Dave Spence's Bank Bailout Baggage on GOP Bus Tour

NOVEMBER 1, 2012 


Dave Spence's Bank Bailout Baggage on GOP Bus Tour

Would GOP Colleagues Have Voted With Spence Against Repaying Bank Bailout?

Today, in response to the Missouri GOP’s “Comeback Team” Tour, the Missouri Democratic Party challenged Republican gubernatorial candidate Dave Spence to explain why he voted not to repay his bank's $40 million bailout to taxpayers, and his colleagues to answer whether they would have voted the same way.  Dave Spence’s record of running a bank that took a $40 million bailout from Washington – and voting not to repay that bailout to taxpayers – stands in stark contrast to Gov. Nixon’s record of fiscal discipline and balanced budgets. 

“Dave Spence had one opportunity to oversee tax dollars, and it went terribly wrong for taxpayers when he voted not to repay his bank’s $40 million bailout and take an insider loan for himself instead.  Missourians are fiscally responsible folks, and they deserve a fiscally responsible Governor who will protect their tax dollars – not use them for his own personal benefit,” said Missouri Democratic Party spokesman Isaac Wright. “Today’s bus tour begs the question: would Dave Spence’s Republican colleagues have looked out for taxpayers or would they have voted with Spence and used the money to help themselves?"

Dave Spence helped run a St. Louis bank where he “had no trouble getting about a dozen loans to purchase and renovate commercial buildings and homes -- even after the bank received a $40 million bailout from the federal government.”  Spence even took an insider loan for a million-dollar vacation home before he “voted not to pay the federal money back.”  [Associated Press, 3/31/12; Kansas City Star, 7/14/12]

By contrast, Gov. Jay Nixon has brought Republicans and Democrats together to balance the budget every year, hold the line on taxes, and protect Missouri’s AAA credit rating – bringing Missouri’s unemployment rate to its lowest point in four years.