Sat Jun 16, 2012, 08:20 AM
Ilsa (33,583 posts)
Congressman Tom Graves of north Georgia:
Another crook in Congress that didn't pay his bills and has cost the taxpayers millions of dollars.
Here's an excerpt from Wikipedia:
In 2011, Graves and a business partner (state Senate Majority Leader Chip Rogers) were accused of defaulting on a $2.2 million bank loan for a real estate investment. Attorneys for Graves argued that the bank had been at fault for loaning him money that they knew he couldn't repay, making the signed personal guarantees invalid. Graves and his partner were no longer involved with the company used to take out the loan after transferring ownership to another party in 2009. The new owner (the hotel's former manager) agreed to purchase the company and its real estate and debt from Graves and Rogers for $10,000 but says they never actually required him to pay them anything. The default on Graves' loan contributed significantly to the collapse of the Bartow County Bank (the small community bank which loaned the $2.2 million to Graves). The bank's collapse and liquidation cost the Federal Deposit Insurance Corporation $69.5 million. According to Morgan Akin (the former bank chairman), he only approved the loan to Graves and Rodgers because, "They were well-respected members of the community, and we took that into account," and he never imagined such prominent political figures would default. Furthermore, although Graves and Rogers claimed the new owner of the company only defaulted on the loan because the bank reneged on a promise to refinance, the bank countered that the loan was in default before the sale of their company and they invalidated their refinancing deal because they sold the company without informing the bank. In August 2011, the bank's dispute with Graves was settled out of court and no details of the settlement were disclosed. Due to unpaid property taxes going back to 2009, the city may have to seize the property and spend over $100,000 to secure and eventually demolish it.
2 replies, 1456 views
Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Congressman Tom Graves of north Georgia: (Original post)
Response to Ilsa (Original post)
Mon Jul 2, 2012, 12:45 PM
RebelOne (29,402 posts)
2. Chip Rogers is the representative for my district.
And believe it or not, I voted for him in one election because of his stand on eliminating dog fighting.