More Corporate State ShenanigansWednesday, June 24, 2009
Creditors of Protein Sciences Corporation (of Meriden, Connecticut) filed an involuntary Chapter 7 petition to force the company into bankruptcy and liquidation. A day later, the U.S. government announced a $35 million federal contract for Protein Sciences Corp. “to develop a faster way to make vaccines for pandemic influenza.”
How did this come about? Connecticut Senator Chris Dodd, a senior member of the Senate Health, Education, Labor and Pensions Committee, who said, “I am proud that a Connecticut company will be a leader in flu vaccine innovation and production.” There’s also a contract extension available that would value the contract at $147 million.
If anyone wants to do the research to look at campaign contributions on the part of Protein Sciences and its executives to Chris Dodd (and others), as well as the ties between company’s management and government (the revolving door), I’d be delighted to see it.