The recent vote by the Executive Council of 3-2 against the re-nomination of Taylor Caswell as Commissioner of Business and Industry Affairs, I think, underscores something that is much more important.
New Hampshire needs to stop investing in China.
Taylor Caswell is a former Legislative Director for Rep. Bill Zeliff (R-NH), and his political connections led to the Community Development Finance Authority and, later, a nomination as BEA Commissioner by an incoming Gov. Chris Sununu.
As a former legislator, I don’t think Taylor Caswell has any real substantive experience in business, strategy, or complex markets, all of which are increasingly capital-intensive, regulated, and global-based. New Hampshire is falling behind. I’ve heard the North Country, where I’m from, is frequently described as a “wasteland of second homes and Airbnbs.”
But the re-nomination vote by the Executive Council wasn’t based on performance. Instead, I also think it was because there were substantial allegations that BEA was directly involved with negotiations in Communist China with the Nongfu Spring $67 million acquisition of a Nashua water facility. Gov Kelly Ayotte stated, “foreign adversaries like China should not be doing business in New Hampshire.”
New Hampshire should also not be doing business in China.
In mid-June, the New Hampshire Retirement System announced a $75 million investment in Advent International, GPE, XI, which describes itself as a “flagship global private equity fund.” It’s an active partner in the large-scale production of: “kibble, freeze-dried food, and treats.”
Which is Chinese cat food.
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