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9-11 loan program went to businesses who didn't know what they were gettingSenate report helps document the gravy
train
Wish I could say I am surprised by this.
Nearly three out of four loans made under a government program to help small businesses get back on their feet after the Sept. 11, 2001, attacks were made without adequate documentation, says a Senate report. The Small Business and Entrepreneurship Committee said Wednesday that the Bush administration's primary terrorism relief loan program was so loosely managed that "conceivably every small business in the country became eligible to participate." The findings substantiate an Associated Press investigation last year that found $3.7 billion government-backed Sept. 11 recovery loans went to small companies that weren't hurt by the attacks and didn't even know they were getting help designated for terror victims. Sen. Olympia Snowe, R-Maine, who leads the Senate committee, said her investigation found no evidence that small companies that received the low-cost Supplemental Terrorist Activity Relief loans had tried to deceive the government. Instead, she said, the problems stemmed from the Small Business Administration and the private lenders who approved the loans. Bankers who could lend more money at less cost under the program had an incentive to push the loans, especially after SBA officials told lenders they wouldn't be second-guessed for making STAR loans, she said. "The lack of clear guidelines allowed lenders to justify making a STAR loan to almost any borrower," the committee report said. One of every 10 loans examined by Snowe's committee had no documentation, the report said. When government becomes the lender of first AND last resort, there will never be accountability. The government screwed up. Yet they still get to give away money. Your money. 
Posted: Thu - September 7, 2006 at 04:41 PM
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 Pagan Vigil
Pagan philosopher, libertarian, and part-time trouble maker, NeoWayland watches for threats to individual freedom or personal responsiblity. There's more to life than just black and white, using only extremes just increases the problems.  My Thinking Blogger Nominees
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