Remember when Ms. Suzy proclaimed her outright hatred of the TARP bailouts last October, even going as far as to claim that she "never received any bailout or stimulus money"? And how she immediately back-tracked and flip-flopped in January?
Lowden had different reactions to the bank bail-out legislation and the stimulus package.
On bail-out spending: “It's easy to say, no, I wouldn't have voted for it. But people were panicked, we were facing collapse — that's what they were saying. It's easy to say from a distance I would have voted no, but I can't do that.”
On the stimulus, she said she would have been a definite no: “All you're doing is taking money from one person and putting it in the pocket of another person. They should have put money into people's pockets.”
Oh yes, that's right. We all know how Suzy Lowdown loves to put other people's money in her own pocket, no matter how illegal or unethical it is. And when remembering this, we discover why Suzy Lowdown keeps flip-flopping on TARP.
Colonial BancGroup claimed to have received $550 billion in TARP "bailout" funds in December 2008. OK, so why is this important? Suzy Lowdown's Archon Corporation received a $29 million credit line with Colonial in May 2008. This would have been impossible for Colonial to maintain if they were not asking for TARP funds.
But wait, Suzy Lowdown asked for Archon's line of credit in May 2008. There's no way she would have known it would later ask for a government bailout... Right? WRONG! She served on Colonial's board, so she very well knew about it. (Even though it was later revealed that Colonial did not qualify for TARP funds... So where was Ms. Suzy then and why did she allow the company whose board of directors she sat on to outright lie about receiving TARP funds??!!)
And hold on, it gets even worse. Colonial actually did end up receiving a government bailout, but only in the form of the FDIC stepping in when the bank failed, absorbing its losses, and selling its assets to BB&T. Now BB&T had already received $3.1 billion in TARP funds, and right after BB&T absorbed all of Colonial's client's accounts, none other than Suzy Lowdown reappears and gets Archon approved for another $29 million line of credit... Just 2 months before Ms. Suzy would jet over to Elko and claim that she "never received any bailout or stimulus money"!
And now? Oh now, Ms. Suzy's media people are claiming, “Sue would not have voted for the TARP or any of the other bailout bills in Congress ... period.” Oh no, Suzy Lowdown doesn't roll like that... She just claims not to support "government bailouts" while her own company benefits from those very "government bailouts"! I guess Jon Ralston didn't (yet) even know half of this story.
And by the way, my dear blog followers, it would have been super easy to just cut and paste the Reid campaign's latest dossier on Suzy Lowdown's bailout hypocrisy here... But because I love you more than that, I did my own research before posting any of this here. After all, this isn't some Republican propaganda outfit. We appreciate the real facts here, and I'll keep doing my best to provide the facts and "call 'em as I see 'em". :-)