Boondoggle vs. Audit

I may be slowing the blog for the next few weeks but I do have a couple stories that I’m following, including continued educated rumors that the expenditure of a $9.5 million Iron Range Resources loan to Excelsior Energy is being audited by the Office of the Legislative Auditor. I’m getting very plausible reports that there’s an ongoing audit but have not been able to get the OLA to confirm or deny. Anyone who’s seen (or attempted to see) the way Excelsior spends its public money knows that it’s worth an audit to find out what they heck they’re doing on the taxpayers’ dime. If an audit reveals evidence of shenanigans that might be the news bump that finally buries this coal gas boondoggle called the Mesaba Energy Project. But I’m sure the company will have a spin on that as they do for most things. There’s enough smoke and mirrors in that loan’s language and reports that we might never know exactly what is what.