I've always said My Rep. Tom Graves was an SoB, but look at this!

[napi21]

ATLANTA (AP) -- The former chairman of a north Georgia bank who signed off on a $2.2 million loan to two prominent Republican lawmakers said he believes the eventual default on the loan was partly to blame for the bank's financial collapse.

Morgan Akin told The Associated Press in a recent interview that Bartow County Bank took an $875,000 hit on the loan when U.S. Rep. Tom Graves and state Senate Majority Leader Chip Rogers defaulted. The bank went under in April.

"Was it the only loan we had default? No," Akin said. "But it was one of the larger loans, and it contributed significantly (to the bank's failure)."


Graves and Rogers' limited liability company, Tich Hospitality, took out the loan in 2007 to buy and renovate The Oglethorpe Inn, a two-story motel along I-75 in Calhoun. While the loan was made to Tich, Graves and Rogers also signed personal guarantees.

But in 2009, as the economy soured, they stopped making payments. Later that year the bank placed the loan in default, eventually suing the pair to recoup the money.

[KT2000]

1. I wonder how many times

the R politicans here have blamed the foreclosure mess on people who should not have bought a house in the first place.

[napi21]

2. Yea, and those R politicians are almost all wealthy & in the position to GET

the BIGH LOANS that caused the faiures, as that bank CEO said in the article!