Veterans Group to Aid Small Firms Grossly Mismanaged
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 (pdf) released Thursday and reported in The Washington Post.
The National Veterans Business Development Corp. 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 the report.
The top lawmakers on the Senate Small Business and Entrepreneurship Committee -- Sens. John Kerry (D-Mass.) and Olympia Snowe (R-Maine) recommended that the veterans' group receive no more federal funds and that instead the funding go to the Small Business Administration's Office of Veterans Business Development.
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