Bank of America Files Suit Against Deadbeat Congressman Emanuel Cleaver – Demands Payment of More Than $1.5 Mil

In what is certain to cause him election year migraines, the Bank of America has filed suit against Missouri Rep. Emanuel *Spittlegate* Cleaver, seeking repayment of $1.5 million from Cleaver, his wife and The Cleaver Company for a 20 year loan that originated in 2002 at a 6.25% interest rate. Cleaver has received three (3) forbearances over the ten year period.

Jacob Turk, Cleaver’s opponent in the District 5 2012 House race, noted on his Facebook page, today, that  Cleaver voted on September 23, 2010 for H.R. 5297 which ‘increases the government guarantees on SBA 7(a) loans from 75 percent to 90 percent’, in essence, putting taxpayers on the hook for his bad debt.

The Kansas City Star reports:

The bank that loaned the Kansas City congressman and his wife $1.3 million in 2002 to buy the Grandview Auto Wash at 12204 Blue Ridge Extension is now demanding payment of more than $1.5 million, after the Cleavers repeatedly fell behind on repaying the loan.

The suit, filed last week in Jackson County Circuit Court, said the demand for repayment came after three attempts to delay foreclosure. Bank of America also is seeking attorney’s fees and a receiver to protect collateral.

“The Cleaver Company failed and refused, and continues to fail and refuse, to pay the outstanding obligations due and owing … under the note and other loan documents,” the lawsuit said.

In an email statement, Cleaver said, “This is a business dispute. The business has been run by an outside manager for years.” He said because it was a legal matter, he would have no further comment.

According to court documents, the outstanding principal totals $1.2 million with interest totaling $240,545 as of March 6. Late fees have reached $54,587. Both Cleavers had personally guaranteed the debts, according to the suit.

The loan was originally part of a Small Business Administration program. It was not clear Thursday how much money, if any, taxpayers will have to provide if the loan defaults.

The Bank of America lawsuit documents are here.

Here’s Jacob Turk’s entire statement from his Facebook Page:

“I am saddened anytime a business fails, because I know from my experience how hard they are to own. But for Emanuel Cleaver to borrow $1.3 million from a lender, backed by a guarantee from U.S. taxpayers, and fail to pay that debt is unconscionable. How much of this money did Cleaver or his wife personally receive?
Cleaver voted on September 23, 2010 for H.R. 5297 which ‘increases the government guarantees on SBA 7(a) loans from 75 percent to 90 percent’. Are we to pay 90% of Cleaver’s bad loan debt?”
Cleaver’s HR 5297 Summary, here.
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22 Responses to “Bank of America Files Suit Against Deadbeat Congressman Emanuel Cleaver – Demands Payment of More Than $1.5 Mil”

  1. My Name Is Emmanuel Cleaver And I’m A Hypocrite « That Mr. G Guy's Blog Says:

    [...] wants it’s money back. Evidently, Cleaver has been late or refused to make the loan payments. Nice Deb has the details; In what is certain to cause him election year migraines, the Bank of America has [...]

    Like

  2. Carlos Says:

    If this was the worst Cleaver ever did our country would be in a lot better shape. Criminal? Even with his vote, probably not (and certainly something Nazi Pelousy would have no trouble sweeping under the rug, anyway because, doggone it, he’s been such a good boy and stayed right there on his special plantation with its special privileges and all). Unethical? Undoubtedly, but again, the definition of “unethical” is not nearly as clear for the privileged as it is for us dumb schlubs.

    And his opponent, Turk, had better have the same constituency as Cleaver because you know his district was carved out tortuously to make sure it followed (Democrat/Socialist) racial lines.

    And finally, last time I checked it didn’t make two whits bit of difference to a bank who was managing a business they had a loan to, it was whose name was on the dotted line. But if Cleaver’s constituents were fool enough to keep him in office all these years, they’re probably fool enough not to know that difference, either.

    Like

  3. just a conservative girl Says:

    Election year migraines? I think not. He will win in a walk. Just like Lee who was caught redhanded giving CBC scholarships to her family and staff members. The people in her district said of course she was trying to take care of her grandchildren. Tax cheat Rangel’s district just said “well they all do it”. Any wonder why our government is so screwed up?

    We allow it.

    Like

  4. nicedeb Says:

    Well — not exactly “we”.

    Like

  5. Undettered Says:

    Almost insures his re-election with his constutients

    Like

  6. Jesse Smith Says:

    I am a student! I owe thousands. I have never ponced off anyone, or used the victim mentality to get out of being responsible. When I see crap like this it makes me feel like acting the victim and screaming, WHY THE FUCK SHOULD I PAY MY LOANS BACK IF THIS CORRUPT, FINANCIALLY WELL-OFF SPONGER DOESN’T HAVE TO??

