Thursday, September 25, 2008

Lipstick on A Pitbull

Treasurer Says Plant Should Have No Investment Ties To Politicos
Missouri State Treasurer Sarah Steelman today revoked conditional approval for financial aid for an ethanol plant that has political connections.
Show-Me Ethanol had received conditional approval in October 2006 for a 48 million dollar state bank deposit that would be used for a reduced-interest-rate loan. But the big condition was that the ethanol plant could have no investors who either were state officials or related to them. Among the investors was Governor Blunt's brother, Andy Blunt, and state House member John Quinn.
"Despite repeated requests, you have refused to give information or provide documentation about shareholders and those conflicts. At least four times since April our office has informed you of the need for this documentation and as of today you have still not supplied it," Steelman wrote in a letter to Show-Me Ethanol's Greg Thomas.
Steelman's office said Show-Me's "repeated refusal" to cooperate in complying with the laws that govern the program lead to her decision. The Treasurer said Show Me Ethanol repeatedly refused to clarify "syndication and financial issues."
"The only conclusion that is reasonable at this point is that your organization is not in compliance with the policies and laws of this state, and that you refuse to cooperate in coming into compliance. Two years is well beyond what should be expected by anyone who has come to the state asking for assistance and then refused to make any effort to comply with the laws and policies the state has established for that assistance," Steelman wrote.
"Accordingly, the conditional approval previously granted is revoked, and your application is denied," she concluded.

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