Bank of America Files $1.5 Million Suit Against Deadbeat Lawmaker Emanuel Cleaver – Head of Congressional Black Caucus
Maybe the CBC should be called the “Corrupt Black Criminals” because Democrats are the most corrupt, least trustworthy bunch of idiots that I have ever seen in my life! My guess is that Dead-Beat Democrat Emanuel Cleaver knows that he is not really on the hook for the $1.5 million SBA-Backed loan, so he has no intention of paying it off. As with most members of the Democrat Culture of Corruption, they fail to pay their taxes, or bills, and then blame their crimes on someone else, like their accountant, and the same will be the case here. We have no doubt that Dead-Beat Democrat Emanuel Cleaver will blame his failure to pay back his $1.5 million loan was due to an “accounting oversight”, or “miscommunication between his accountant and lawyer”, when we all know full well that it was most likely done on purpose, because Democrats feel that they are above the laws that they make us follow.
Typical Culture of Corruption, Dead-Beat, Tax Evading, Democrats!
Congressional Black Caucus Chairman Emanuel Cleaver Wants To Make You Pay For His Carwash Facility
Congressional Black Caucus Chairman Emanuel Cleaver (D-Mo.), who is facing a lawsuit for failing to pay down a 2002 Bank of America loan that he used to buy a car wash in Missouri, could have a good chunk of the $1.5 million he owes paid off by taxpayers.
According to the Kansas City Star, the Small Business Administration (SBA) backed about three-quarters of Cleaver’s 2002 loan, which means that if the loan goes bad, the SBA could pay off $1.1 million of that debt.
The Star reports that the SBA is unclear exactly how much it would pay to Bank of America, and said it would depend in part on how much Cleaver pays to the bank.
However, the suit filed by Bank of America on March 30 indicates that Cleaver has had trouble making payments throughout the life of the loan. According to the bank’s filing, Cleaver’s loan was for $1.35 million, and he now owes $1.2 million in unpaid principal after 10 years.
But if $240,000 in unpaid interest and nearly $60,000 in late fees and other charges is added, Cleaver now owes more than $1.5 million, more than the original loan value.
“The Cleaver Company has defaulted on the Note by failing to make payments as required by the terms of the Note and by failing to make payments,” Bank of America wrote in its filing.
Cleaver’s office did not reply immediately to a request from The Hill for comment on the suit, although the Star reports that Cleaver has previously blamed his inability to pay on a “business dispute.”
SBA also did not immediately return a request for comment, and did not have any public statement up on the Cleaver loan on its website.
Cleaver was elected to Congress in 2004, two years after he received the 2002 loan with SBA backing.
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