Ted Mondale to pay $50,000 clawback to Petters receiver

  • Article by: David Phelps , Star Tribune
  • Updated: April 23, 2013 - 12:26 PM

Ted Mondale got a $150,000 personal loan from Petters in 2005.

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GregL2323Apr. 23, 1312:41 PM

If someone borrows 150k how is he able to repay only 50k? What difference does it make from whom the money was borrowed? This smells bad.

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gopheroneApr. 23, 13 1:22 PM

I'm surprised this story isn't flooded with comments about special payback considerations for poor old Ted and the job he was handed on a platter with the Minnesota Sports Commission.

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EleanoreApr. 23, 13 1:40 PM

His job and the entire sports comission needs to be eliminated as the public waste it is. I'm sure he's a nice enough guy (it sounds like he paid back 100k of the loan) we just don't need this level of government or the facilities it administers. privatize the lot of 'em.

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themanApr. 23, 13 2:08 PM

In other words, another son of a political hack who has never had to work a day in his life. Sounds like your typical Liberal machine. Take from the workers and give to your friends....

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CEG000Apr. 23, 13 2:21 PM

The article states that the loan was for $150,000 with a 10% interest rate and was due one year after the loan was made. Now, many years later, he repays only $50,000. Is he taxed for the amount of the loan that was forgiven, including interest? Remember, some homeowners that are having portions of their mortgages forgiven are being taxed on the amount forgiven by the IRS as income. Hopefully this is the same situation.

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goin_upnorthApr. 23, 13 2:26 PM

If he received a loan, he should pay it back. What did he do with the money? This definitely has a bad smell that needs investigating.

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hounder25Apr. 23, 13 2:30 PM

so the other 100K didn't have to be paid back? Not a bad deal. Hope Mondale paid taxes on the forgiven part of the debt.

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bannedmuggsApr. 23, 13 2:54 PM

I'm surprised this story isn't flooded with comments about special payback considerations for poor old Ted and the job he was handed on a platter with the Minnesota Sports Commission. ======================================= For the first many hours of the day, the award winning startrib didn't allow comments on this story. If this were a GOP non-Mondale, the star trib would be ripping the person. Instead it hangs on to the worthless allegations surrounding Michelle Bachmann. Come on, strib! Look into this story! This guy just got away with $100k! Can you imagine if we could all get sweet deals like that? Can you imagine if Michelle Bachmann got that kind of deal? Earn the Pulitzer!

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nogophersApr. 23, 13 3:19 PM

Sweetheart of a deal. Now you know how "public servants" and their family become so wealthy. He should be forced to pay it back. Many people were hurt by Petters and the extra $100k would go a long way to some of the charities who invested with him.

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mowjo1Apr. 23, 13 3:28 PM

Any person with an ounce of integrity would have paid back the loan in full knowing there are numerous investors who were fleeced by Petters. It looks like Mondale hoped it would be forgotten but ended up getting a sweetheart deal instead. I'd love to only be able to pay only a third of it back. If he can't manage his finances, why should the citizens of MN trust this guy with our tax dollars... stadium commission duties.

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