alone, the funding will be substantial,” Yi “Gary” Tang, a former mortgage-backed securities trader who is now executive vice president of finance at GreenTech, told VEDP officials in an e-mail.
Yet the maximum number of foreign entrepreneurs authorized by Congress is 10,000 a year, and the Government Accountability Office found that many fewer participated. Even after a surge of interest in recent years, a USCIS ombudsman said, about 7,400 visas were issued in 2012.
…So, basically, the Washington Post is reporting that McAuliffe’s company lied to the Commonwealth of Virginia in 2009.
You know, I may just be one of these new media guys and all of that, and I certainly didn’t go to J-school: but shouldn’t you lead an article with a revelation like that? (more…)