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More Nephron Pharmaceutical Problems

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NIKKI HALEY’S CRONY CAPITALIST BUDDIES ANNOUNCE MORE LAYOFFS

Remember Nephron Pharmaceuticals? That’s the Orlando, Florida-based company that was supposed to create 707 new jobs in West Columbia, S.C. (at $70,000 a pop).

In fact that’s what S.C. governor Nikki Haley – who is all sorts of tight with the company’s leaders – promised five years ago when doling out millions of dollars in taxpayer-funded “incentives.”

Has Nephron lived up to its word?

Um, no.  Not even remotely.  In fact for our latest story on the company’s costly failure (with your money), click here.

The latest Nephron news?

According to reporter Rachel Williams of the Orlando Business Journal, the company is laying off 250 of its Orlando-based employees between March 18 and April 1.   The company previously laid off 180 workers.

According to Williams’ report, “OBJ is seeking more information from Nephron” – which previously indicated it would move its production operations to South Carolina while remaining headquartered in Florida (where there is no income tax).  Even if all of Nephron’s Florida employees moved to South Carolina, it would still be well short of reaching the job totals Haley’s administration promised back in 2011.

“Herein lies the problem with trying to pick ‘winners and losers’ in the economy: Sometimes you pick a loser,” we wrote recently.  “Of course even when government picks a ‘winner,’ other companies (and taxpayers) still end losing because they have to pick up the tab for the corporate welfare.”

But crony capitalism is creating jobs, right?  Right?

Errr … 

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