WEDC writes off $1 million loan

The Wisconsin Economic Development Corporation doesn’t exactly have a great track record of success. The state agency tasked with creating job has a long history of giving our tax dollars to companies which promise to create jobs, but don’t. They have provided job creation grants to companies which don’t deserve them, and they have not always followed up to ensure the companies are doing what they promise. So it is little surprise that the Wisconsin Economic Development Corporation isn’t always getting our money’s worth. Now comes word that the agency is writing off more than $1 million in loans it made to a now bankrupt company in northeastern Wisconsin. Green Box, a waste recycling company has been plagued by scandal for years.They lied on their application for the state grant and after not creating all the jobs it promised, simply stopped paying the state back. Its owner has been sentenced to prison for conspiracy to commit bank fraud. So that is $1 million of our tax dollars we will never get back. Critics of the job creation agency wonder if WEDC can’t enforce a $1 million loan, how can we trust them with to ensure the $4.5 billion the state is giving to Foxconn to build its new plant and create all those promised jobs is money well spent? State lawmakers should hold WEDC’s feet to the fire and make sure that with the Foxconn grant, Wisconsin taxpayers don’t get conned yet again.