Talkin’ ’bout the Car Wash, Baby
11th April 2012
Rep. Emanuel Cleaver (D-MO), chairman of the Congressional Black Caucus, owes up to $1.5 million to Bank of America, thanks to a loan he took out to buy a car wash. So what, you ask? You’re paying for it.
The Small Business Administration supported the loan, meaning that if Cleaver fails to make payments, the SBA picks up the tab on $1.1 million. Cleaver is likely to default on the loan in toto – he’s spent ten years paying off the original $1.35 million loan, and still has $1.2 million in unpaid principle, plus another $300,000 in late fees and charges.
Damn those racist white people and their racial profiling.