MOBILE USERS: m.isthmus.com
Connect with Isthmus:         Newsletters 
Thursday, November 20, 2014 |  Madison, WI: 10.0° F  Fair
Collapse Photo Bar

Gov. Walker's WEDC "Loses" over $8 Million in Loans

Please limit discussion in this area to local and state politics.

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby snoqueen » Sat Dec 01, 2012 1:45 pm

Meantime, I want to know who Titus is/was, who owns it, and their connections with Scott Walker.
snoqueen
Forum God/Goddess
 
Posts: 11745
Joined: Fri Feb 14, 2003 11:42 pm

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby bdog » Sat Dec 01, 2012 2:22 pm

rabble wrote:Okay, so let me see if I understand.

There's millions of dollars unaccounted for.

But they don't count as losses because we're still looking for some of them, we plan to ask for some of them back, we plan to identify the specifics of the root cause, and then we plan to fix it.

You get a gold star Rabs!

Although I think your post was meant in jest and what you really meant was "If we lose track of 12 million dollars in loans we have no choice but to write them all off as losses".

I sure hope the accountants don't agree with you.
bdog
Forum God/Goddess
 
Posts: 3293
Joined: Wed Mar 31, 2010 5:26 am

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby Detritus » Sat Dec 01, 2012 2:34 pm

snoqueen wrote:Meantime, I want to know who Titus is/was, who owns it, and their connections with Scott Walker.

Milwaukee based financial consulting group that claims to specialize in finance, auditing, and management:

http://www.titus-us.com

Led by Scott Seefeld and Ron Bocciardi. According to the Wisconsin Democracy Campaign, members of the group have been reliable (but, in my opinion, relatively small) contributors to conservative Republicans (including Walker) since 2005.

For what it's worth, reviews by former employees on Glass Door suggest that poor management and a refusal to listen to experts in the field has been a hallmark of the organization.
Detritus
Forum God/Goddess
 
Posts: 2500
Joined: Wed May 13, 2009 9:42 pm

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby Doright_Dudley » Sun Dec 02, 2012 7:51 am

You're worried about $8 million?

Faltering or bankrupt green-energy companies brought to you by the Obama administration ($ amount of taxpayer money squandered):

Evergreen Solar ($25 million)*
SpectraWatt ($500,000)*
Solyndra ($535 million)*
Beacon Power ($43 million)*
Nevada Geothermal ($98.5 million)
SunPower ($1.2 billion)
First Solar ($1.46 billion)
Babcock and Brown ($178 million)
EnerDel’s subsidiary Ener1 ($118.5 million)*
Amonix ($5.9 million)
Fisker Automotive ($529 million)
Abound Solar ($400 million)*
A123 Systems ($279 million)*
Willard and Kelsey Solar Group ($700,981)*
Johnson Controls ($299 million)
Brightsource ($1.6 billion)
ECOtality ($126.2 million)
Raser Technologies ($33 million)*
Energy Conversion Devices ($13.3 million)*
Mountain Plaza, Inc. ($2 million)*
Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
Range Fuels ($80 million)*
Thompson River Power ($6.5 million)*
Stirling Energy Systems ($7 million)*
Azure Dynamics ($5.4 million)*
GreenVolts ($500,000)
Vestas ($50 million)
LG Chem’s subsidiary Compact Power ($151 million)
Nordic Windpower ($16 million)*
Navistar ($39 million)
Satcon ($3 million)*
Konarka Technologies Inc. ($20 million)*
Mascoma Corp. ($100 million)

*Denotes companies that have filed for bankruptcy.
Doright_Dudley
Senior Member
 
Posts: 48
Joined: Sun Feb 20, 2011 8:19 am

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby Stu Levitan » Sun Dec 02, 2012 9:21 am

About one percent of the Recovery Act's investments in green energy have gone bad. A much better success/failure ratio than Bain Capital's.

(And it's not that we're surprised that some WEDC loans have gone bad,that's to be expected. What we're disappointed in is that WEDC DOESN'T KNOW WHERE THE MONEY WENT!)
Stu Levitan
Forum God/Goddess
 
Posts: 3275
Joined: Sat Feb 08, 2003 8:40 pm
Location: Studio B of the historic Abernathy Building

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby bdog » Sun Dec 02, 2012 9:36 am

Stu Levitan wrote:WEDC DOESN'T KNOW WHERE THE MONEY WENT!

Stu I'm surprised you would make such a statement. It shows you really don't understand what went on.

WEDC officials on Friday also released updated information on 64 overdue loans, saying that past due amounts total $2.5 million on loans with principal balances totaling $12.2 million as of Nov. 2. That $12.2 million figure is noticeably higher than the $8 million to $9 million estimate of the untracked loans released in October.


They know exactly where the money went. The problem is no one was tracking it, i.e., contacting the companies about the past due amounts.

I suggest you read the links that others have provided in this thread.
bdog
Forum God/Goddess
 
Posts: 3293
Joined: Wed Mar 31, 2010 5:26 am

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby snoqueen » Sun Dec 02, 2012 11:55 am

Detritus, thanks for tracking down Titus. Doesn't sound like a company I'd hire. but then excellence has never been a Walker hallmark.

Doright_Dudley wrote:
Evergreen Solar ($25 million)*
SpectraWatt ($500,000)*
Solyndra ($535 million)*
Beacon Power ($43 million)*
Nevada Geothermal ($98.5 million)
...


