Greg Abbott Lets Bank of America Use Texas Taxpayers Like ATM

Greg Abbott Lets Bank of America Use Texas Taxpayers Like ATM

It’s bad enough that Attorney General Greg Abbott allowed the Texas Enterprise Fund to funnel millions in taxpayer dollar handouts to his big corporate donors. But turns out that even after he doled out this no-strings attached, taxpayer cash to his corporate cronies, he failed to do another part of his job and recover millions in misspent money from at least one of these companies—Bank of America.

After using his office to cover up the hundreds of millions of dollars funneled to TEF-recipient companies he was charged with monitoring, Greg Abbott lined his campaign coffers with more than $1.4 million in campaign contributions from the very same companies. In return for the $115,000 in campaign contributions he's taken from Bank of America, Greg Abbott looked the other way and did nothing to collect the $3.3 million the bank owed taxpayers for not fulfilling its TEF contract.

According to the State Auditor's report on the Texas Enterprise Fund released last month:

"The Office's calculation of the termination repayment amount that Bank of America owed did not include all funds due back to the State. The Office's calculation of the termination repayment was not based on its actual disbursement schedule and used an incorrect interest rate. The Office was unable to explain the basis of its calculation. Auditors estimated that Bank of America should have repaid approximately $11.8 million, but the Office required Bank of America to repay only $8.5 million upon termination.”

Greg Abbott repeatedly demonstrates that he is more concerned with protecting the interests of his big donors than the interests of hardworking Texans. If he can't be trusted to protect taxpayers in his role as Attorney General, how can anyone trust him to do it as Governor? 


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