$1.8 MILLION BAILOUT
13th Nov 2006, 07:20 GMT
With its grand clubhouse and 18-hole course that Arnold Palmer helped design, the former Whitewater Country Club near Peachtree City didn't seem to be the kind of project that would need help from the federal government. Yet when a businessman wanted to revive the struggling club, the U.S. Department of Agriculture, through its Rural Development branch, agreed to guarantee 90 percent of his $6 million loan. The turnaround plan flopped —- leaving taxpayers on the hook.
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