WEDC Audit Poses New Concerns on Foxconn Deal
"WEDC’s track record of mismanagement and secrecy is troubling."
(MADISON) – Today, committee members on the Joint Legislative Audit Committee heard testimony on the most recent Wisconsin Economic Development Corporation (WEDC) audit. The audit, and past audits, have revealed that WEDC has a history of falling through on oversight and accountability, costing taxpayers millions since the agency was created in 2011. Additional information revealed by the audits found that the agency consistently failed to follow statutes and that the agency mismanaged taxpayer funds by failing to verify performance and enforce contractual terms agreed to by WEDC’s awardees. Today’s hearing failed to put ongoing concerns to rest and brought forward new questions on WEDC’s ability to oversee the Foxconn deal.
“WEDC’s track record of mismanagement and secrecy is troubling,” said Senator Lena Taylor (D-Milwaukee), “especially when it comes to managing a three billion dollar corporate handout.”
The Foxconn deal, spearheaded by the GOP and approved in September, tasks WEDC with negotiating the contract between the State of Wisconsin and Foxconn. At three billion dollars, this would be the largest state giveaway to a foreign company in U.S. history.
“When we are staking billions of dollars, to have WEDC single-handedly manage the deal without legislative or public transparency is extremely inappropriate. I am concerned about WEDC’s ability to hold Foxconn accountable for the job numbers they agreed to.”
- Foxconn Will Make 10K Ventilators - Corri Hess - Jun 19th, 2020
- Medtronic and Foxconn Partner to Increase Ventilator Production - Foxconn Technology Group - Jun 18th, 2020
- Foxconn Audit Delayed Two Months - Erik Gunn - Jun 3rd, 2020
- Back in the News: Foxconn’s Profits Plunge By 90% - Bruce Murphy - May 19th, 2020
- Foxconn to Assemble Procedural Masks in Wisconsin for Pandemic Relief - Foxconn Technology Group - Apr 20th, 2020
- Murphy’s Law: Foxconn Squeezes Evers - Bruce Murphy - Apr 15th, 2020
- Foxconn Says It Earned Tax Credits - Corri Hess - Apr 9th, 2020
- Back in the News: Foxconn Plant Will Make Ventilators - Bruce Murphy - Apr 8th, 2020
- Op Ed: Foxconn Facility Could Help in Pandemic - James Rowen - Mar 29th, 2020
- Op Ed: The Foxconn Road to Ruin - James Rowen - Mar 9th, 2020
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