Blog on the Run: Reloaded

Monday, August 15, 2011 8:10 pm

Tea Party congresscritter: I can’t repay a loan, but it’s the bank’s fault

Filed under: Aiee! Teh stoopid! It burns! — Lex @ 8:10 pm
Tags: ,

You can’t make this stuff up:

CALHOUN — While U.S. Rep. Tom Graves was calling for fiscal responsibility in Washington his attorney was arguing in a lawsuit that a North Georgia bank is at fault for issuing Graves a $2.2 million loan the bank knew he could not repay.

Graves was fighting a lawsuit along with business partner Chip Rogers, the state Senate majority leader. The two Republicans, through a limited-liability company, used the loan to purchase and renovate a Calhoun motel that quickly went under.

The bank sued, alleging the two defaulted on the loan. The politicians filed counterclaims against the bank. … Both parties dismissed their claims Wednesday. …

Meanwhile, tens of thousand of dollars in back real estate taxes, penalties and interest are owed on the property. The man Graves and Rogers say they transferred ownership to – John Edens – has closed the motel and moved on. Calhoun officials say the gutted building is now a “nuisance” and a safety concern. They are considering tearing it down at taxpayer expense.

Graves, a tea party favorite who has been outspoken about his vote this month against raising the debt-ceiling, said he had not read his attorney’s court filings claiming the bank is at fault for loaning him money it knew he couldn’t repay.

On the one hand, I don’t doubt for a second that what Graves said happened could have happened. The housing bubble whose collapse has thrown so many Americans out of work was built in significant part on loans that never should have been originated because they had no chance of being repaid.

You’d just like to think that a congresscritter, particularly one who campaigned on a platform of fiscal responsibility, would have had some notion of how much debt he could repay and wouldn’t have sought out a loan he couldn’t repay. You’d also like to think that a congresscritter above whose name sworn court pleadings are filed would have read those pleadings before filing them.

You’d like to think that. But that would mean, in the 21st century, that you are a rube, a naїf, an idiot.

Which still makes you at least twice as smart as the current holder of the U.S. House seat from Georgia’s 9th Congressional District.

1 Comment

  1. it’s awful.. they tie you up so you wouldn’t be able to get out of it

    Comment by הלוואות — Monday, September 5, 2011 9:43 am @ 9:43 am

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