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BusinessWeek: January 11, 1993 |
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Readers Report
NO WINDFALL FOR FARM CREDIT Your article "Banks that believe in many towns called Hope" (Finance, Nov. 30), about community development banks, unfortunately perpetuated a factual error about the Farm Credit System, as well as some self-serving propaganda from the commercial banking industry. To set the record straight, the FCS did not receive an "infusion of $4 billion from the government" stemming from the agricultural depression of the 1980s. What Congress did was allow the system to issue privately financed assistance bonds, of which only $1.26 billion was used before the assistance authority expired earlier this year. It wasn't $4 billion, and it didn't come from the government. Myron L. Edleman Chairman Farm Credit Council Washington | |
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