Development Bank Investment Is Folly
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“Bank’s Tech Bet Pays Few Dividends” [Oct. 21] is but one more chapter in the sad saga of government’s community development efforts.
The Los Angeles Community Development Bank’s woes were exacerbated by greed. The bank took risks, which no bank in the private sector would likely take, simply to ensure the future influx of welfare, euphemistically known as federal grants. This lust for future welfare led to hasty, imprudent decisions.
Not only has the Los Angeles Community Development Bank not done what it was chartered to do--create high-paying jobs for the poor in economically depressed areas of the city--it has put millions of taxpayer dollars in jeopardy through loans to risky enterprises.
Bruce Crawford
Fountain Valley
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