Corporate Welfare

Is this a give away to the rich?

Pennsylvania is trying to convince the nation's top financial services companies to establish backup operations in the state so that markets can recover quickly in the event of another terror strike on New York.

Gov. Ed Rendell has pledged more than $30 million to "Wall Street West," an initiative to build millions of square feet of office space, improve infrastructure and install hundreds of miles of fiber-optic cable in as many as nine Pennsylvania counties.

Executives from more than 20 leading Wall Street firms are scheduled to take a 30-minute helicopter ride from Manhattan to the Pocono Mountains on Tuesday to listen to the state's sales pitch, and there are indications that at least one company is about to pull the trigger.

"I think we're so close today that maybe the trigger is already pulled and the first shot is being fired," said state Rep. John Siptroth, D-Monroe, a prime backer of the Wall Street West concept.

Seriously now, is there a reason why the Commonwealth of Pennsylvania needs to be handing out money to Wall Street?

I'm not one for class warfare, but this is silly. Stocks are at record highs, and the Democrats (Governor Rendell, State Rep John Siptroth and Congressman Paul Kanjorski) want to buy some friends (or replay favors).

Pennsylvania should not be in the business of building real estate and providing internet utilities. If any brokerage or stock exchange feels that it would be in it's best interest to secure itself "offsite" so to speak, IT, not government, should do that.

Oh, and I'm sure we're footing the bill for the helicopter ride.

If I'm Lynn Swann, I'm bringing this up.

(tip to Chris)

Economics and Markets Pennsylvania Posted by AlexC at October 8, 2006 8:22 PM