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Originally Posted by GeorgiaMa'am
I heard on NPR that the bankers were not supposed to look at the reasons for the loans on the applications, they were just supposed to approve them. That's what they did and that's how large restaurant and hotel chains, and Harvard, were able to swoop in and take the lion's share.
Apparently also the bill that authorized the money in the first place wasn't very clear about who was supposed to get it. They were more interested in getting it out fast than in making it clear.
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I guess I gave the bankers too much credit! Obliviously "common sense" didn't occur to them!