The 'King' Has Trouble Managing Money: Mismanagement of Funds and Trying to Evict Homeowner's From Their Homes Is There A Connection?

King's Ties to Troubled Bank Underscore Record of Financial Mismanagement 

King of Mismanagement runs campaign out of troubled bank he directed 

AUGUSTA-Angus King was a paid member of the board of directors of the Bank of Maine (formerly "The Savings Bank of Maine") from 2010-2012. The bank paid him $67,000 for his expert advice during the 18-month period covered by his financial disclosure filed May 15.

In March 2010, the federal Office of Thrift Supervision, a banking regulator, had to threaten the bank with closure if it did not increase its cash position.

Hiring Angus didn't help.

Even after being told by federal authorities that it needed to enhance its lending restrictions and restructure internally, the Bank of Maine has had a continual problem with troubled assets. Its troubled asset ratio has hovered between 3.5 and 4.5 times the national median with no sign of improvement. Maine's outlook was equally as bleak by the time Angus was done with her, with a billion dollar deficit and a maxed-out capacity to tax.  

On August 21, the bank sent out a press release to assure the public that its finances were in good shape. The release omitted mention of a June 21 order from the comptroller of the currency which read: "The Comptroller has found unsafe and unsound banking practices and regulatory violations relating to asset quality, credit administration, management, and the Bank's compliance program." The order was signed May 30 by most of the bank's directors, including Robert Gardiner, King's partner in his Solyndra-style wind boondoggle which was the subject of a congressional investigation earlier this year. It was signed by a federal regulatory official on June 21.

It appears that King has helped steer the bank right back into the sticky web of another federal reprimand through his proven history of financial mismanagement. The bank under King's stewardship has even been criticized for overpaying its president with a $4,000 housing and car allowance, among other cushy perquisites, despite its financial condition.

Overpaying employees is another complaint that has been leveled at King, even by Democrats:  "'When Gov. King took over, he automatically brought people in, some had experience, others didn't, he started them off at a very high pay scale with not a day on the job,' said Kerr, D-Old Orchard Beach." ("How Much To Pay Public Servants?" Associated Press, 8/28/98)

Angus hopped out of his seat on the board shortly before the comptroller's order came down, but he hasn't gone far. His campaign headquarters are inside a Bank of Maine branch in Brunswick, making Angus's campaign and his troubled bank as cozy as Angus and his wind scams.

So, next time you're in Brunswick, we recommend you swing by Angus for Senate headquarters and grab some free lollipops while you're there. Don't take too many, though. We hear Angus's bank is going through tough times.