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

BDBoop

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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
 

Ravi

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Truthmatters

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Hhahahahahaah
 

CrusaderFrank

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Sounds like he should be running Social Security
 

theHawk

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So the guy tried to have a small business which in turn creates jobs, but the Obama economy killed it off and it went banktrupt, so obviously he and his partner weren't going to be able to pay back that loan.

Whoopty shit, this is happening all over America.
 

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Jarhead

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Ravi

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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.

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

Anthony Weiner.

Bad apples and hypocrites in both parties.
Ah....deflection.
 

Wiseacre

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One guy, one story, and you want to paint the whole party with the some brush. Do we need to dig up stories of lib dems having their own picadillos? You guys are patheitc.
 

Jarhead

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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.

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

Anthony Weiner.

Bad apples and hypocrites in both parties.
Ah....deflection.

deflection?

Referring to him as a bad apple is deflection?

I also reminded you that bad apples is not a party thing.

Nope...no deflection at all.
 

Jarhead

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One guy, one story, and you want to paint the whole party with the some brush. Do we need to dig up stories of lib dems having their own picadillos? You guys are patheitc.

careful....they are going to hit you with an accusation of deflection.

Get ti through your head.....Left is good, Right is bad.
 

imbalance

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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.

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.
 
Last edited:

uscitizen

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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.

The party of personal responsibility and fiscal conservatives.

Priceless, Thanks for the post.
 

Quantum Windbag

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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.

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.

Don't confuse the issue with facts.
 
OP
B

BDBoop

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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.

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

Anthony Weiner.

Bad apples and hypocrites in both parties.
Ah....deflection.

Yes, deflection. Same as it ever was. :)
 

Ravi

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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.

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.

:lol: 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.
 

uscitizen

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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.

:lol: 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.

Whitewater!!!! Impeach!
 

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