in Houston, Texas
AP wants WaMu's contract for jobs program
Fri Nov 14 17:03:37 2008 CST
By Jennifer Peebles
Washington Mutual Bank had promised to create 4,000-plus jobs in Texas in exchange for the state forking over $15 million -- but that was before WaMu became the biggest bank failure in U.S. history.

Now that it's been taken over by J.P. Morgan Chase, what happens now?

That's why the Associated Press has asked Gov. Rick Perry's office to see WaMu's contract with the Texas Enterprise Fund.

From AP reporter Kelly Shannon (via The Chron):

The Associated Press asked this week for a copy of WaMu's state contract but the governor's office would not provide it without a written request under the Texas Public Information Act. The AP made that formal request Monday and has not yet received the contract. By law, the governor's office must respond within 10 business days.

The contract could show things like promised wage levels for the new jobs and what the company must repay to the state if it fails to hire enough new employees.


Shannon's story says the state has already given WaMu the $15M, but as of end of 2007, the company had created only 2,200 jobs (though the initial agreement said it didn't have to meet the new-jobs target until 2011).
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