“I started with nothing”
MADISON — Multimillionaire real estate magnate Terrence Wall isn’t content misleading voters about Russ Feingold’s record, he is now misleading voters about his own life story. Wall’s latest TV ad makes the claim that “Terrence Wall’s never forgotten how his business started,” but news reports tell a far different story, providing evidence that indicates he has “forgotten how his business got started.”
As the Capital Times has reported, “He purchased his first property, the dilapidated 48-unit Nut Tree apartments behind East Towne, out of bankruptcy for $1 million with 100 percent bank financing. His father later chipped in with a $50,000 investment to help with renovations.” [Capital Times, 5/18/2006]
It also reported that “Wall, the son of DEMCO Inc Chief executive officer John Wall, has leaned on his father’s bank account to launch High Crossing, his east-side development.” News reports detail how Wall obtained loans from his father of $5,000, $10,000 and $20,000 to obtain bank financing.
Wall’s father is quoted as saying, “My involvement from the financial standpoint has carried some weight when he’s gone to the banks.” [Capital Times, 12/16/93]
“On issue after issue, Terrance Wall has a problem telling the truth, said Mike Tate, Chair of the Democratic Party of Wisconsin, “In this case he can’t even tell the truth about himself. This proves that he will say anything to get elected, even if it means rebuilding his life story and creating a myth that he is a self made man who pulled himself up by his bootstraps.”
In a November interview with wispolitics.com Wall is quoted as saying, “I started with nothing.” [Wispolitics, 11/20/2009]