Being a Republican only protects you from the consequences of wrongdoing if your livelihood depends on Republican voters. Republican voters are willing to overlook rape and even child molestation in their representatives.
Bank CEOs are not elected by Republican voters, so his being a Republican can only help him if he decides to exit the private sector and begin looting the public sector.
Calk is/was a 67% shareholder of the bank, so I assume heās still there if he wants to be.
But itās a bank with deposits insured by the FDIC. There has to be some standards in how the place is run or the FDIC wonāt insure them.
I want to know more about this clown who thought Paul Manafort was going to make him Secretary of the Army - oh, wait, no I donāt.
What a frigginā idiot.
Whether the bank is in violation of FDIC regs is a different question thoughā¦ My wild guess is that it is, and that FDIC will have to come down on the bank and that will lead to a choice of either Calk is out, or the bank closes. But until that happens, my guess is that Calk is still there, until heās forced to leave.
āThe large size of the delinquency is troubling,ā
Agreed. There is plenty of delinquency to go around.
Thank you for that info.
One wonders what links he has to Trump et al.
He was on the witness list since the beginning.
We may yet see the Calk Walk.
Seems like there is more than a case of fraud here, the Feds could make a good case for bribery against both Manafort and Calk
Iām not a lawyer, but it would seem to me even if it was the bankās CEO who allegedly knew that Manafortās application was fraudulent and signed off on it anyway, what he had done was to conspire with Manafort to defraud the bankās other stakeholders, i.e., FDIC (as others have mentioned), the other shareholders, who presumably were not aware of the fraudulent application, the bankās auditors, and other federal and state regulatory agencies by intentionally and materially overstating the true value of the loanās collateral and hence the bankās true assets.
I donāt know how a successful fraud with accomplices is any less of a fraud just because one of the accomplices was a part owner.
I wonder how will the bank be made whole again. It looks as though there is a large default looming on the horizonā¦
According an occasionally reliable source,
Mr. Stephen M. Calk, also known as Steve, is the Founder, Chairman and current Chief Executive Officer of National Bancorp Holdings, Federal Savings Bank and former Chicago Bancorp. (Wikipedia)
Something tells me he will not be attending the Bankers Ball (or whatever they call it) this year.
Maybe Mr. D ā¦ Oleg Vladimirovich Deripaska has some money heād like to invest. Oh, right.
I would venture that he will attend this yearās Bankerās Ball and Chain event.
Emergency lending from Deutsche Bank, Alfa Bank, and the Bank of Cyprus?
If Manafort signed a loan application or closing document that included a material misstatement of his other debts and his current or expected income, he committed fraud irrespective of what Calk did.
The American taxpayer?