It speaks for itself. He ran a bank. He took the TARP funds and arranged for a bunch of loans to himself and his cronies, instead of pay it back.
And now he's running for Governor of Missouri.
I am disappointed in this guy. I hope the Republicans do the right thing and spit him out.
- For six years, Dave Spence helped run Reliance Bancshares and its main subsidiary, which took $40 million as part of the Wall Street bailout.
- Spence supported the Wall Street bailout, which he defended as an "extra cushion of capital" to banks like his.
- Shortly after Reliance received its $40 million TARP bailout, Spence took a million-dollar insider loan from the bank for a vacation house.
- Spence then voted not to repay taxpayers their money and quit the bank, leaving taxpayers with a $40 million tab.
- During Spence's time with Reliance Bancshares, federal regulators repeatedly reprimanded the bank and its subsidiaries for making bad loans and engaging in risky business practices.
- Even after the bailout, Spence and his fellow board members approved lavish pay packages for the bank's executives as well as perks, such as country club memberships.
- Spence's bank was named the worst-performing bank in the St. Louis region.