It its clearly obvious that the people in Martin O’Malley’s office do not know how to use Google.
Martin O’Malley, in his continuing effort to try to cover up the fact that he has destroyed more Maryland jobs than any other Governor in the nation, launched a new O’Malleynomic initiative today:
At remarks made this morning at a conference in Rockville, Gov. Martin O’Malley was expected to announce an administrative and legislative initiative to spur venture capital investment in Maryland’s technology sector.
The program is called “InvestMaryland” and it will be run by the Maryland Department of Business and Economic Development.
The governor called it “a public-private partnership to fuel venture capital investment in our innovation economy, such as bioscience companies,” according to prepared remarks given to The Baltimore Sun.
So what in O’Malley’s mind how will this program work? The Sun comes through with his explanation:
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Insurance companies will be eligible for state issued tax credits and in turn they would invest dollars today in Maryland’s venture infrastructure. These credits will be deferred until 2015. A minimum of half these investments will flow into the Maryland Venture Fund. The balance will flow into Maryland based venture capital firms for the purposes of getting critical capital to Maryland businesses so they can create jobs and advance innovation in fields like the biosciences.
So what does it actually mean in the real world? Red Maryland has you covered with exclusive coverage of Martin O’Malley’s internal monologue:
We will convince insurance companies to invest money in the state of Maryland and hope that they notice that the Governor has no pants and the effect of this program won’t take effect until any potential O’Malley second term is over, when they realize that Martin O’Malley has no idea what he is doing when it comes to economic growth and development; in reality, venture capital will flow to Virginia where local and state political leaders actual welcome companies with policies that encourage job creation and economic development. But it’s OK……because chicks dig me because I’m in a band.
Anyhoo, the name of this program is very curious because the name “Invest Maryland” has a history in this state when it comes to investing in our state. And it’s not a good one:
Invest Maryland sued by state Suit alleges company misled investors refunds are sought September 19, 1995
|By Kim Clark | Kim Clark,SUN STAFF
The state’s top securities regulator yesterday sued Invest Maryland Corp., charging that the Annapolis-based company misled investors who put up seed money to start a combined life insurer, stock brokerage and buffalo burger fast-food chain.
In a 29-page civil complaint, Securities Commissioner Robert N. McDonald asked the Anne Arundel County Circuit Court to appoint a receiver to manage the company and to order Invest Maryland to offer refunds to investors. In a separate action, the commissioner yesterday also gave Invest Maryland Chairman Dennis K. McLaughlin 15 days to show cause why he shouldn’t be barred from engaging in securities or investment activities in Maryland.
Mr. McDonald said in the administrative order that he took the actions because he had “determined that [Mr. McLaughlin] engaged in dishonest or unethical practices in the securities business by offering and selling securities in violation” of the state securities law.
Attorneys for Invest Maryland executives didn’t return messages asking for comment last night.
Now you would think that the O’Malley team, in their infinite wisdom, would not name some pie in the sky venture capital scheme after a failed pie in the sky venture capital scheme from fifteen years ago. I mean, it takes two minutes to find this stuff on Google. But then again…..nobodoy, least of all people like us, have considered that Team O’Malley knows the slightest thing about job creation and putting people back to work. O’Malley and company has done a fantastic job putting people out of work and creating a less favorable economic climate for Maryland’s middle and working class families. But actually bringing jobs to Maryland? No.
To put it simply; if Martin O’Malley’s economic team can’t figure out Google, how can they figure out the economy?