WI Governor Turns to Public Pensions for Business Subsidies

Such a bad idea in so many ways

MADISON – Nearly two years after demanding public-sector unions pick up their share of taxpayer-funded pensions, Gov. Scott Walker is asking government workers to bet part of their retirements on a plan to subsidize new businesses in Wisconsin.

The venture capital plan calls for moving hundreds of millions of dollars into an embattled quasi-public economic development agency that lost track of a $56 million loan portfolio, among other mismanagement problems.

Documents obtained by Wisconsin Reporter show that Reed Hall, CEO of Walker's Wisconsin Economic Development Corporation, recommended that the State of Wisconsin Investment Board loan $200 million to WEDC.

Walker serves as chairman of the WEDC board of directors.