Spence Campaign May Be Over Before It Starts
[Dave] Spence also has served on the board of directors for Reliance Bancshares Inc., a bank holding company headquartered in St. Louis. Spence said he resigned from the board effective in March. In February, the company announced it would stop making the $2.2 million annual dividend it was supposed to pay to the U.S. Treasury on the $42 million it received under the Troubled Asset Relief program. Spence said he doesn't recall any details about that decision, but he said the federal bank bailout program helped avoid a potential economic disaster by providing banks with "extra cushion of capital."
GOP primary voters will indubitably love Spence's TARP-Was-Awesome-But-I'm-A-Hands-Off-Guy-Who-Can't-Remember-Why-We-Didn't-Pay-Back-Our-TARP-Loans platform. Because we all know that voters love banks -- especially the ones that took TARP money without paying it back.
