Who is Dave Spence? He is a Bible-Thumping Conservative Hypocrite

Republican leaders hope packaging tycoon Dave Spence can be a more attractive Missouri governor's candidate in 2012 than the scandal-ridden Lt. Governor Peter Kinder. However, Mr. Spence has never held elective office.

"Spence also has served on the board of directors for Reliance Bancshares Inc., a bank holding company headquartered in St. Louis. Spence said he resigned from the board effective in March. In February, the company announced it would stop making the $2.2 million annual dividend it was supposed to pay to the U.S. Treasury on the $42 million it received under the Troubled Asset Relief Program. Spence said he doesn't recall any details about that decision, but he said the federal bank bailout program helped avoid a potential economic disaster by providing banks with "extra cushion of capital." Read more>>
Politico: "In addition to his work at Alpha Packaging, Spence served for six years on the board of Reliance Bank. In early 2009, the bank received a $40 million bailout through the Troubled Assets Relief Program, but continued to pay big salaries to its CEO. In April of 2009, Spence was renominated to the board, even after the board accepted TARP funds.

In early 2011, Reliance suspended payments on TARP, and a month later, Spence resigned from the bank’s board. The resignations, according to paperwork filed with the Securities and Exchange Commission in March, were reported as “not related” to the company’s operations.

But on Tuesday, Spence said, “I resigned from the bank board over this issue.”

Spence defended the bailout as a “temporary fix,” but said it was not a permanent solution.

“The banking industry has been in a crisis mode for a while,” he added." Read more>>

Our addition:

Dave Spence is a hypocrite because he is part of the conservative movement that condemn's President Obama for saving American jobs with the TARP funding yet the bank (click the link) he ran took a bailout of $42,000,000. The story Dave Spence gives about why he resigned from the bank is inconsistent! 


Click the link below to get more information on the TARP scandal that Mr. Spence faces:

How Will Dave Spence Bail Out of This One?

Dave Spence is a conservative Republican who takes a bank bailout of $42,000,000 and then refuses to pay back the federal money! 

Are we not justified to conclude that millionaire Dave Spence is a self-serving Bible-Thumping Conservative Hypocrite? (click the link).

Dave Spence says oops! I took a $42 million TARP bank bailout
although I am a conservative zealot. Don't Worry Be Happy!


DAVE SPENCE IS A TYCOON WHO WILL BAIL OUT OF YOUR INTEREST! CAN YOU AFFORD THAT? HE WILL BE A GOVERNOR BARRICADED WITH WEALTHY FRIENDS IN HIS $8,000,000 MANSION!