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Walkers WEDC Gets Credit Denied from SWIB Featured

Madison -- Scott Walker’s quasi entity known as the Wisconsin Economic Development Corporation (WEDC) - (Formerly the Wisconsin Department of Commerce) asked for a $200 million loan from the State of Wisconsin Investment Board (SWIB) in order to subsidize new businesses in Wisconsin – A request that was subsequently denied.

Scott Walker dissolved the Commerce Department and created WEDC in 2011, with the help of a lockstep GOP-controlled legislature, in order to spur state job growth and business development and since that time has done nothing but bleed tax payer dollars at an alarming rate.

The agency is tasked with handling loans totaling millions of dollars in order to help businesses grow and citizens gain employment was never required to submit financial reports, or undergo independent audits from the outset. In fact, the agency was even shielded against Open Records Requests until the loan transactions were completed.

The Walker run science experiment has so far yielded little to no creation of jobs (Ranked 42 out of 50 States) to go along with the anemic amount of business development taking place around the state. Instead, the agency has lost track of a highly publicized $50 million loan portfolio in which much of the money will never be recouped.

It was around the same time the money was unable to be accounted for when the WEDC’s CEO Paul Jaydin resigned and Walker anointed fellow brethren tea partier, Reed Hall as interim Chief Executive Officer. The agency then began a nationwide search for a new CEO in October of 2012 and after spending $40,000 to find the most qualified individual to lead the state back to job growth and prosperity, it was decided by Scott Walker that the new king would be – Reed Hall, a bit anti-climactic.

While still in interim CEO Status, Hall asked the State of Wisconsin Investment Board (SWIB oversees Wisconsin's pension funds) for a $200 million loan to help startup businesses – a request that was rejected. The board rejected the request, saying that the use of pension funds to pay for economic development initiatives "does not meet our fiduciary duty.” – In other words, if we cannot see your books and you can’t keep track of your money, why should we gamble Wisconsin citizen’s pensions away?

Some things you can see coming a mile away, in May 2011 we reported this.

Published in Wisconsin Politics

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