DD, you ought to cite your sources when you cut and paste. That's from the Heritage Foundation:
http://blog.heritage.org/2012/10/18/pre ... y+Failures

Note that investing in a risky new field (like green energy) and having some documented failures is part of the world of venture capital whether private or public. Investing in companies to tempt them to stay in a particular town or state and then not bothering to try and collect contracted payments takes incompetence to a whole 'nother level. (Or do you prefer to argue this was deliberate?)

We could discuss whether and how government at any level should be investing (directly, or through tax breaks) in private companies at all. The NY Times has that very question at the heart of their feature story today and Janesville is a big part of it:

http://www.nytimes.com/2012/12/02/us/ho ... wanted=all

It's a complex question and not one that boils down to quick talking points and Heritage Foundation lists.
snoqueen
Forum God/Goddess
 
Posts: 11745
Joined: Fri Feb 14, 2003 11:42 pm

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby david cohen » Mon Dec 17, 2012 5:45 pm

Confirmed! $19 MILLION in WEDC Loans Uncollectible

http://host.madison.com/wsj/news/local/ ... f887a.html
david cohen
Forum God/Goddess
 
Posts: 1406
Joined: Fri Jul 07, 2006 12:48 pm

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby Henry Vilas » Sun Jan 06, 2013 2:03 pm

The mess continues.

Walker contributor Einhorn backs off WHEDA contract

A conservative Milwaukee financier and big backer of Gov. Scott Walker is walking away from a contract to manage $1 million in taxpayer money after a Journal Sentinel story raised a question about whether the arrangement violated federal conflict of interest rules.

Stephen Einhorn and his wife, Nancy, donated $25,000 to Walker's campaign a month before Einhorn's firm won the contract, potentially triggering federal rules designed to prevent "pay to play" conflicts.


I hope voters remember this continuing fiasco when Walker runs for reelection.
Henry Vilas
Forum God/Goddess
 
Posts: 20139
Joined: Wed Sep 04, 2002 8:57 pm
Location: Name sez it all

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby Henry Vilas » Tue May 07, 2013 2:41 pm

The hits keep coming.

Which state agency hired a public relations flak who made it to the state Deparment of Revenue's "Web Site of Shame" for owing $36,047 in back taxes and had a warrant against him by another state agency, the Department of Workforce Development, for allegedly scamming $7,770 in unemployment benefits?

That’s right, Wisconsin Economic Development Corp., better known as WEDC, an acronym that critics say has become synonymous with mismanagement and bureaucratic embarrassment.


Being a semi-private corporation, WEAC has a CEO. It's Scott Walker. Doesn't the buck stop with the CEO?
Henry Vilas
Forum God/Goddess
 
Posts: 20139
Joined: Wed Sep 04, 2002 8:57 pm
Location: Name sez it all

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby david cohen » Tue May 07, 2013 4:23 pm

Walker is the CEO of WEDC, and Walker's proposed budget gives WEDC even more of our tax dollars. This is the dumbest fucking thing I have ever seen, and the GOP controlled Legislature is going right along with him. Why someone isn't running political ads about this as it happens is beyond me- oh wait, the Dems and their special interest groups are toads as well. Every last one of them.
david cohen
Forum God/Goddess
 
Posts: 1406
Joined: Fri Jul 07, 2006 12:48 pm

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby Steve Vokers » Tue May 07, 2013 4:32 pm

Henry Vilas wrote: WEAC has a CEO.


A slip of positively Freudian proportions.
Steve Vokers
Forum God/Goddess
 
Posts: 1163
Joined: Tue Oct 07, 2003 11:58 am

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby snoqueen » Tue May 07, 2013 4:42 pm

david cohen wrote:Walker is the CEO of WEDC, and Walker's proposed budget gives WEDC even more of our tax dollars. This is the dumbest fucking thing I have ever seen, and the GOP controlled Legislature is going right along with him. Why someone isn't running political ads about this as it happens is beyond me- oh wait, the Dems and their special interest groups are toads as well. Every last one of them.


Maybe they're saving everything up for the apocalypse, when they will suddenly leap from their graves and start running 1000 issue ads all at once.

We have a long running topic about what's wrong with the GOP, and I'm thinking we need one about what's wrong with the Wisconsin Democratic Party too. For starters, are they asleep or dead? Why'd they let Ed Fallone campaign for Supreme Court without any assistance? Who are they waiting for -- Thurgood Marshall?
snoqueen
Forum God/Goddess
 
Posts: 11745
Joined: Fri Feb 14, 2003 11:42 pm

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby Henry Vilas » Tue May 07, 2013 5:08 pm

Steve Vokers wrote:
Henry Vilas wrote: WEAC has a CEO.


A slip of positively Freudian proportions.

Blush
Henry Vilas
Forum God/Goddess
 
Posts: 20139
Joined: Wed Sep 04, 2002 8:57 pm
Location: Name sez it all

Re: Gov. Walker's WEDC "Loses" over $8 Million in Loans

Postby david cohen » Tue May 07, 2013 8:07 pm

I'll tell ya Sno, every month I get a monetary solicitation from my assemblywoman touting her this and that. What I want is for her to be a loud voice against this WEDC type of waste and fraud, and I'd rather give issue ad groups my money than fill her campaign coffers.The Dems need some political Viagra, or maybe they just need to grow a pair.
david cohen
Forum God/Goddess
 
Posts: 1406
Joined: Fri Jul 07, 2006 12:48 pm

PreviousNext

Return to Local Politics & Government

Who is online

Users browsing this forum: No registered users and 3 guests

moviesmusiceats
Select a Movie
Select a Theater


commentsViewedForum
  ISTHMUS FLICKR
Created with flickr badge.

Promotions Contact us Privacy Policy Jobs Newsletters RSS
Collapse Photo Bar