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.
Lots of people do it everyday...it's called having a credit line.
Someone associated with Clintonista McAuliffe?
You mean SAVE THE WORLD!
"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..."
In 1987, McAuliffe became finance chief for Rep. Richard Gephardt's presidential primary campaign, and, shortly before, he had served on the board of the Federal City National Bank, which loaned the Gephardt campaign a total of $1.4 million. While he worked for the Missouri Democrat, his business and political ties came under scrutiny when it appeared that some of the loans were unsecured, a charge later denied by McAuliffe and Federal City. McAuliffe told reporters at the time that he had abstained from voting on the approval of the loans.
It means that ALL politicians are scum and none of them belong in OUR house or OUR senate.
Which is one of the prime reasons, that I stopped watching the DNC evening Mantra spin cycle posing as evening news on CNNCBSNBCABC IN 1992. I haven't missed their nightly lies and omission of real news at all.
I recall hearing that Dickie has a very nice beach house near Duck, NC.
Seems like he played it both ways when he bought it. Told the bank it would be a managed 'investment' property and told the IRS it was a second home and took the deduction.
I can't recall the details or how it washed out, but it must have been before '94, cause he got a pass from the ethics committee.
Clinton got such a loan to pay for that place in Westchester Co., but since he was getting out of politics he could argue that his buddies in Hollywood, etc. were going to pay him big speaking fees. The closest example this has is to Rep. Jim Moran, who is currently in ethics trouble for getting recieving such a loan.
Until we know the circumstances of the loan, we don't know what this means. At the very least this will mean one less politico going on about Harken/Halliburton. Terry Mac is pretty much damaged goods at this point from his Global Crossing chicanery. If this looks particularly bad Gephardt could be out of the leadership.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.