Nevada politician Sue Lowden's casino corporation received a $29 million line of credit from her failed bank - a bank that was bailed out by U.S. and Nevada taxpayers. It's all in the family. Here's the sordid story:
Sue and her husband Paul Lowden are top executives at Archon Corporation, a casino holding company. Paul Lowden is the President and CEO. