trump's chief of staff Mulvaney owes 2.5M - says loan "will go unpaid"

[Demovictory9]

https://mavenroundtable.io/theintellectualist/news/mulvaney-borrowed-1-4m-to-build-a-mall-it-wasn-t-built-nor-the-loan-repaid-Y9nU-aQRFUaREms8Rvcptw/?utm_source=Amplify&utm_medium=Intellectualist&utm_campaign=Twitter&utm_term=Derek%20Cressman

Mick Mulvaney said the loan—now $2.5 million with interest—"will go unpaid".

Eleven years ago, Mick Mulvaney was the co-owner of a company that wanted to build a strip mall in an upscale Charlotte community.

To finance the project, they borrowed $1.4 million from a family firm owned by Charles Fonville Sr.
The project fell apart, the mall was never built, and Mulvaney adopted a political career, which has recently resulted in his becoming President Trump’s acting chief of staff.

And Fonville never got his money back.

A sum that has now reached $2.5 million with interest was brushed off by Mulvaney as a bad real estate deal. He said that the sum “will go unpaid.”

The political battle that now rages between Mulvaney and Fonville threatens to tarnish Mulvaney’s reputation as a fiscally responsible political actor.

Fonville is accusing Mulvaney’s two companies of “intent to deceive,” “fraudulent acts,” and “breach of contract” to avoid payment of the loan.

Mulvaney’s lawyer, John R. Buric says Mulvaney has done nothing wrong. Fonville & Co. may not be repaid because it was a secondary lender in a project that was worth less than originally anticipated. The primary lender has the first right of repayment if the property is foreclosed on.

[madaboutharry]

1. There is a word for people like that:

Deadbeat

[3Hotdogs]

14. Wrong word. Try, Trump.

[Skraxx]

15. Nope, it's "thief"

Scumbag also works.

[TreasonousBastard]

2. No wonder Trump picked him-- birds of a feather, an' all.

[Scarsdale]

10. Yes. Same

business expertise. I KNEW something was "off" about little Mick from the time he showed up on the tRump radar. Definitely crooked enough for THIS administration. He said he would not want tRump to be a role model for his son. I would not want Mick to be a role model for ANYONE's son. Come to think of it, nobody in the tRump group is honest, are they?

[TexasTowelie]

3. Security risk.

I'm surprised he could clear the background checks for the job.

[Deb]

5. Absolutely and this is a good way for us to differentiate our political priorities.

[KayF]

4. suckers!

that's how they see all of us

[JNelson6563]

6. haha! Good luck getting credit

when the legal bills start rolling in!

[Ilsa]

7. Why does he think he should be allowed to skip out?

You take risks for the reward. Where's the risk if you are bailing on your debt? I hope his creditor forces him to sell assets to repay his loan.

[Achilleaze]

8. He's the perfect partner for Dirty Donny* (R)

* the deeply indebted & compromised Comrade Dirty Donny* - republican Draft-Dodger-in-Chief.

[deminks]

9. No worries, Donnie has Russian 'friends'.

[Vinca]

11. Grifters gotta grift. He's a perfect fit for the King of the Con.

[Roland99]

12. What was that? Party of personal responsibility?

I must be thinking of something else...

[pazzyanne]

13. And the irony continues in tRump's cabinet!

Another "should I laugh or cry " Any time tRump puts someone in place by appointment or nomination, you just know they are bottom of the barrel. It is so sad!

[JI7]

16. they claim to be pro business but are just sleazy scammers, failures etc

and then turn to the public sector to make money .

[JI7]

17. maybe he is hoping to get some of that Russian money which bailed out the

other failure in business Trump.

[RAB910]

18. If you're dumb enough to lone a Republican money

You get what you deserve

[LiberalFighter]

19. It will tarnish his reputation?

It was tarnished long before now.