Another Failure For Economic Development
This time it’s LAS International, a waste water treatment company that had enjoyed $20,000 in loans from the City of Carrington that, given the company’s current financial outlook, aren’t likely to be paid back.
BISMARCK, N.D. - The former chief executive officer of Bismarck-based LAS International says the wastewater treatment company ran into financial problems and closed last summer.
The federal Labor Department sued LAS International last month, alleging the company failed to pay into its employees 401(k) accounts. . . .Carrington Mayor Don Frye said that the company closed its 10-person plant there in July, and owes the city about $20,000 in investment loans.
Tell me again why anyone thinks it’s a good idea for government entities to be “investing” our tax dollars into private businesses?
These little schemes almost never end well.
