Neglected WEDC taxpayer-financed loans grow to $12.2 million

Crony capitalism disgrace:

As of Nov. 2, borrowers were late in making payments totaling $2.5 million, but the state could easily end up losing more than that, records show. One late borrower, Flambeau River Biofuels, is unlikely to repay $2 million of its outstanding loans from the state, though the amount currently past due is only a fraction of that total, according to state figures and past interviews with its owner.

The Wisconsin Economic Development Corp. Friday afternoon turned over the information on the 67 past-due loans and a stack of other documents in response to an open records request by the Milwaukee Journal Sentinel.

Via Milwaukee Journal Sentinel.