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AP: Companies Got Unneeded 9/11 Loans (moved from ATSNN)

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posted on Sep, 9 2005 @ 10:08 AM
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After September the 11th, the American Government agreed along with the Federal Reserve to allow a much lower interest rate for companies who got money through a re-development program. For companies who were harmed by the 9/11 atrocities. Today, thanks to the "Freedom of Information Act", the Associated Press have found out that the Banks have been allowing anyone to take money from the Low-Interest Account set up for the victims. Even a Utah dog boutique was able to gain money that should have gone to the victims [economic victims] of September the 11th.
 



news.yahoo.com
"Had we known it was 9/11 money, we would not have borrowed it," said John Adams, a vice president of Brankle Brokerage and Leasing in Marion, Ind., who didn't know until informed by AP that his company's $1.33 million loan had been drawn by his bank from a program created by Congress to help economic victims of the 2001 terror attacks.

"We would have chosen some other avenue. That money surely could have been used by people who needed it more than we did," Adams said.

His company wasn't alone. From Dunkin' Donuts shops and florists to motorcycle dealers and chiropractors, businesses nationwide said they were unaware their banks had lent them money from the low-interest, government-guaranteed Sept. 11 loan program.

The records obtained under the Freedom of Information Act also show that many other loan recipients who made cases they were injured by Sept. 11 were far removed from the direct devastation of New York City and Washington, like a South Dakota country radio station, a Virgin Islands perfume shop and a Utah dog boutique.


Please visit the link provided for the complete story.


This is sick...

There is no other way that I can describe it. The larger banking corporations were handing out money, which should have gone to the victims of 9/11 to anyone that wished to get a low-interest-rate-loan. This was abuse at a massive level - $5billion was allocated and the report finds millions of it in the wrong hands. All so banking corporations can make money and employees can gain their bonus for signing people up to a loan.

Is it about time America takes back its banks and money and removes it out of the hands of the blatantly corrupt Banking Corporations?
Will these people be held accountable?
What should happen to those who really need the money and to those who have unintentionally got it?




posted on Sep, 9 2005 @ 01:23 PM
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Let me see if I have this right. The banks controlled who recieved these loans. The banks used funds for these loans which they recieved at reduced interest rates from the Federal Government. I wonder if they passed the reduced interest rates on to their customers?



posted on Sep, 9 2005 @ 01:39 PM
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Yes they did.

But only those who lost business because of September the 11th should have had access to the low-interest rates to help them build back their previous business. In fact it was only meant to be in the areas hit by it. [New York and Washington.]



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