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Posted: Mon 1:13 PM, Feb 04, 2013
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WEDC Head Asks for $200 Million in Pension Funds

Posted Monday, February 4, 2013 --- 1:10 p.m.

MADISON, Wis. (AP) -- The board that oversees Wisconsin's pension funds has rejected a request from the head of Gov. Scott Walker's semi-private economic development agency to invest $200 million to help startup businesses.

Wisconsin Economic Development Corp. head Reed Hall asked the State of Wisconsin Investment Board in November for the venture capital seed money in November. The board rejected the request, saying that the use of pension funds to pay for economic development initiatives "does not meet our fiduciary duty."

The request for funding as well as SWIB's response is contained in a report submitted by SWIB in December. The Wisconsin Reporter website was the first to report on it.

Hall made the request when he was the interim head of WEDC. Last week Walker named him as the permanent head.

Copyright 2013: Associated Press

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  • by B Location: Location on Feb 4, 2013 at 10:44 PM
    Right, sure... but only if we can share in the profits, or write off the loses...
    [ Report Abuse ]
  • by june Location: madison on Feb 4, 2013 at 02:54 PM
    Sounds like a great idea - investing 2 million dollars in hard earned pension funds into a volatile scheme. Thank heavens Walker and his cronies don't control the State of Wisconsin Investment Board. Because we know how well Walker and his appointments keep track of loans and their nonpayment...
    [ Report Abuse ]

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