Just 3 days ago in my local paper:

This year, however, the District 24 Republican [Sen. Jack Murphy] will serve as chairman of the banking and financial institutions committee.

“I was seeking the banks and banking appointment because I felt like it’s a move up toward something slightly more powerful,” Murphy said. “Banks and banking is something that I’ve been interested in for a long time.”

Meet Senator Jack Murphy, former member of the Board of Directors for the now defunct Integrity Bank. The same Jack Murphy that just got served with a 70 million dollar lawsuit, courtesy of the FDIC, for his awesome stewardship of Integrity’s lending practices. Even more awesome? Jack’s role on the Board as a member of the “Audit/Compliance” committee.

In the complaint, the FDIC alleges that “The Defendants Disregarded Regulatory Warnings” and knowingly broke lending limit statutes. While I’m not privy to the exact accountabilities of the Audit/Compliance committee at Integrity, I’m guessing Jack was privy to the warnings from regulators (…and the “waivers” that gave cover to loan officers at the bank to break the law).

According to the State Senate website; “The role of the Banking and Financial Institutions Committee includes the jurisdictions of financial institutions, real property finance, and corporate securities law.”

For a party that is often openly hostile to the regulatory function of government, it seems as though they couldn’t have selected a better guy for the job.

 

6 Responses to Congratulations Mr. Chairman

  1. Gunner says:

    @Jules, Might I add that I am a fan of both.

  2. Jules says:

    @Gunner, frankly it looks like the only one holding this guy accountable is Carol Porter and our own Peter Tondee. Sigh

  3. Gunner says:

    What would be awesome is if we had some elected Democrats maybe in the state senate. Who would demand that this guy step down. Perhaps a press conference. Just a suggestion.

  4. Mel says:

    They’re openly hostile to regulation because it prevents them from doing what they damn well please, like making inappropriately large loans to friends at our expense. This isn’t about incompetence, it’s about greed and entitlement. Sen. Murphy’s reputation is only enhanced by this in Republican circles.

  5. Jules says:

    Georgia is a handful of committee chairmen, 2 purp walks, and duel on the house floor away from a Banana Republic.

    I expect that all to go down before April.

  6. Gunner says:

    Dammit! You beat me to it. I raced home to post something about this when I heard about it. This is one of those jaw dropping head shaking stories. Fox meet hen house, hen house meet fox.