Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Rep. Paul Broun criticizes federal government for saving depositors at failed bank he co-owned

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
cal04 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-25-10 11:16 AM
Original message
Rep. Paul Broun criticizes federal government for saving depositors at failed bank he co-owned
GOP Rep. Paul Broun criticizes federal government for saving depositors at failed bank he co-owned.
http://thinkprogress.org/2010/06/25/paul-broun-failed-b... /

One of Rep. Paul Brouns (R-GA) most frequent targets is the federal government, which he has in the past claimed is going to kill people by passing comprehensive health care reform and clean energy legislation. Now, the Atlanta Journal Constitution has discovered that Broun was a part-owner of a bank started by his brother that failed in March and had to be taken over by the FDIC to protect its depositors, meaning that the very same federal government the congressman demonizes was forced to save his failing business and its customers. Asked for comment by the paper, Broun attacked the federal government, saying that its totally wrong for the government to be taking over failed banks like his and protecting the depositors:

But after an Atlanta Journal-Constitution examination of congressional financial disclosure forms revealed that Broun was an investor in the (failed) bank, the Republican congressman from Athens had a very strong opinion about whos to blame: the federal government. The federal government is closing these banks down when there is absolutely no reason to do so, he said. Its just totally wrong.

State and federal regulators on March 26 shut down four-branch McIntosh Commercial and sold its assets to West Point, Ga.-based CharterBank after determining McIntosh was insolvent and unable to pay its debts. The bank, founded in 2002, lost $28 million over the past two years and had $88 million in troubled loans on its books. The failure was expected to cost the federal Deposit Insurance Fund more than $123 million.

Sheila Bair (the FDIC's chairman) and the FDIC thats forcing all of this, under the direction of this administration, needs to back off and let community banks do what they should be doing, (Broun)said.
Printer Friendly | Permalink |  | Top
CurtEastPoint Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-25-10 11:20 AM
Response to Original message
1. Yet another brilliant proclamation from one of GA's biggest Republican dildos.
or is it dildoes?
Printer Friendly | Permalink |  | Top
 
Angry Dragon Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jun-25-10 12:09 PM
Response to Original message
2. If these people want to run for Congress
then they need to divest themselves before they run. It would show the people that they are honest and
no conflict of interest.

Never happen because they want their cake and eat it too.
They want all the cake and maybe, just maybe, they may let you lick the plate and maybe give you some crumbs.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sat Apr 19th 2014, 07:56 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC