The Greentech Story
Amidst the struggling economy, Terry McAuliffe promised Virginians a future of green job-creation. He began a traveling road show – selling a fantastical business story to anyone who would listen. As an owner and promoter of GreenTech Automotive, McAuliffe claimed he would build an electric car factory in Virginia that would bring jobs to the Commonwealth. However, Virginia economic development authorities expressed “grave doubts” about the legitimacy of McAuliffe’s plan. So he eventually opened up shop in an economically depressed area of Mississippi, a state that offered millions in incentives.
In order to raise money for the company, McAuliffe developed a plan to raise investment capital, which led to China and hinged on Gulf Coast Funds Management, a little-known company run by Tony Rodham, brother of former Secretary of State Hillary Rodham Clinton. The investment capital is a result of a cash-for-green card government program, where wealthy foreigners pay $500,000 for a path to eventual American citizenship.
McAuliffe promised a jobs bonanza and a permanent plant in hard hit Tunica, Mississippi. Today, area residents are wondering if McAuliffe’s words were just that – all talk. Construction on GreenTech’s permanent facility has yet to begin, leaving an empty, grass-covered field. Meanwhile, in China, GreenTech is building an enormous new factory. It was reported in April 2013 that Terry McAuliffe quietly resigned as Chairman of GreenTech in December 2012. The amount of company stock McAuliffe has kept is substantial but specifically unknown.