Day By Day© by Chris Muir.


Friday, September 7, 2012

Corrupt Missouri Candidate for Governor Dave Spence Self-Dealt With TARP Money

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.

The Facts:
  • 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.
PS I corrected this article after being corrected by a commenter.  I thought mistakenly that Spence was already sitting in the gov seat.  Thank you, commenter.  Corrections always welcome.

1 comment:

Andrew J. Jackson said...


Spence is the Republican challenger to Missouri Governor Jay Nixon.