Bill Janklow doesn’t say much publicly these days. He talked to Bloomberg News, though, which is a service we subscribe to.
Here’s an excerpt:
SIOUX FALLS — Bill Janklow’s law office is crowded with mementos from his 16 years as a Republican governor. On a low, wooden bookcase, near bottles of hot sauce custom labeled for an annual Buffalo Roundup, he keeps a 4-foot length of red ribbon festooned with Citibank credit cards.
Janklow is the politician who, in 1981, brought Citibank to South Dakota.
When he cut that ribbon to welcome the New York- based bank, he blew the lid off the credit card business.
The law inviting Citibank to South Dakota threw out limits on how much interest the state’s banks could charge borrowers. In a secret meeting at the governor’s residence with Walter Wriston, chief executive officer of Citicorp, Janklow agreed to drive through the legislation in a swap for 400 jobs.
“That was the deal,” Janklow says. “You have no idea, in a state of 750,000, how many 400 jobs is, all in one place.”