Deal could face financial insolvency after backing family business (GA. Gov. Race)

[RamblingRose]

Source: Atlanta Journal Constitution

In the midst of his campaign for governor, Nathan Deal faces such dire financial troubles that he must sell his home to avert foreclosure or bankruptcy.

Even if Deal liquidates all his assets, however, he still might be unable to repay a nearly $2.3 million business loan, documents reviewed by The Atlanta Journal-Constitution indicate. The loan comes due in full Feb. 1 — less than one month after Deal hopes to take office.

Deal’s troubles center on a failed business venture by his daughter and son-in-law. Deal and his wife, Sandra, invested about $2 million, but lost their entire stake when the business failed. The Deals also guaranteed a series of bank loans to the business as its debt doubled and then quadrupled.

Finally, the daughter and her husband declared bankruptcy, leaving the Deals solely responsible for an obligation that exceeds the net value of everything they own.

Read more: http://www.ajc.com/news/georgia-politics-elections/deal-could-face-financial-613928.html

[catgirl]

1. Interesting to see how this affects the race n/t

[onehandle]

2. As long as you are anti-liberal, anti-immigrant, anti-gay, and anti-intelligencia...

It doesn't matter.

[SkyDaddy7]

3. I live in Georgia...

Call me cynical but with Newt backing Deal he shot past the rest of the other Republicans in the primary despite the investigations into ethics violations so I doubt this will hurt him. Plus, almost every store or restaurant you walk into in the state of Georgia has FOX "News" on & almost every radio station AM & many FM are nothing but right wing so I am sure they will help protect Deal's 11 point lead. (That is if you believe this from an article I read in the ALT Journal..."SurveyUSA poll (sponsored by 11Alive, WMAZ-TV in Macon and V-103 in Atlanta) that showed Nathan Deal with an 11-point lead over Democrat Roy Barnes in the race for governor.")

Rupert Murdoch & Talk Radio basically run this country right now...Or should I say will run this country very soon!

[wilt the stilt]

4. I agree with Skydaddy

This state is nuts. I wrote a post a couple of days ago on what our congressional delegation says and they are nuts but so is this state. I want to leave but my kids are in school.

Can anyone be more racist than Neal boortz?

[msongs]

5. at least a few other states have schools for your kids :-) nt

[SkyDaddy7]

9. YES! Boortz is a classic rich DICK!

Who cares only about where he can park his plane & pay no taxes. And yes he is a master at using veiled racist remarks!

[wilt the stilt]

11. I once called on him as a salesman

I used to sell dictation equipment. He was a joke of a lawyer. His office was next to Northlake Mall and he was a two bit lawyer. He was a classic"starving lawyer". He went back to radio because he couldn't make it. Like hannity, when they really had to compete they really sucked.

[catgirl]

6. He can't govern himself, much less a state

With the stress of losing everything he owns, I imagine campaigning could take its toll
on him. Time will tell, I guess.

[SkyDaddy7]

10. Nathan Deal fits the classic GOP Mold, huh?!?!

Of course he is no longer "rich" but all that will change if only he can get elected! And in this F'ed up state I bet he does get elected!

[gratuitous]

7. Interesting, but it would surely be wrong to make this a political issue

Probably best not to talk about it at all. We wouldn't want to hurt Mr. Deal's fee-fees. Besides, what does running a business have to do with running a government, anyway? It's not like Republicans run on a record of fiscal responsibility, so this shouldn't have any effect whatsoever on the race.

[groundloop]

8. Here we were hoping that Deal would beat Handel in the primary....

Well, we got what we hoped for and now have the prospect of this idiot running the state. We damned well better get out and support Roy Barnes if we don't want our state screwed up even worse than it has been.

I hadn't heard about this particular tidbit, it's almost like they're putting it out there in the news hoping for sympathy. There needs to be more coverage of his ethics lapses where he was involved in steering govt. money to his business.