Millionaire Dave Spence haunted by past ghost: "What Dave Spence Isn't Telling You About His "Business Background"

What Dave Spence Isn't Telling You About His "Business Background:"  Spence Served on the Board of a Troubled TARP Bank - Which Still Hasn't Paid Back Bailout Funds. From 2005 until March 2011, David Spence served on the board of directors of Reliance Bank, which received $40 million in bailout money through the Troubled Asset Relief Program (TARP) and yet still paid its CEO a lavish salary as well as bonuses and perks.  The bank was later the subject of action by the FDIC and the Fed earlier this year.  According to the St. Louis Business Journal, the bank stopped making payments on its TARP debt in November 2010.  (St. Louis Business Journal, 3/25/11; 8/9/11; St. Louis Post Dispatch, 5/13/05; St. Louis Business Journal, 10/7/11; Treasury.gov) 

Spence Defended Wall Street Bailout, Called It An "Extra Cushion of Capital". When asked by the Associated Press about Reliance Bank's decision to stop paying back the TARP money it owes, "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.'" [AP, 11/8/11]

Spence's Company Was Purchased by Wall Street Firm Tied to Financial Crisis and Bank Bailouts. Last year, Spence's company was purchased by a private equity firm called Irving Place Capital for a reported $260 million.  Irving Place Capital (formerly Bear Stearns Merchant Banking) was previously the private equity arm of the defunct investment bank Bear Stearns, which played a key role in causing the financial crisis and the global recession. After Bear Stearns collapsed and was acquired by JP Morgan (with the help of a$30 billion taxpayer guarantee from the Federal Reserve), Irving Place Capital spun off to become an independent private equity firm in November 2008.   [St. Louis Post Dispatch,9/1/10; Private Equity International, 10/28/08]

Dave Spence's Bailout Timeline
   May 2005 -- Spence Joins Reliance Board [St. Louis Post Dispatch, 5/13/05]
   February 2009 - Reliance Announces It Had Received $40 Million from TARP [St. Louis Business Journal, 2/23/09]
   April 2009 - Spence Is Re-nominated to Reliance Board of Directors [Reliance Bancshares, SEC filing 14A, 4/15/09]
   April 2009 -- St. Louis Post Dispatch reports that Reliance's CEO made lavish salary + perks year bailout was passed.  [St. Louis Post Dispatch, 4/23/09]
   September 2010 -- Spence buys 500,000 Shares of Reliance Stock [US Fed News, 9/25/10]
   February 2011 -- Reliance Bancshares suspends TARP preferred dividends.  [SNL Bank Midwest, 2/24/11]
   March 2011 -- Spence resigns from Reliance board  [SNL Bank Weekly Midwest, 3/21/11]


Heh.
Anyone think that the typical republican primary voter's opinion of TARP and bailouts has changed since 2010?:

Newsweek Poll conducted by Princeton Survey Research Associates International. Oct. 20-21, 2010. N=848 registered voters nationwide. MoE ± 4.2.
"Now thinking about the federal government's actions in response to issues facing the U.S. today. Please tell me if you think each of the following was good for the country or bad for the country in general. First/Next, what about the government bailout of the financial and banking industries?"

Republicans

Good - 13%
Bad - 79%
Mixed (vol.) - 6%
Unsure - 2%

Courtesy of Show Me Progress

Our addition

Dave Spence is worth $190-200 million and lives in a $8 million mansion in St. Louis

Would you trust a guy who presides over a bank that took $42,000,000 TARP bailout and then refused to pay the federal funds? Spence resigned from the bank's Board of Directors when he realized that the TARP bailout was going to be a political liability in the 2012 governor's race. He says he never benefited from the TARP bailout which is a lie. The guy has a serious credibility problem. 

Spence donated $2 million from himself to his governor's race, the largest ever in Missouri history. A guy worth $190-200 million and who lives in an $8 million dollar mansion in St. Louis wants to buy Missouri governor's office. Millions of Missouri voters have difficulty keeping up with the rising cost of living, escalating economic downturn,  unemployment and here is a tycoon who wants to buy the governor's office and he is part of the the top 1% that has screwed up 99% of Americans! Doesn't Dave Spence get the message of the 99% protests gripping the nation? He wants to be our next governor for greed and to enrich himself and his opulent friends! He wants to take away the rights of the workers, deregulate, give millions in tax breaks to the rich, and devastate the middle class.

Millionaire Spence says to Missouri voters: Don't Worry Be
Happy elect me so that I can make the rich richer and
devastate the middle class and the working poor. The $2
million he donated to his campaign confirms this
millionaire's ulterior motive. He wants to buy the governor's
office so that he can take care of his profit. He will graduate
himself from millionaire to billionaire! Click the right-pointing
arrow to watch the YouTube video & listen to the song. 


A few of Mr. Spence's scandals have already been flushed out of the closet, namely:

1. He is a conservative who profited from the $42,000,000 TARP bailout money his bank 
( Reliance bank) took and refused to pay to the American taxpayers. He profited and resigned when the scandal was unfolding to avoid it during the governor's race. He has lied about why he resigned.


2. He was arrested DUI at the age of 47, a millionaire, a husband, and a parent. He went on wild orgies/wild parties with his friends until wee hours of the morning! Why wasn't Suzanne Spence, his wife with him? What else besides partying was he doing out late at night ? Was he fooling around with some women? These are some of the questions that he will have to answer.


Does Dave Spence's DUI saga remind you even remotely of Lt. Gov. Peter Kinder's "Party Animal" lifestyle?

 Lt. Gov. Kinder: Dave Spence's fraternity brother getting really dirty on the stage! 

Was millionaire Dave Spence a party animal in the past like his frat brother Peter Kinder? What else isn't he telling Missouri voters? Investigation continues! Stay tuned to this blog!