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Questions Surrounding Bank of Louisville? (It Stinks)

October 6th, 2007 · 4 Comments

From the Herald-Leader:

June 14, 1993 — The Bank of Louisville sold the $15.5 million worth of securities for $6 million. Vance prepared the documents to arrange the complicated sale.

Feb. 28, 2002 — Under new ownership, the Bank of Louisville paid $27 million to settle the lawsuit brought by Kentucky Central to recoup the money lost in the securities sale.

Unless something illegal occurred, why would the Bank of Louisville have to pay a $27 million settlement? (That settlement includes principal, interest, legal fees and other costs related to the suit.) This is all being glossed over, left unanswered, never addressed.

The settlement, Louisvillians will remember, cleared the way for the bank’s 2002 sale to BB&T Corp. There was a lot of chatter in the media about the settlement but no one could ever get to the bottom of things.

This just doesn’t smell right. Could someone who knows more about the matter chime in?

There are also questions surrounding Rick Guillaume, former vice chairman and CEO of MidAmerica Bancorp (aka Bank of Louisville), and later president of BB&T’s Kentucky operations. Guillaume is a current and long-time Fletcher donor (though he’s supported Democrats like Jonathan Miller in the past) who was a key player during the $27 million settlement days.

From the Kentucky Registry of Election Finance:

GUILLAUME, RICK
Employer : BB & T BANK
Occupation : PRESIDENT
$500.00 on 01/28/2003
FLETCHER, ERNIE for
SLATE – STATEWIDE

GUILLAUME, RICK
Employer : BB & T BANK
Occupation : PRESIDENT
$1,000.00 on 06/02/2003
FLETCHER, ERNIE for

GUILLAUME, RICK
Employer : NA
Occupation : RETIRED
$900.00 on 04/07/2007
FLETCHER, ERNIE for
SLATE – STATEWIDE

What did/does Guillaume know about all this? Or are we grasping at straws here?

Tags: Corruption · Election 2007 · Ernie Fletcher · Investigation

4 responses so far ↓

  • 1 Walker // Oct 6, 2007 at 5:00 pm

    Off base (as usual). The fellow you need to be looking at (you would know this had you read the report) is Orson Oliver, Bank of Louisville CEO at the time. That’s Orson Oliver, who maxed out to both of Fletcher’s opponents – Anne Northup and Steve Beshear.

  • 2 jake // Oct 6, 2007 at 5:09 pm

    Off-base, eh? We read the report.

    I’m positive you haven’t spoken to our sources who have serious questions about Rick Guillaume. That’s why we’re mentioning Guillaume and asking if anyone knows anything or if we’re grasping at straws.

  • 3 Skunk // Oct 6, 2007 at 6:07 pm

    How did KY get the value and then some back after the stock was sold. Hell man 8 years after! Someone is going to jail.

  • 4 Jim Anderson Stivers // Oct 7, 2007 at 10:34 am

    If someone that has knowledge of how to do it, you can look in the archives pertaining to this KENTUCKY CENTRAL story. There was, at that time, some pretty serious jealousy and some revenge politics going on.

    There is a trail.

    Correct me, and I am sure you will, Wallace
    W. was governor at that time this all started.

    Wallace had money borrowed from Kentucky Central. The Web’s had a big loan with Kentucky Central. They both defaulted.

    There was a very uncomfortable feeling between THE WEB BROTHERS and WALLACE W.

    I am unable to tie the information together but it appears to me the real story behind all this is politics. Some serious KICK ASS politics.

    Also, for some reason, can’t remember, but later THE WEB BROTHERS were awarded some kind of adjustment\refund on their fine involving Kentucky Central.

    Why? What for?

    The first thing Brer Jones did, when taking office, was to call all the ED Cabinet employees to the Governor’s Mansion and announce that Gene Strong would be the new Secretary of the
    Economic Development Cabinet.

    Someone needs to see how much THE WEBS and their contributing network gave to the Brerton Jones campaign? To me this is a very important point.

    This was high paying position Strong held, all the way thru the Patton Administration. And into the Fletcher Administration.
    ( See Contributions by THE WEBS AND their network of up front and stealth contributors.)

    Patton formed an unneeded ED statewide, political committee where all the projects for ED were screened thru this Committee.

    Paul Patton arranged for Gene Strong to be PROTECTED from being fired and raised his salary to the highest paid employee in state government. All was approved by this new ECONOMIC DEVELOPMENT STRUCTURE. This structure was put together for purely POLITICAL PURPOSES in order to push protects to the Rural geographies , especially Eastern Kentucky.

    At the time this occurred, the LEADS BY PROJECT MANGERS in the ED cabinet were mostly going to THE GOLDEN TRIANGLE.
    This angered the RURAL LEGISLATORS.

    If you can find it, PIKEVILLE hired one of our project mangers from ED, Jerry Vaughn, to be the new DIRECTOR OF ECONOMIC DEVELPMENT FOR PIKEVILLE. A job that paid twice as much as Cabinet Project Managers.

    I assume, IMO, Patton did this, thinking that some of his PALS in the ED Cabinet would feed leads to Pike County. One project was located in Pike County, a COOKIE FACTORY. It was later unionized, the COOKIE FACTORY CLOSED, HUNDREDS LOST THEIR JOBS and the considerable amount of money the state put into the project was L O S T.

    An Industrial Park was built in Pike County.
    The state had some participation in this project but I can’t remember how much.

    The fact that GOLDEN TRIANGLE didn’t suit the rural members of the General Assembly, Paul Patton played his political card and tried to make it appear he was driving more projects to RURAL KENTUCKY. And, for a time the members of the GENERAL ASSEMBLY, that were annoyed by all this expansion in the Golden Triangle, backed off. Because it appeared things were about to change.

    After Paul Patton formed his group of hand picked member, the LEADS and WORK of the ED Cabinet were now managed by the PAUL PATTON ECONOMIC DEVELOPMENT WHATEVER.

    The clean up operation was going on with Kentucky Central at this time. Now what the connection was, between THE WEBS and PAUL PATTON is not known by the public, but it would be interesting to see? How much moola was committed to Paul Patton by the WEBS and their associates. How much to Ernie Fletcher.

    So, there is a story here, a real story about BULLSHIT MOUNTAIN politics and how the manipulation goes on within government.

    And now some twelve years later, THE WEBS are going full gun and, it has been reported they received state money for a portion of the projects they are developing at Dale Hollow and Lake Cumberland.

    There is REAL STORY here, but it is not a BESHEAR BASHER. It all goes back to Brer Jones who brought in a YES MAN , then, Paul Patton continues this ordeal thru his second term.

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