IP: VERY SAD NEWS! FY99 ROS Cut

[Dave Farber <farber@cis.upenn.edu>]

> From an IPer requesting non sttribution



> >>Congress has imposed an $11.4M FY99 recision due to....
> >>
> >>an Oil & Steel Company defaulting on government-backed loans which
> >>the government is now liable for.. congress is looking to all
> >>non-military agencies to help out with the debt.
>
>    In case some readers are skeptical, I can vouch for the fact that at
>least one Government agency has already been tasked to come up with its
>share!  There has to be some serious illegal activity here.  Why should
>Government agencies be forced to pay when a private sector company defaults
>on a loan?  As a Government employee and a U.S. taxpayer, I'm outraged.  I
>would like to know several things:  (1) What is the company? (2) Who loaned
>them the money (agency and/or person responsible)? (3) Who made the
>decision that Government agencies would be held liable if the company
>defaulted on the loan? and finally (4) Why hasn't this been widely
>publicized in the press?
>