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Our new chairman of Ga. Senate Banking Committee sued by FDIC for gross negligence

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groundloop Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-19-11 11:16 AM
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Our new chairman of Ga. Senate Banking Committee sued by FDIC for gross negligence
I saw this in the AJC today. Seems that our new director of the Senate Banking committee was either crooked or incompetent when he was a bank director. Talk about the fox guarding the hen-house !!!


http://www.ajc.com/business/feds-suit-targets-state-808228.html



Federal banking regulators on Tuesday accused eight former insiders of a failed Alpharetta bank -- including the new chairman of the state Senate Banking Committee -- of gross negligence and various breaches of their financial responsibilities.


In a lawsuit filed by the FDIC, state Sen. Jack S. Murphy, R-Cumming, is among former Integrity Bank executives or directors accused in relation to a series of loans made from 2005 to 2007. The FDIC seeks damages of “over $70 million.”......

The 56-page lawsuit, filed in an Atlanta federal court, describes an uninhibited lending warehouse with slipshod controls and a loan committee of directors and executives who badly botched their duties. Integrity failed in August 2008.

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