Chairman of CBC, Rep. Emmanuel Cleaver, to get taxpayer bailout for failure to pay loan? (Congress, Iraq)

[lifelongMOgal]

He never should have been eligible for office. A local Kansas City businessman paid his back taxes so he could get on the Missouri ballot and now this failure to pay $1.5 Million to Bank of America for his loan on a carwash "investment".

Shameful!

Rep. Cleaver faces Bank of America suit, but could be bailed out by taxpayers - The Hill's Floor Action

related story here:

Taxpayers could have to cover Rep. Emanuel Cleaver’s bad loan - KansasCity.com (http://www.kansascity.com/2012/04/06/3540958/taxpayers-could-have-to-cover.html - broken link)

Taxpayers could be on the hook for up to $1.1 million to cover a bad loan for U.S. Rep. Emanuel Cleaver’s car wash in Grandview, the Small Business Administration said Friday.

SBA officials said the agency had guaranteed roughly 75 percent of the 2002 Bank of America loan to the firm that owns the business, Cleaver Company LLC. In a lawsuit filed March 30, Bank of America said the company — along with Cleaver and his wife, Dianne — owed more than $1.46 million in principal and interest on the loan.

[Versatile]

Originally Posted by lifelongMOgal

He never should have been eligible for office. A local Kansas City businessman paid his back taxes so he could get on the Missouri ballot and now this failure to pay $1.5 Million to Bank of America for his loan on a carwash "investment".

Shameful!

Rep. Cleaver faces Bank of America suit, but could be bailed out by taxpayers - The Hill's Floor Action

related story here:

Taxpayers could have to cover Rep. Emanuel Cleaver’s bad loan - KansasCity.com (http://www.kansascity.com/2012/04/06/3540958/taxpayers-could-have-to-cover.html - broken link)

Not shameful. Just embarassing for him. You haven't given the article it's full extent have you.

Such as needed to be said:

Officials cautioned that the exact amount of the SBA’s responsibility might not be known for months, and could be substantially less.

The business has been run by an outside manager for years.”

It also isn’t known how much additional revenue the business itself might bring in a sale.

The agency’s payout would be further reduced by any payments the Cleavers make on the debt.

Cleaver, who earns $174,000 as a member of Congress, is current on the taxes for the car wash, records show. In 2010, he also received a pension of $20,932 for his service as Kansas City mayor and a city councilman, and a salary of $9,664 from the Methodist Church where he was a pastor.

Read more here: Taxpayers could have to cover Rep. Emanuel Cleaver’s bad loan - KansasCity.com (http://www.kansascity.com/2012/04/06/3540958/taxpayers-could-have-to-cover.html#storylink=cpy - broken link)


You sure left out quite a few facts.

The process has just started and Cleaver cannot be called shameful as of yet. It looks like he has the assets to pay off his bad deal. Anyone can have a deal go bad. Look how your buddies deal in IRAQ went. Billions of our tax dollars disappeared over there and you never whined about it one bit.