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Maritime Administration knocked
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The Patriot Ledger
Taxpayers lost nearly a half-billion dollars because of bad loans
made by the federal agency that backed the failed effort to revive
Quincy's Fore River shipyard.
A General Accounting Office report says the $55 million the U.S.
Maritime Administration lost on the shipyard was the third largest
default in the federal Title XI program since 1993.
The Quincy guarantee - originally rejected by the Maritime
Administration - was rated the riskiest of five projects the GAO
reviewed.
The report, commissioned by Sen. John McCain, R-Ariz., is highly
critical of the Maritime ...
 "Daily News (Los Angeles, CA)")
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