Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan

[Truthseeker420]

 

[daveman]

It doesn't matter. This is the party that holds themselves up as the party of personal responsibility. Instead they take out a loan they "know" they can't repay, default, and cost the taxpayers $100,000 to remove the now dangerous building.

You'd be calling for the heads of any mortgagee that got underwater and had to default and you know it.

This idiot should be run out of town on a rail and never be allowed to make decisions on taxpayer money.

You mean like Barney Frank?

Some of the things liberals say are just stunning how they have absolutely no ability to recognize their own hypocrisy. The hypocrisy is just so flagrant at times I think it has to be in jest, but it isn't.

"The power of holding two contradictory beliefs in one's mind simultaneously, and accepting both of them....To tell deliberate lies while genuinely believing in them, to forget any fact that has become inconvenient, and then, when it becomes necessary again, to draw it back from oblivion for just as long as it is needed, to deny the existence of objective reality and all the while to take account of the reality which one denies — all this is indispensably necessary. Even in using the word doublethink it is necessary to exercise doublethink. For by using the word one admits that one is tampering with reality; by a fresh act of doublethink one erases this knowledge; and so on indefinitely, with the lie always one leap ahead of the truth."
-- George Orwell, 1984

 

[L.K.Eder]

banks should not hand out that amount of money to llc's in the founding phase.

the failed entrepreneur should however shut the fuck up about fiscal responsibility.

 

[Intense]

It doesn't matter. This is the party that holds themselves up as the party of personal responsibility. Instead they take out a loan they "know" they can't repay, default, and cost the taxpayers $100,000 to remove the now dangerous building.

You'd be calling for the heads of any mortgagee that got underwater and had to default and you know it.

This idiot should be run out of town on a rail and never be allowed to make decisions on taxpayer money.

That's like saying that because Barney likes to take it a certain way sexually, all Democrats must like to take it that way too. Absurd comparison. You make a point and connect dots that aren't there. Do the Trolls here do Birthday Parties?

I'm not the one defending this guy. That would be your side.

That depends on circumstance. Can you show cause? Was anything done there that was Illegal? Was fraud committed? Can you show that he did not act in good faith at the time? Was this a planned scheme? Was there mismanagement involved? Incompetence? Was it just bad luck, bad timing? Were they just victims of the down turn like so many others? If there is credible concern, I could care less about Party affiliation here. Can you say the same and apply the same standard to both sides of the Aisle?

 

[Intense]

banks should not hand out that amount of money to llc's in the founding phase.

the failed entrepreneur should however shut the fuck up about fiscal responsibility.

Maybe, maybe not. It should be limited though. It amazes me how many unemployed College kids get Credit Cards also. Like the Banks are building a Nation of indebted Servants who too easily lose control over what they owe for years to come, right out of the gate. Sucks, huh.
There is virtue in not borrowing past your ability to reasonably pay back. The same should hold for Student Loans and Home sales. Seems the Government has issues in general more important than teaching good lending and borrowing principles, like profiting from poor decision making. Why is that? What would happen to the cost of schooling and housing, if all that money being thrown at it stopped? Hmmmm.....

 

[C_Clayton_Jones]

Ah....deflection.

They don’t even know they’re doing it, their ability to engage in meaningful debate has atrophied.

Note also the compulsory circling of the wagons. It’s practically Pavlovian.

 

[daveman]

Ah....deflection.

They don’t even know they’re doing it, their ability to engage in meaningful debate has atrophied.

Note also the compulsory circling of the wagons. It’s practically Pavlovian.

And yet, you're too stupid to know how to click the Quote button. Why is it you think you're intelligent?

 

[Mr.Nick]

Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan | TPMMuckraker

And in today's "I shit you not" news,

Tea Party aligned Georgia Rep. Tom Graves (R), who castigates Washington for fiscal irresponsibility, reached an out of court settlement Wednesday after he was sued for defaulting on a $2.2 million loan -- which his attorney argued is the bank's fault for lending him the money in the first place.

Graves and his business partner Chip Rogers -- who is the state Senate's Republican majority leader -- took out a $2.2 million loan from the Bartow County Bank in 2007 to buy and renovate a local motel. The project soon went belly-up.

The bank, which has since failed and had its assets taken over, sued Graves and Rogers for defaulting. The two Republicans then countersued, "accusing [the bank] of improperly declaring the loan in default after reneging on a promise to refinance it at more favorable terms," according to Jeremy Redmon and Aaron Gould Sheinin of the Atlanta Journal-Constitution .

I foresee Steve Buscemi in the role of Graves.

Merged

Oh and here is the truth you intellectually dishonest progressive..

http://www.ajc.com/news/attorney-for-graves-rogers-1095615.html?cxtype=rss_news

The bank sued, alleging the two defaulted on the loan. The politicians filed counterclaims against the bank, accusing it of improperly declaring the loan in default after reneging on a promise to refinance it at more favorable terms. Both parties dismissed their claims Wednesday, a day before they were scheduled to attend a hearing on the case in Calhoun.

I love how you progressives only tell one side of the story.

BOTH Graves and Rogers were willing to repay but the bank refused to refinance and reneged because DING DING DING - they were going belly up...

