GA-Governor: Nathan Deal concedes ‘oversight’ in failure to report additional $2.8 million in loans

[book_worm]

Updated at 1:55 p.m.: The Associated Press has just moved the following by Shannon McCaffrey:

A review of records has found that Republican Nathan Deal did not disclose two active loans on which he and his business partner owe a combined $2.85 million.

The loans from two banks were made to Deal and Kenneth Cronan in 2009. They do not appear on the financial disclosure Deal filed with the state Ethics Commission when he announced he was running for governor.

Deal on Thursday called it an “oversight” and said he planned to amend his financial disclosure with the state. He said the debts were business loans for his Gainesville Auto Salvage business. Real estate records list only Deal and Cronan as the guarantors.

One $350,000 loan is from Verity Bank in Winder, Ga. The other is a $2.5 million from Branch Banking and Trust Co. in Gainesville, Ga.

Original post: Democrat Roy Barnes and Republican Nathan Deal just finished a detailed-filled, hourlong debate on education policy before the board of trustees of the PAGE Foundation.

We’ll get to those details later. Immediately afterwards, Deal was surrounded by a scrum of reporters still chasing the details about his financial condition.

Deal said he had no plans to release more details about his tax returns – but acknowledged that his debts are larger than the $2.3 million that an AJC article of Tuesday outlined.

http://blogs.ajc.com/political-insider-jim-galloway/2010/09/16/nathan-deal-acknowledges-more-debt-but-says-he-wont-release-more-financial-data/

[Jackpine Radical]

1. I fully understand and sympathize.

Hell, just the other week I mislaid 20 or 30 mil & didn't notice it was missing for the longest time. I finally found it under the seat in the spare Ferrari.

[Cognitive_Resonance]

2. So his story is that $2.8M in loans slipped his mind? Unreal. nt

[napi21]

3. i detest Deal & wil be voting for Barnes BUT this incident

is stupid but understandable. All those loans were actually made to his daughter & son-in-law to start a new business. Deal was a cosigner. t was a really stupid investment to build an ourdoors business in a fairly remote part of Ga. and far away from any other retailers that just could have helped their business. The original loan was due in 2009 but Deal & hus kids refied it and got an additional loan that will come due in either Jan or Feb of 2011. The y also got an additional money infusion from the Winder bank to boost capital. When the business flopped and the kids filed bankruptcy their part of the loans went away, BUT because Nathan cosigned the deals, the banks are now caming after him & his wife I think his risking that uch of his own personal wealth on such a risky venture shows that he sure can't be trusted with the purse of the State of Ga. but I can see why he wouldn't have showed it on his personal filings. He was a cosigner & i suspect he never expected to actually OWE this money himself.

[CurtEastPoint]

4. Voting for Barnes also

BUT I am afraid this goddamn lying piece of shit birther dildo is gonna win. Sonny II.

[napi21]

5. Barnes is not dumb, and I think he'll point out the poor decision

of Deal to get into those loans so deep that he "should have known" he'd be financially ruined if they went bad was strong proof that he should NEVER have decision making authority over the Billions that flow into our State treasury! The Governor has HUGH influence over what our $$ are spent on and he's shown he's not capable of doing that responsibily