U.S. Rep. Paul Broun, R-Athens, has denounced President Obama as a socialist and Marxist. He denounced the bailout as “a huge cow patty with a marshmallow in the middle of it, and I’m not going to eat it.” He champions “proven free-market principles” and has sponsored what he calls “the JOBS Act.” which he claims “would leave more money in the hands of small businesses and individuals, without spending a penny of taxpayers’ hard earned money.”
Broun was also a major investor in McIntosh Commercial Bank, based in Carrolton. His brother, Conrad, was a founding director of the bank. After losing $28 million over the previous two years, the bank was closed in March by the FDIC. At the time of its closing, it had $88 million in bad loans on its books.
So who’s at fault in the collapse of the bank?
As if you didn’t know.
“The federal government is closing these banks down when there is absolutely no reason to do so,” Broun told the AJC. “It’s just totally wrong.”
“Sheila Bair [the FDIC's chairman] and the FDIC that’s forcing all of this, under the direction of this [Obama] administration, needs to back off and let community banks do what they should be doing,” he said.
By the way, it’s costing the FDIC $123 million to cover deposits lost in the collapse of McIntosh Commercial Bank. That’s a huge cow patty withOUT a marshmallow, to borrow a phrase, and it leaves an unpleasant taste.