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Thread: More TP Hypocrisy

  1. #1
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    More TP Hypocrisy

    [QUOTE][url]http://www.newser.com/story/125666/tea-party-reps-22m-default-is-banks-fault.html[/url]

    [B][SIZE="5"]Tea Party Rep's $2.2M Default Is Bank's Fault[/SIZE][/B]

    US Rep. Tom Graves is a Tea Party favorite and has argued for fiscal responsibility in Washington. But according to his attorney, he should not be held responsible for defaulting on a $2.2 million loan because the bank should never have issued it to him in the first place. The Georgia lawmaker and Chip Rogers, his business partner/Georgia's state Senate majority leader, used the loan to purchase a motel they planned to refurbish, but the project went under. The Atlanta Journal-Constitution points to court documents filed in June, in which a lawyer for Graves and Rogers said the bank knew the pair could not repay the loan. (The politicians say they were not aware of that filing.)

    The bank had them sign personal guarantees in order to "'have some skin in the game' presumably meaning a sense of personal obligation for the debts ... even though they clearly could not fulfill the obligation," the attorney said. Graves and Rogers were sued by the bank, but the politicians countersued, claiming the loan was improperly declared to be in default. Both claims were dismissed this week, and a spokesman for Graves says the case was "fully resolved in an equitable and fair manner." Back taxes, penalties, and interest to the tune of $41,500 is still owed, but Graves and Rogers say they transferred ownership and aren't responsible; now officials may gut the building at an expense of more than $100,000 to taxpayers.[/QUOTE]

    [IMG]http://philosophistry.com/scans/2010/lol-face.jpg[/IMG]

  2. #2
    [QUOTE=PlumberKhan;4101099][IMG]http://philosophistry.com/scans/2010/lol-face.jpg[/IMG][/QUOTE]

    Does this have anything to do with countries debt? Not!

  3. #3
    You should be thankful for the Tea Party. It gives you something to talk about.

  4. #4
    [QUOTE=PlumberKhan;4101099][IMG]http://philosophistry.com/scans/2010/lol-face.jpg[/IMG][/QUOTE]

    Lol to the plumber on this one. People who make investments and try to get a business going are the good guys. Bank chose to end them the money and take the risk on. Everyone is well aware of the laws as structured including the banks. I personally was involved in a similar "refurbish a motel" deal in Florida. Had things worked out we would have employed close to 50 people. Unfortunately the economy tanked and the deal fell through. We lost our cash investment and the bank took the property. They will likely lose some of their money in the deal as well. Oh well, **** happens. Does this mean I'm a hippocrite for being a fiscal conservative? This is gotcha nonesense.

  5. #5
    [QUOTE=chiefst2000;4101161]Lol to the plumber on this one. People who make investments and try to get a business going are the good guys. Bank chose to end them the money and take the risk on. Everyone is well aware of the laws as structured including the banks. I personally was involved in a similar "refurbish a motel" deal in Florida. Had things worked out we would have employed close to 50 people. Unfortunately the economy tanked and the deal fell through. We lost our cash investment and the bank took the property. They will likely lose some of their money in the deal as well. Oh well, **** happens. Does this mean I'm a hippocrite for being a fiscal conservative? This is gotcha nonesense.[/QUOTE]

    Sorry Chief. Im with PK here. I bought a 225K piece of property in 2008 on the coast. Well.... it's worth about 50K now. Others are suing the bank etc....

    Self responsibility is NOT a debate. I paid my loan off and it sucked but I have NO ONE to blame but me. Although, many are suing and in fact have uncovered bank fraud. IF the prevail in court, I may change my tune.

    Absent fraud.....why shouldn't he be liable for the docs he signed????

  6. #6
    I know, and then when they say it is durable but it still rips and tears, never as strong as they say.....



    oh, wait, you meant Tea Party?





    nevermind

  7. #7
    I can't believe a Ordained Minister who lives on a farm would do such a thing!

  8. #8
    It has nothing to do with the Tea Party. Did they cosign the document? NO so it is a nonissue. Obama is still a crook and a liar! 500 Million from Medicare and he says the Republicans are trying to throw old people out in the street. Obama you belong in the street.

  9. #9
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    [QUOTE=chiefst2000;4101161]Lol to the plumber on this one. People who make investments and try to get a business going are the good guys. Bank chose to end them the money and take the risk on. Everyone is well aware of the laws as structured including the banks. I personally was involved in a similar "refurbish a motel" deal in Florida. Had things worked out we would have employed close to 50 people. Unfortunately the economy tanked and the deal fell through. We lost our cash investment and the bank took the property. They will likely lose some of their money in the deal as well. Oh well, **** happens. Does this mean I'm a hippocrite for being a fiscal conservative? This is gotcha nonesense.[/QUOTE]

    Not the point.

    Could care less about idiots ideas to buy property and run cock roach infested sh*tholes. That's fine.

    Problem is this is just another example of a Tea Party a**hat holding himself to a different standard.

    "IT'S POOR PEOPLE FAULTS BANKS LOANED THEM $200 THOUSAND!!!"

    But in Chip and DipChip's case it's"

    "IT'S THE BANKS FAULT THEY LOANED ME $2.2 MILLION!!!"



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  10. #10
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    [QUOTE=chiefst2000;4101161]Lol to the plumber on this one. People who make investments and try to get a business going are the good guys. Bank chose to end them the money and take the risk on. Everyone is well aware of the laws as structured including the banks. I personally was involved in a similar "refurbish a motel" deal in Florida. Had things worked out we would have employed close to 50 people. Unfortunately the economy tanked and the deal fell through. We lost our cash investment and the bank took the property. They will likely lose some of their money in the deal as well. Oh well, **** happens. Does this mean I'm a hippocrite for being a fiscal conservative? This is gotcha nonesense.[/QUOTE]


    So much for running the Government like one would run a business.

  11. #11
    So much for personal responsibility.

  12. #12
    [QUOTE=southparkcpa;4101719]Sorry Chief. Im with PK here. I bought a 225K piece of property in 2008 on the coast. Well.... it's worth about 50K now. Others are suing the bank etc....

    Self responsibility is NOT a debate. I paid my loan off and it sucked but I have NO ONE to blame but me. Although, many are suing and in fact have uncovered bank fraud. IF the prevail in court, I may change my tune.

    Absent fraud.....why shouldn't he be liable for the docs he signed????[/QUOTE]

    You had your reasons for paying that deal off. It was on your personal name and your credit would have been crushed if you defaulted. It is also possible that they could have sued you for the difference. Your loan might have been backed by your personal assets. Of course you paid it off if that were the case.

    People always do what is in their personal best interest. This is particularly true when it comes to money issues. My deal was 100% corporate. There were no personal guarantees. I read the op article. It seems that the whole thing was legal and handled in court. For PK or anyone to hold that up and use it to make judgements about the business man's political affiliations is crazy.

  13. #13
    [QUOTE=Buster;4102206]So much for running the Government like one would run a business.[/QUOTE]

    Unfortunately government is not a business. When it is failing you cant just shut it down. Not sure why you would think that government should be run like a business. In practical terms it would be good if we had people with business experience in government however. They could pull from that experience to help improve or eliminate failing programs and policies.

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