Quote, unquote | Wis.Community

Quote, unquote

The loan program is run by the government. Johnson applied for the loans with the government. Government approved the loans for Johnson. Government issued the bonds and loaned the proceeds to Johnson’s company. Government signed an agreement for the loans with Johnson. Government subsidized the loans at below market rate for Johnson.

Johnson paid government back for the loan. And had Johnson defaulted on the loan, his agreement with government gave government the authority to take control of the company, operate it, and apply the profits to the amount owed.”

 -- John Kraus of Russ Feingold's campaign, on Johnson's claim that a taxpayer-subsidized industrial bond his business received is not a government program.


September 14, 2010 - 7:09pm