Monday, April 09, 2012

Taxpayers Might be Liable for Rep. Cleaver's (D-MO) $1 MILLION Loan from BoA

We learned on Friday that Bank of America filed suit in Jackson County Circuit Court with a demand for repayment from Mr. Cleaver and company:
"The Cleaver Company failed and refused, and continues to fail and refuse, to pay the outstanding obligations due and owing ... under the note and other loan documents," the lawsuit said.

In an email statement, Cleaver said, "This is a business dispute. The business has been run by an outside manager for years." He said because it was a legal matter, he would have no further comment.

According to court documents, the outstanding principal totals $1.2 million with interest totaling $240,545 as of March 6. Late fees have reached $54,587. Both Cleavers had personally guaranteed the debts, according to the suit."
But, wait! There's more: Taxpayers could have to cover Rep. Emanuel Cleaver’s bad loan.

Why? Because the taxpayer funded SBA is on the hook for $1.085 million of Cleaver's loan - FOR. A. CARWASH.

From the KC Star:
"However, it isn’t clear how much a sale of the car wash would bring. Jackson County tax records show the land and improvements were appraised at $462,541 in 2011, roughly 8 percent less than five years ago, and far short of the $1.5 million the lawsuit claims that Cleaver owes in principal, interest, and penalties.

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

But in his May 2011 financial disclosure, Cleaver valued the car wash between $100,000 and $250,000. He valued all of his and his wife’s investment assets between $513,000 and $1.295 million."
Poor guy. We silly tax payers can only afford to pay this indolent politico $174,000/yr to misrepresent the 5th district in Congress, plus a $20K/yr kc mayor's pension.

Perhaps Mr. Cleaver should be more circumspect in his personal business, and pay closer attention to matters in the 5th (ala the 'green district's' Tracy Ave rehab fiasco), or a local school boy getting set on fire, or businesses fleeing KCMO, rather than grandstanding for photo ops with Brad Pitt, or rushing in front of TV cameras with his insulting race pimp opportunism at the death of a young man in Florida.

Tell me again why this guy has a boulevard named after him?
Smile Train
Providing Cleft lip and palate surgery to children all over the world.
If you agree with these people that it's a worthy charity, please CLICK HERE to donate any amount.

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