November 1, 2012
Speaker Tim Jones Challenged to Come Clean On Bank Bailout Support
Jones Speaks in Spence Ad - But Silent on Issue of Taxpayer Bailout
Today, the Missouri Democratic Party challenged House Speaker Tim Jones to explain his position on the $40 million bank bailout that Dave Spence's bank took and refuses to repay. The Speaker has endorsed and campaigned with the Republican gubernatorial candidate, and is now featured prominently in one of Spence's campaign ads.
"Speaker Tim Jones must not think much of taxpayers if he's supporting a candidate like Dave Spence, who not only supported Washington's $40 million bailout of his bank, but then voted not to repay that bailout to taxpayers," said Isaac Wright of the Missouri Democratic Party. "Unless Jones is willing to openly repudiate Dave Spence's record of using taxpayer dollars for his own personal benefit, voters can only assume Jones supports the bank bailout and Spence's decision not to repay it."
Dave Spence helped run a St. Louis bank that took a $40 million bailout from Washington, which still hasn't been repaid to taxpayers.
Instead of repaying the taxpayers, Spence's bank gave millions in insider loans to executives and board members - including Dave Spence. In fact, just months before casting a vote not to repay the bailout to taxpayers, Spence took a million dollar loan from the bank for a vacation home.
"It's unfortunate that Speaker Jones would choose to back a St. Louis banker like Dave Spence, rather than standing up for taxpayers who are still wondering where their $40 million went," said Wright. "The bottom line: Speaker Tim Jones owes Missourians an explanation."