U.S. House member faces Bank of America suit, but could be bailed out by taxpayers

U.S. House member faces Bank of America suit, but could be bailed out by taxpayers
By Pete Kasperowicz - 04/10/12 11:06 AM ET -- The Hill

The U.S. House member is Congressional Black Caucus Chairman Emanuel Cleaver (D-Mo.).

He owns a car wash and owes the BofA a whopping $1.2 million on a loan from 2002.
(plus overdue interest and late fees !)
(The bank filed a lawsuit on March 30th)

He's been a little slow, and now is asking for a government loan from the Small Business Administration

Looks like we have another winner in Washington.

I wonder what His plan is for helping the country get out of debt

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.

The Lawsuit Papers