Air America Radio was started with a "loan" of $875,000 from a city-financed Bronx charity, the Gloria Wise Boys and Girls Club. Since that money was supposed to be spent on, you know, Boys and Girls in the Bronx and not to keep Al Franken in hair gel, an investigation by New York City soon followed, and AAR's current owners and management (more or less) quickly put the "loan" proceeds into an attorney's escrow account.
Now, finally, the money has been disbursed, with $625,000 going back to the state, and $250,000 going to the successor of the B&G club, now known as the Gloria Wise Community Center. As for the interest, what interest! The interest earned on the money while it was in the escrow account - like all other such interest - has probably been collected by the state and put into a general account to be disbursed to far-left non-profits throughout the state. As for the interest that could have been earned before it was put in the escrow account, well, hasn't Air America suffered enough?
So, it's all over! Except, of course, that the case is currently being investigated by the New York Attorney General, and may result in criminal prosecutions. But, as Air America spokeswoman Jaime Horn says:
"Piquant L.L.C. and the current management of the network had no involvement in the transaction, but we're pleased to have this issue resolved in a responsible manner."
Posted in Meta at September 28, 2006 11:05 AM
Monitoring Air America Radio [TM] so you don't have to.