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Tea Party Rep [Tom Graves]: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan
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Candidate
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| Contributor | TX DEM |
| Last Edited | TX DEM Aug 11, 2011 02:37pm |
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| Category | News |
| News Date | Thursday, August 11, 2011 08:00:00 PM UTC0:0 |
| Description | Tea Party aligned Georgia Rep. Tom Graves (R), who castigates Washington for fiscal irresponsibility, reached an out of court settlement Wednesday after he was sued for defaulting on a $2.2 million loan -- which his attorney argued is the bank's fault for lending him the money in the first place.
Graves and his business partner Chip Rogers -- who is the state Senate's Republican majority leader -- took out a $2.2 million loan from the Bartow County Bank in 2007 to buy and renovate a local motel. The project soon went belly-up.
The bank, which has since failed and had its assets taken over, sued Graves and Rogers for defaulting. The two Republicans then countersued, "accusing [the bank] of improperly declaring the loan in default after reneging on a promise to refinance it at more favorable terms," according to Jeremy Redmon and Aaron Gould Sheinin of the Atlanta Journal-Constitution . |
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