US Government Manages $3 Trillion in Loans With Three Mid-Level Staffers

The U.S. federal government has a $3 trillion lending portfolio that is managed by three mid-level civil servants with no relevant experience, a Politico Magazine revealed. One such loan portfolio originates from a bloated, politically influenced program to aid the U.S. shipbuilding industry and is emblematic of the problem. The program provided assistance to billionaire investor Sam Zell in building cruise ships that would later go bust. Under the Bush administration a $140 million loan to politically connected individuals would help build two “superferries” to shuttle passengers around Hawaii. The business imploded shortly after the ships hit the water leaving the…