Posted on 09/09/2005 7:49:12 AM PDT by GLH3IL
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.
(Excerpt) Read more at news.yahoo.com ...
Bush's fault.
As if the AP just discovered that there is massive waste and fraud in government spending....they must be expecting a Pulitzer price for this profound piece of journalism...
Can the gov't get the money back from these frauds? I don't get it as to how these people qualified. Were the loan dispensers in on the fraud?
Washington is filled with crooks...many with records...
We give them access to our children, our wallets, and the
soul of our nation...
What would you expect crooks to do...watch over your interests?
Not hardly....
There is nothing new under the sun...they've been doing it
to someone since the dawn of government & money...
imo
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