 

[kaz]

Ah....deflection.

They don’t even know they’re doing it, their ability to engage in meaningful debate has atrophied.

Note also the compulsory circling of the wagons. It’s practically Pavlovian.

Yes, you're very aware of what's going on now. Obama's got us on the run, we're circling the wagons. Dude, you seriously should read a newspaper once in a while...

 

[imbalance]

Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan | TPMMuckraker

And in today's "I shit you not" news,



I foresee Steve Buscemi in the role of Graves.

Thanks for demonstrating how little you know about doing business in the real world. I'll make it simple for you. The purpose of forming a Limited Liability Company is to have limited liability, primarily in the case of default because you know you don't have the personal assets needed to collateralize a secured loan. If a bank completes its due dilligence and decides to issue a business loan to a LLC knowing full well the loan can't and isn't expected to be secured by the borrower's personal assets, the bank can't now go back in time and secure the loan with make believe collateral who's nonexistence was the whole point of taking out the loan in the first place.

It doesn't matter. This is the party that holds themselves up as the party of personal responsibility. Instead they take out a loan they "know" they can't repay, default, and cost the taxpayers $100,000 to remove the now dangerous building.

You'd be calling for the heads of any mortgagee that got underwater and had to default and you know it.

This idiot should be run out of town on a rail and never be allowed to make decisions on taxpayer money.

Business is inherently risky and the losses from risk are borne almost exclusively by the individual business owners. Unless you're breaking the law, it's impossible to be irresponsible when taking out a business loan because you're the one taking all the risk in attempting to create wealth for the entire country.

 

[Ravi]

The twisting here by the rightwingloons is pretty amusing.

 

[daveman]

The twisting here by the rightwingloons is pretty amusing.

Y'know, your ignorance of basic business law is really no one's fault but your own.

 

[Kiarakairhee]

Sounds like he should be running Social Security

Where were you when dope smoking, boozing George Bush was Giving it to America? We are in the mess noe because of the Bush mess. He pissed away every dime pres. Clinton shored up, then proceeded to give tax cuts to the rich and start , not one, but two wars. And to date none of this crap has ever been paid for.Then old georgey porgey slips out of town with that famous dumb look on his face. This is when republicans contract selective amnesia. Now that there is a Democrat in the white house...Hey put it on that guy!!

 

[Kiarakairhee]

Typical tea party turds

 

[daveman]

Sounds like he should be running Social Security

Where were you when dope smoking, boozing George Bush was Giving it to America? We are in the mess noe because of the Bush mess. He pissed away every dime pres. Clinton shored up, then proceeded to give tax cuts to the rich and start , not one, but two wars. And to date none of this crap has ever been paid for.Then old georgey porgey slips out of town with that famous dumb look on his face. This is when republicans contract selective amnesia. Now that there is a Democrat in the white house...Hey put it on that guy!!

 

[editec]

Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan | TPMMuckraker

And in today's "I shit you not" news,

Tea Party aligned Georgia Rep. Tom Graves (R), who castigates Washington for fiscal irresponsibility, reached an out of court settlement Wednesday after he was sued for defaulting on a $2.2 million loan -- which his attorney argued is the bank's fault for lending him the money in the first place.

Graves and his business partner Chip Rogers -- who is the state Senate's Republican majority leader -- took out a $2.2 million loan from the Bartow County Bank in 2007 to buy and renovate a local motel. The project soon went belly-up.

The bank, which has since failed and had its assets taken over, sued Graves and Rogers for defaulting. The two Republicans then countersued, "accusing [the bank] of improperly declaring the loan in default after reneging on a promise to refinance it at more favorable terms," according to Jeremy Redmon and Aaron Gould Sheinin of the Atlanta Journal-Constitution .

I foresee Steve Buscemi in the role of Graves.

Merged

That's hilarious, BD.

Thanks for bringing it to my attention.

 

[Wry Catcher]

Sounds like he should be running Social Security

In effect his kind has, robbed Peter to pay Paul. Unlike dishonest fools like CF, most of us know both parties engaged in this same piss-poor fiscal policy for years.

 

[Ravi]

The twisting here by the rightwingloons is pretty amusing.

Y'know, your ignorance of basic business law is really no one's fault but your own.

I get it, you are another that thinks it's just fine to default on a loan and leave a derelict building that the taxpayer's must now pay to remove, if the people in question are Republicans.

 

[daveman]

The twisting here by the rightwingloons is pretty amusing.

Y'know, your ignorance of basic business law is really no one's fault but your own.

I get it...

No, you don't.

...you are another that thinks it's just fine to default on a loan and leave a derelict building that the taxpayer's must now pay to remove, if the people in question are Republicans.

Can you point to any law that was broken? NOTE: "Conducting business while conservative" isn't illegal.

 

[Ravi]

Y'know, your ignorance of basic business law is really no one's fault but your own.

I get it...

No, you don't.

...you are another that thinks it's just fine to default on a loan and leave a derelict building that the taxpayer's must now pay to remove, if the people in question are Republicans.

Can you point to any law that was broken? NOTE: "Conducting business while conservative" isn't illegal.

Thanks for proving my point. No one is talking about a law being broken, doofus.