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.
Ahh - we are definitely on the same page. We will never arrest the moral slide until we get an angry and get in people's faces so they know we are watching and will take action. I'm with you - I've not just educated myself on the process, but taken to educating others and challenging the politicians where ever and whenever I can. Hopefully others will also take up the call so they will hear from us.
Was it not also Edmund Burke that said All that is necessary for the triumph of evil is for good men to do nothing?
GOP deflects blame for scandals By Dave Boyer and Audrey Hudson THE WASHINGTON TIMES
In attacking Mr. Gephardt, House Republicans also pointed to his 1988 presidential campaign, during which he received questionable loans totaling $1.4 million, according to newspaper accounts at the time. The New York Times reported then that the loans were unsecured. But Terry McAuliffe, who was chairman of the Federal City National Bank that gave some of the loans and was the finance director of Mr. Gephardt's campaign, defended the loans and accused rival campaigns of trying to discredit Mr. Gephardt. Mr. McAuliffe is now chairman of the Democratic National Committee.
This article contained charges being levelled at Democrats BY REPUBLICANS!
Also, on CBSNEWS.COM July 12 there is an article citing many Democrats shady dealings,
CBS) Elizabeth Fulk of the CBS News Political Unit reports the Democrats had better not get too giddy about the corporate corruption scandal.
http://www.cbsnews.com/stories/2002/07/12/politics/main515049.shtml
This CBS report cites many Democrats with problems.
I doubt he even does his own bookwork and has an accountant do it. I can testify that accountants can mess up so badly that it leaves you messed up nine ways from Sunday. But not filing the second report was so minor for the demoncrats to jump on, it makes them look rediculous, trying to create smoke where there is no fire. But they don't mind looking rediculous to the educated, their audiance is high school drop outs. Now Gepharts actions are clearly unethical and crooked if he broke campaign finance laws.
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