WEDC Heads Says Problems Serious but Fixable

POSTED: Friday, November 30, 2012 --- 4:35 p.m.

MADISON, Wis. (AP) -- Serious but fixable problems have been uncovered in Wisconsin's 17-month old quasi-public economic development agency that lost track of $56 million in loans to businesses.

That is what leaders of the Wisconsin Economic Development Corp. say to board members in a memo released Friday.

The memo is a status update on the agency's efforts to address problems that led to losing track of the loans.

While no evidence of any misconduct has been uncovered, interim WEDC Secretary Reed Hall and deputy secretary Ryan Murray say in the memo that they did find isolated problems related to internal documentation and reporting processes.

Murray says there were a number of what he called "disjointed" efforts to address the tracking of the loans, but the issue wasn't pushed.

Copyright 2012: Associated Press

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
NBC15 615 Forward Drive Madison, Wisconsin 53711 Business: 608-274-1515 Newsroom: 608-274-1500
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 181605921 -
Gray Television, Inc.