Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: JDN who wrote (138040)	9/9/2005 11:08:04 AM
From: miraje	Respond to of 793564

>>If that is true its just another example of our government at work wasting resources.<< When it's Other Peoples Money (taxpayer dollars), they just don't care. Look at this post 9/11 giveaway. Bureaucracy at work.. AP: Companies Got Unneeded 9/11 Loans By FRANK BASS and DIRK LAMMERS Associated Press Writers The government promised banks a hands-off approach in overseeing nearly $5 billion in Sept. 11 recovery aid to small businesses. What it got in return was numerous loans to companies that didn't need terror relief - or even know they were getting it, The Associated Press found. "Had we known it was 9/11 money, we would not have borrowed it," said John Adams, a vice president of Brankle Brokerage and Leasing in Marion, Ind., who didn't know until informed by AP that his company's $1.33 million loan had been drawn by his bank from a program created by Congress to help economic victims of the 2001 terror attacks. "We would have chosen some other avenue. That money surely could have been used by people who needed it more than we did," Adams said. His company wasn't alone. From Dunkin' Donuts shops and florists to motorcycle dealers and chiropractors, businesses nationwide said they were unaware their banks had lent them money from the low-interest, government-guaranteed Sept. 11 loan program. The records obtained under the Freedom of Information Act also show that many other loan recipients who made cases they were injured by Sept. 11 were far removed from the direct devastation of New York City and Washington, like a South Dakota country radio station, a Virgin Islands perfume shop and a Utah dog boutique. The pattern of lending left many at New York's Ground Zero seething, especially those who had trouble getting government assistance... ...While SBA officials expressed surprise at AP's findings, several banking officials said the agency encouraged the industry to use the post-Sept. 11 programs liberally, especially when its main guaranteed lending program was hit hard by budget cuts in 2002. "They had personnel at our conference stand up and say if you cannot find a reason to move the loan over to the STAR program, contact us and we'll help you find a reason to move it over, because they had insufficient funding," recalled Tony Wilkinson, president of the National Association of Government Guaranteed Lenders... The whole disgusting article at: hosted.ap.org