Crystal Sugar pays off $46.6 million government loan with sugar

  • Article by: Jim Spencer
  • Updated: October 1, 2013 - 8:50 PM

Crystal Sugar used its own product to pay off $46.6 million on a federal loan debt, probably costing taxpayers tens of millions.

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garagewineOct. 1, 13 2:35 PM

So not only is the government making loans to private companies, it is now accepting payment in-kind by buying their product at a greatly inflated price. Just sad.

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jredcornOct. 1, 13 2:49 PM

After what Crystal Sugar did to its workers, they can operate at a loss and fold as far as I'm concerned.

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fireflymomOct. 1, 13 2:58 PM

Is this the same Crystal Sugar that ousted the union because they couldn't afford to pay them fair living wages? Underscore what is deeply wrong with this country. More bail outs for the top 1% at the cost of tax payers and hard working people who just want to be able to support their families. Awesome.

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franknjackOct. 1, 13 3:15 PM

Welcome to corporate America's safety net. I'm sure most of the American Crystal co-op members consider themselves anti-government capitalists who tried to break the union because they believe in free enterprise. But they have no qualms about not only receiving handouts from the government, but suggesting that this quasi payment is justified because the market is so bad for them. That's the part of the free-market system they don't understand: You reap the reward when the market is good, and you take in the shorts when it is not.

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sevengenOct. 1, 13 3:21 PM

That's how our "free market" economy works. Taxpayers bail out the big companies, while the companies exploit the workers and the CEO's walk away with record profits.

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jphaunOct. 1, 13 3:24 PM

This story must be a joke. Everyone knows that they wouldn't be able to make any sugar without the union.

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maxwellbayOct. 1, 13 3:43 PM

With the sweet deals Obama has made under the table, taxpayers are losing a lot more than just this. GM ring a bell?

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acctsah2Oct. 1, 13 3:46 PM

Why are we still subsidizing sugar? Is the government in the business of promoting something that is not really good for us? I suppose it is the same reason they are still subsidizing tobacco. If you have enough money you can do a lot of things and influence a lot of people.

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rampalincOct. 1, 13 3:48 PM

This is the saddest part. Everyone know this is wrong and corrupt..yet we cannot do a dang thing about it.

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raineyrooOct. 1, 13 4:29 PM

Socialism is for losses. Capitalism for profits. Odd that the tea presence is absent on this story.

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