Posted on 07/12/2002 8:34:24 AM PDT by zook
Edited on 07/12/2002 9:33:55 AM PDT by Admin Moderator. [history]
MY LOAN WAS CLEANER THAN YOURS: GEPHARDT RECEIVED UNSECURE LOAN FROM MCAULIFFE BANK
A bank founded by DNC chairman Terry McAuliffe -- which federal regulators determined used unsafe and unsound banking practices -- awarded an 'unusual and unsecured' loan to Gephardt in the late 1980s... MORE... While Running The Federal City Bank, McAuliffe Also Served As Finance Director For Dick Gephardt's Failed Presidential Campaign...
XXXXX DRUDGE REPORT XXXXX FRIDAY JULY 12, 2002 12:28:37 ET XXXXX
MAN IN THE MIRROR: GEPHARDT RECEIVED UNSECURE LOAN FROM MCAULIFFE BANK
My Loan Was Cleaner Than Yours!
"It is hard to lead when you haven't done the things that you're asking others to do," Rep. Richard Gephardt of Missouri, the Democratic leader in the House of Representatives, said of President Bush's low-interest loans more than a decade ago from an oil company where he served as a director.
"It's time this CEO, President Bush, took responsibility for his actions as a private businessman and as President of the United States," Democratic National Committee Chairman Terry McAuliffe declared this week. ""President Bush likes to preach responsibility.... when it comes to his own records, the motto is: 'The buck stops over there.'"
Yet records show: A bank founded by DNC chairman Terry McAuliffe -- which federal regulators determined used unsafe and unsound banking practices -- awarded an "unusual and unsecured" loan to Gephardt in the late 1980s!
MORE
McAuliffe and several other Democratic Party stalwarts founded Federal City Bank, which drew many of its clients from its political connections.
While sitting on the bank's board, McAuliffe also served as finance director for Gephardt's failed presidential campaign.
During that time, Federal City made a $125,000 loan to the Gephardt Campaign.
McAuliffe contended that he abstained from voting on the loan.
The loans were "unusual and unsecured" and might have violated Federal election laws because it was unlikely they would have been made had it not been for the ties to the campaign of the two bank officers, it was reported at the time.
Defending the loans to Gephardt's campaign, McAuliffe said that another Washington bank had told the Federal City Bank that it would advance the money for the loan. He said his bank had a letter from the other bank that they had approved the loan. But, when asked for the document, neither McAuliffe nore the bank's senior loan officer would furnish the letter or disclose the name of the bank they said had initially pledged to make the loan.
An industry trade publication noted that Federal City lost $1.5 million in its first three years in business. In October 1991, federal regulators cited Federal City for unsafe and unsound banking practices and forced the bank to raise more capital or face being shut down.
"Everyday, more questions arise," McAuliffe said this week.
Of Bush.
That was soooo good it needs to be repeated!
OH yeah!!
I think that many people care, but feel helpless in being able to change anything. I wrote a piece a while back called It's All My Fault. It was a writing to understand myself and why I went to sleep. Through talking to many people I have found that they feel the same way. I was just like most and resorted to merely complaining about the sad state of the nation. I have become actively involved this year just to know first hand the political process. It has been mind numbing to say the least.
What I have found in the Republican party are a bunch of flag wavers that follow the party line. They only hope that they make it through without getting too hurt.
We need to elect angry people; people who will over turn tables and scream enough is enough. We need to elect people with integrity and courage.
"When bad men combine, the good must associate; else they will fall, one by one, an unpitied sacrifice in a contemptible struggle." Edmund Burke, Thoughts on the Cause of the Present Discontents
"We have no government armed with power capable of contending with human passions unbridled by morality and religion. Avarice, ambition, revenge, or gallantry, would break the strongest cords of our Constitution as a whale goes through a net. Our Constitution was made only for a moral and religious people. It is wholly inadequate for the government of any other." - John Adams, Oct. 11, 1798 Address to the military
The manse used to be on the back cover of their catalog!!
Hypocrite!
Surprised? (not me)
Hey ! That's "STUPID DICK, YOU CLYMER!"
Ah, yes. I seem to remember getting wind of that tactic a time or two. Bottom line-the press has to cooperate for the bad news to get buried.
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