Capitol casualties in Georgian Bank failure

Regulators have closed Atlanta-based Georgian Bank, the six largest lender in the state, and the 24th to succumb in Georgia since August 2008.

Writes my AJC colleague Paul Donsky:

Georgian, founded in 2001, was one of the state’s most profitable banks during the housing boom earlier this decade. But the bank ran into big problems this year, losing $36.7 million loss in the second quarter alone.

This from the Atlanta Business Chronicle:

Georgian counts some of the city’s highest profile suburban developers amongst its clientele, and respected business leaders on its board.
Those directors– a who’s who among Atlanta business– included Charlie Watts, Taylor Smith, Robert C. Wynne and Mark W. Hennessy. Shareholders in the bank had their investments wiped out.

The Marietta Daily Journal notes some specific damage to Cobb County’s political elite:

Adams D. “De” Little of Marietta, owner of Greenstone Properties, and Fred Bentley Jr. of Vinings, a partner in the law firm of Bentley, Bentley & Bentley, are among the directors of Georgian Bancorporation.

Members of the board of directors of Georgian Bank include state Rep. Earl Ehrhart of Powder Springs and Murray Homan, chairman of Cobb County’s planning and zoning board.

At the Capitol, Watts and Bentley are well-known lobbyists. Watts represents registered nurses and billboard companies. Bentley’s clients include Colonial Pipeline Co. and Six Flags.

Ehrhart, a Republican from Powder Springs, is chairman of the House Rules Committee and easily one of the most influential members of the Legislature.

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5 comments Add your comment

Will Jones - Atlanta Jeffersonian Exegesis

September 26th, 2009
11:17 pm

9/11-committing-Bush supporters hoist on their own petard.

The REAL GodHatesTrash, Superstar

September 27th, 2009
5:38 am

Elite?

Please.

Base

September 27th, 2009
5:33 pm

They may be elite crooks now.Being on the board they didn’t do anything for their pay but fail and fleece a lot of people.They should be put under the jail.

Will Jones - Atlanta Jeffersonian Exegesis

September 28th, 2009
8:34 am

Recognizing their top people running “Atlanta’s” Georgian Bank happen to be Roman Catholic reminds me of the incongruity of a Boston “Southie” accent on the top Delta exec when so many millions went “missing” there.

Cheated-into-office/9.11-committing Bush traitors are paid off(campaign “contributions”) to get a Federal Reserve bank charter/”license to counterfeit money” in 2001, and, voilà, with all the politically connected on their boards, Where did all the money go?

It didn’t “disappear:” some one, or “organization,” got it. Revisit the “S&L Scandal” when all the money ended up in the pockets of the super-rich and the Mob, and guess who ended up holding the bag…

The Devil knows what the Devil’s doing.

To restore American Exceptionalism and The Republic the American People have to wise up and get angry: at the Roman Anti-Christ’s “Fifth Column.”

Death for Treason

Tory Oaks for Tories, all around.

CL

September 28th, 2009
10:19 am

Someone should count & publish the number of Georgia legislators who were insiders in the numerous failed GA banks. Self-dealing and reckless lending to cronies for massive runaway suburban & coastal development. The FDIC (the taxpayers) end up taking the major loses. No wonder GA leads the U.S. in number of bank failures. It was a free-for all with our money and no oversight whatsoever. Most of our politicians run for office so they can manipulate government for their own personal advantage. There are very few true public servants left anywhere in GA gov’t.. The net result of all this greed and self dealing is that GA is becoming a third world regime.