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Economic Development Agency Not Tracking Loans

Posted Thursday, October 18, 2012 --- 4:45 p.m.

MADISON, Wis. (AP) -- The semi-public agency charged with overseeing economic development efforts in Wisconsin did not track how much was owed on $8 million on overdue loans for more than a year.

The Milwaukee Journal Sentinel reported Thursday (http://bit.ly/T0VPg1 ) on the latest problem facing the Wisconsin Economic Development Corp. It was created last year by Gov. Scott Walker and the Republican-controlled Legislature to replace the Department of Commerce and lead job-creation efforts.

Democratic critics of the agency slammed the news. State Rep. Jon Richards of Milwaukee calls it a "horrendous abuse of the public trust."

The agency's chief operating officer Ryan Murray says he first learned last week that the loans had not been tracked since June 2011, the month before WEDC was created.

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Information from: Milwaukee Journal Sentinel, http://www.jsonline.com

Copyright 2012. The Associated Press.


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