Developer Withdraws From Investment Board Consideration

1/7/12 – Developer John Petersen the Third has withdrawn his name for consideration for a position on the Wisconsin Investment Board. Petersen says he fears the nomination process will become too bitter and partisan. Petersen was grilled during a state Senate committee hearing this year. Lawmakers raised ethical questions about his previous service on that board which handles billions of dollars of state money. An audit cited concerns during that period over what auditors called “the appearance of a conflict of interest.” Petersen had voted in favor of an 80 million dollar investment in a business with a company that had ties to a corporation he owned stock in. Petersen told committee members he shouldn’t have voted on the deal.