Petition drive launched at LathamBailout.com to return the $2.4 million borrowed by his family bank and never paid back
DES MOINES, IOWA — Progress Iowa today launched a petition drive at LathamBailout.com, calling on Congressman Tom Latham to return the $2.4 million loaned to his family bank, Green Circle Investments, as part of the Troubled Asset Relief Program (TARP). According to his most recent financial disclosure form, Congressman Latham’s personal investment in the bank is worth up to $5 million.
“For weeks Congressman Latham has ducked questions about his involvement in the decision to voluntarily accept a bailout from the taxpayers and never pay it back,” said Matt Sinovic, executive director of Progress Iowa. “We’re through waiting for answers, and have just one simple request: we want our money back.”
When Latham’s family bank, Green Circle Investments, accepted their $2.4 million bailout in 2009, it was just one year after Congressman Latham voted against it. He even issued a press release, asking:
“Why is Washington so quick to focus on the needs of Wall Street at the cost of those responsible Iowans who have sacrificed, saved and spent within their means? No wonder real America has lost faith in Washington.”
“Congressman Latham should take his own advice and help restore our faith,” said Sinovic. “Every dollar of the Latham Bailout that remains unpaid is a dollar that can’t be spent on our schools, our roads, our communities. Iowa taxpayers are footing the bill to support an investment for our Congressman, and we’re paying the price for it.”
Green Circle Investments is operated by a board comprised of Latham’s family and friends, including his brother Bob Latham, who is President and Chairman. Nine financial institutions in Iowa have voluntarily received funds from the Capital Purchase Program of TARP. Only three have failed to pay back any of the principal on their loan, including Green Circle Investments.
To learn more about the Latham Bailout, and to sign the petition, visit LathamBailout.com.
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Background:
- Congressman Latham’s Financial Disclosure Forms, filed from 1996-2012
- Listing of all Iowa companies receiving bailout funds and the remainder owed
- Des Moines Register story on 7/1/2012: “Did Latham benefit from TARP while he decried it?
- Congressman Latham’s statement after voting no on TARP in 2008
- Information about the Capital Purchase Program