I’m not going to recap my entire Peach Pundit post from this morning: House banking committee chair joins his Senate counterpart in the FDIC spotlight
But it’s worth a read if you’re wondering why Georgia has so obviously failed in oversight of its banks.
Montgomery Bank & Trust in Ailey (just outside Vidalia), which failed Friday, was “saved” by an investment fund a year and a half ago that turns out to have been fraudulent. One of the directors of the bank also ran the fund, which swindled investors out of millions of dollars. That bank director, Aubrey Lee Price, is now missing and so is the money.
Greg Morris, state house banking committee chair, was a director at the bank and had previously been fined by the FDIC. State senate banking chair Jack Murphy was also director of a failed bank and was among those sued by the FDIC.
Click here for much more.