Bernie Ebbers--needy FCS borrower

Bert Ely

American Bankers Association, 2003, vol. 16, issue 2

Abstract: According to a recent lawsuit, several FCS associations participated in a $499-million loan to Bernie Ebbers of WorldCom fame, to finance his 1999 purchase of 460,000 acres of timberland in Alabama, Tennessee, and Mississippi. The FCS associations reportedly funded $30 million of the Ebbers loan. By no stretch of the imagination did Congress create the FCS to provide taxpayer-subsidized credit to billionaires. There have been numerous reports received of FCS financing for rural recreational activities, such as hunting preserves and a golf course or 2.

Keywords: Agricultural; Finance (search for similar items in EconPapers)
Date: 2003
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