To the editor:
The tragic news on Elona is not unexpected. With a quick calculation, I estimated a loss of about $13 million to Greenwood taxpayers, based on the bonds Greenwood issued, the interest rate and other costs, and I urge Mayor Mark Myers to give us a full accounting of all costs. We are still paying for forensic accountants, attorneys and of course the Elona “generic insulin” plant. The cost per household is upward of $632. Payment on bonds will continue for years.
We know that get-rich-quick offers abound. Someone is always trying to make money selling a good idea. The generic insulin plant from the start was a very bad idea for tax money. Countless red flags would have made any savvy investor run away. Greenwood city government ran toward this swindle.
Red flag 1: Other companies were already making generic insulin. Eli Lilly’s Humulin insulin lost patent protection in the year 2000. Companies looking to make money invest $100 million for insulin plants in India.