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Bernie Ebbers--needy FCS borrower

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  • Ely, Bert

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.

Suggested Citation

  • Ely, Bert, 2003. "Bernie Ebbers--needy FCS borrower," American Bankers Association, American Bankers Association > Journal of Agricultural Lending, vol. 16(2).
    • Handle: RePEc:ags:abajal:336670
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    File URL: https://ageconsearch.umn.edu/record/336670/files/ers2022-23-0628.pdf
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