Posted on 03/10/2002 6:35:21 PM PST by StopDemocratsDotCom
Source: Reports from FDIC Division of Research and Statistics.
The failure of the United American Bank (UAB), Knoxville, Tennessee on February 15, 1983 initially made headlines because its owner, Jake Butcher, was the principal organizer and promoter of the 1982 World’s Fair and twice was a candidate for governor of the State of Tennessee. The deposit liabilities and assets of UAB were transferred to First Tennessee Bank of Knoxville, a subsidiary of First Tennessee Corporation, Tennessee’s largest bank holding company. The transaction was noteworthy because it marked the first use of the extraordinary acquisition provisions of the Garn-StGermain Depository Institutions Act of 1982.
Before the year was out, seven more Tennessee banks controlled by Jake Butcher or his brother, C.H. Butcher, Jr., failed. There were almost daily reports of an excessive volume of classified loans, loans to insiders, loans far from the bank’s trade area, and evidence of inaccurate or deliberately misleading accounting.
The Butcher organization of approximately 40 loosely affiliated banks and savings and loan associations operated in two FDIC regions and three Federal Reserve Districts. A total of seven different regulatory agencies were responsible for supervising the institutions, making the detection of problems within the combined organization extremely difficult.
The insolvency of United American Bank and, subsequently, of other Butcher-related institutions, was discovered only because the FDIC undertook a simultaneous examination of the major Butcher-affiliated banks, committing to the task nearly 10 percent of its field workforce for almost three months. At the end of 1983, the FDIC estimated that its losses in connection with the eight failed Butcher banks would amount to approximately $382.6 million.
Yes, he must be taken very seriously. Time to start massive opposition research, it must be RUTHLESS! Pull no punches, but it cannot look that way or he will walk in.
You need go no further than in Free Republic to research including my post right before yours. Ford will not carry the state. To much scandal in the family and yes most Tennesseans know it very well. Be thankfull it's Ford and not Bob Clement.
Primary elections in most states require a certain minimum to avoid a runoff. A majority (50% plus 1) used to be the typical requirement; some states have gone to 40%. Tennessee has NO primary runoffs; the winner of a plurality, no matter how unimpressive it might be, gets the nomination. In 1996, 17-term District 1 Congressman Jimmy Quillen (R) decided not to seek reelection. In this most Republican district (mountains of East Tennessee), the GOP nomination is tantamount to victory. An 11-way primary ensued, won by Bill Jenkins -- with 18% of the vote. He's still in Congress.I repeat, Ford has no chance -- NONE -- of winning in the general election.Needless to say, the no-runoff system can produce some odd results, and it may this year, too. My guess is that if two or more Congressmen seek the GOP Senate nomination (Ed Bryant has already announced), it would sew up the race for Lamar! based on statewide name recognition. On the other side, a multi-candidate Democratic race could result in the nomination going to Harold Ford, since he would be (if he runs) the beneficiary of an automatic black bloc vote. That would suit me fine; he has no chance of winning the general election.
Ed Bryant, Duncan, or Marsha Blackburn is the states only hope. Do the homework on Tennessee History and Tennessee Governors elected to office after term. It's been well over 100 years since it occured. The last former Governor to be senator or even dog catcher was elected through congress on the 1905 era. Lamar has to many issues in his past that will be too hard to shake.
I didn't get that far in the thread (I've been trying to log off for an hour, yes, I'm another hopeless FReep addict), and that may be good, but remember that Hitlery got electected. We cannot rest, regaining control of the Senate may be is more difficult than Afghanistan. Our enemy in this war has more resources and is far more ruthless (thus my earlier use of the word, fight fire with fire) than the Tallitubbies Al Queerda.
FreeRepublic is now a force, and we must use it to magnify that force and start enlisting the sympathetic sheeple.
Well I've GOT to call it quits now, have a good night.
In any event, learn to use the steletto in the dark, rather than try the broad daylight axe murder thing.
LOL, a ha ha hah ahhahahh ha
I heard he is for reparations. That's pretty leftie.
I think I became a brie fan when I was still an Independent.
But brioche is even better.
What the crap is that supposed to mean?
Ford is a card-carrying member of the Congressional Black Caucus (CBC). If I lived in TN, that is all I would need to know in order to vote for whoever his opponent is. I don't know how anyone could vote for someone who spends even one minute of their time devoted to an organization that divides rather than unite people.
Aint gonna happen.
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