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VETS' NONPROFIT WASTED LARGE SUMS OF
GOVERNMENT
MONEY SAYS SENATE REPORT -- TVC grossly
mismanaged
taxpayer dollars, including lavish spending on
costly
dinners and luxury hotels, first-class travel,
and
compensation for its top two executives.
The Senate report mentioned in this story is
available here...
http://sbc.senate.gov/Committee%20Rep
ort%20on%20TVC.pdf
Senate press release on this matter is here...
http://www.marketwatch.com/news/story/Kerry-Sn
owe-Investigation-Reveals-Veterans/story.aspx?
guid={64DDA6F2-7C24-4EDA-9EFE-4184203739B1}
Story here...
http://www.washingtonpost.com/w
p-dyn/content/article/2008/12/10/AR2008121003984.html
Story below:
Your comments accepted at bottom of
page.
-------------------------
Nonprofit Formed to Help Veterans Wasted Large
Sum, Senate Report Says
By Ann Scott Tyson
Washington Post Staff Writer
A nonprofit veterans group has "squandered" hundreds of thousands of
dollars of the $17 million in federal funds it has received since 2001 and
essentially abandoned its mission of helping veterans
 start
small businesses, according to the results of a Senate investigation to be
released today.
The National Veterans Business Development Corp., also known as the
Veterans Corp. (TVC), grossly mismanaged taxpayer dollars -- including
lavish spending on costly dinners and luxury hotels, first-class travel,
and compensation for its top two executives that amounted to nearly a
quarter of the charity's federal funds, according to a report obtained by
The Washington Post.
Created in 1999 to set up a national network of veterans centers and help
veterans start small businesses, TVC has spent only 15 percent of its
funding on the centers since it was formed, including only 9 percent last
year, the investigation found. As a result, centers in Massachusetts,
Michigan and Missouri are in danger of closing, it said.
"It's appalling that an organization created to aid our nation's heroes
would instead squander taxpayer dollars, wining and dining their
executives instead of helping veterans," Sen. John F. Kerry (D-Mass.),
 chairman
of the Senate Committee on Small Business and Entrepreneurship, said in a
statement. Kerry launched the investigation with the committee's ranking
Republican, Sen. Olympia J. Snowe (Maine).
Kerry and Snowe recommended that TVC receive no more federal funds and
that instead the funding go to the Small Business Administration's Office
of Veterans Business Development.
"It is deeply regrettable that The Veterans Corporation squandered the
well-intentioned efforts of so many to create a national veteran
entrepreneurship network," Snowe said in a statement. "I am confident
that, with sufficient funding, the Small Business Administration can more
efficiently and effectively oversee valuable veteran entrepreneurship
programs and centers."
-------------------------
posted by Larry Scott
Founder and Editor
VA Watchdog dot Org
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