KSGF talking head Nick Reed is not impressed with Dave Spence's TARP record. From a Thursday segment titled, "Why is Dave Spence in the hot seat[?]."
He’s had a couple of other what I think could be substantial problems though. One of those has to do with the fact that he was on - he was on this bank board. And it was a - it was a bank that received stimulus dollars. 40 million - it was bailout rather. It was a St. Louis area bank. Now, at some point, Spence left the bank, and the reason being - he said at the time - according to news reports, because he didn’t like the fact that the bank board voted to not pay back the bailout money.
But according to the Kansas City Star, they're citing the fact that the AP reported last weekend, or rather that he acknowledged to the AP that he had voted with the rest of Reliance Bancshares Inc. board in early 2011 to forgo those payments. So they're pointing the fact that Spence at one point said "I left that board because I didn’t like the fact that they voted in order to - voted to forgo those payments to pay back that money." But they're going, you know, he acknowledged the AP that he was one of them that voted that way. That doesn’t look - plus you’re talking bailout dollars, he got a loan from the bank, which is all perfectly legal. I mean, I’m assuming, nobody seems to be alleging that it’s not. But that stuff just doesn’t look good.