    Like

  7. Race Hustler Congressman Emanuel Cleaver sued by Bank of America for $1.5 million for payment over car wash loan : Fire Andrea Mitchell! Says:

    [...] of America offices in Missouri? While the local paper (The Kansas City star) buried this story, Nicedeb (via Gateway Pundit) has exposed the Chairmam of the Congressional Black Caucus, and his $1.5 [...]

    Like

  8. At Play In the Finances of the Ruling Class | Daily Pundit Says:

    [...] At Play In the Finances of the Ruling Class Posted on April 7, 2012 1:30 pm by Bill Quick Bank of America Files Suit Against Deadbeat Congressman Emanuel Cleaver – Demands Payment of More … [...]

    Like

  9. SandyfromChesterfield Says:

    Congressman Emanuel Cleaver is a congressman from Missouri not that we are proud of that fact.

    Like

  10. Rep. Emanuel Cleaver (D-MO), Wife Dianne Cleaver Sued by Bank of America for $1.5 Million Loan | The Hinterland Gazette Says:

    [...] opponent for his district, Jacob Turk, slammed the congressman on his Facebook Page (h/t Nice Deb): “I am saddened anytime a business fails, because I know from my experience how hard they are [...]

    Like

  11. Steve Says:

    Happy Easter
    From you friends at Common Cents…

    http://commoncts.blogspot.com/2012/04/happy-easter.html

    Like

  12. Bank of America Files $1.5 Million Suit Against Deadbeat Lawmaker Emanuel Cleaver – Head of Congressional Black Caucus | FavStocks Says:

    [...] Nice Deb reported: In what is certain to cause him election year migraines, the Bank of America has filed suit against Missouri Rep. Emanuel *Spittlegate* Cleaver, seeking repayment of $1.5 million from Cleaver, his wife and The Cleaver Company for a 20 year loan that originated in 2002 at a 6.25% interest rate. Cleaver has received three (3) forbearances over the ten year period. [...]

    Like

  13. Sorta Blogless Sunday Pinup » Pirate's Cove Says:

    [...] Nice Deb covers Bank Of America suing a deadbeat elected Democrat [...]

    Like

  14. Carlos Says:

    I just found out Mr. Cleaver is also an ordained minister.

    This must also be wrapped up in “Black Theology” or something, so he can justify the theft of such monies. If so, he should be on the Supreme Court, ’cause his ability to torture pretty darned simple language (“Thou shalt not steal” is what comes immediately to mind, although “Thou shalt not bear false witness” is also a good one for him to torture in explaining this away) would do him proud with the likes of the “Wise Latina” and all.

    Like

  15. Bank of America Files $1.5 Million Suit Against Deadbeat Lawmaker Emanuel Cleaver – Head of Congressional Black Caucus « Tarpon's Swamp Says:

    [...] September. (AP) In what is certain to cause him election year migraines, the Bank of America has filed suit against Missouri Rep. Emanuel *Spittlegate* Cleaver, seeking repayment of $1.5 million from [...]

    Like

  16. BizzyBlog Says:

    [...] returns nothing related to an April 6 story reported at the Kansas City star (HT Nice Deb via Gateway Pundit) that Bank of America has sued Missouri Congressman and Black Caucus Chairman [...]

    Like

  17. Kid Glove Treatment For Emanuel ‘Car Wash’ Cleaver at KC Star; AP Has No National Story Says:

    [...] returns nothing related to an April 6 story reported at the Kansas City star (HT Nice Deb via Gateway Pundit) that Bank of America has sued Missouri Congressman and Black Caucus Chairman [...]

    Like

  18. Kid Glove Treatment For Emanuel ‘Car Wash’ Cleaver at KC Star; AP Has No National Story | FavStocks Says:

    [...] returns nothing related to an April 6 story reported at the Kansas City star (HT Nice Deb via Gateway Pundit) that Bank of America has sued Missouri Congressman and Black Caucus Chairman [...]

    Like

  19. Video: Jacob Turk on Rep. Cleaver’s $1.35 Mil Bank Default – “Where Did Our Money Go?” « Nice Deb Says:

    [...] I reported, here and here, the Bank of America’s lawsuit against the Democratic congressman seeks $1.5 million in [...]

    Like

  20. Saturday Movie Matinee: Obama Flips on Welfare Reform « Nice Deb Says:

    [...] I reported, here and here, the Bank of America’s lawsuit against the Democratic congressman seeks $1.5 million in [...]

    Like

  21. Jacob Turk Bombshell: Internal Poll “Shows Us Slightly Ahead” of Emanuel Cleaver (Audio) « Nice Deb Says:

    [...] race against the extremely left-wing Cleaver who has apparently been too busy trying to get out of paying his $1.5 million car wash loan to debate [...]

    Like


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