Liberals and their money are soon parted.
The loan officer who approved the $625K loan to that bakery should be fired. Where’s the collateral for the loan. That building isn’t worth $200K, the bakery equipment couldn’t be worth another $200 and obviously mismanagement is in evidence or income is not meeting expenses.
“That building isn’t worth $200K”
Depends on where you are located ... here in the Bay Area a shack on a postage size lot is at least 500K and this is commercial property in a decent location.
It will be good to see it go ... I hope the proceeds left over, if any, go to Chauncey Bailey’s family as Wideawake posted in #4. That is a reasonable message and one long overdue.
BTW - I spoke with a Cop who was on the raid. The raid had been planned before the Bailey murder and they strongly suspect that the 19 year old who is charged was “making his bones”.
Re: $100,000 to a creditor, Richard Stovall; and $11,000 to another creditor, Patricia Hill
Fools and their money are soon parted......
A few years ago, the Oakland Tribune ran an article on the “creation of jobs” program under the Clinton administration. Essentially it boiled down to this: The fed gave Oakland hundreds of millions of dollars, to be dispersed as loans to anyone who would promise to create a business and employ others. Every increment of $30,000 given out was defined as one job created. Among the borrowers was a member of the Bey family, who soon defaulted on the loan, like most of the other borrowers, who either skipped town, or had their businesses fold in short order. I’m guessing that an investigation of this loan of over $600K would show a link to that program.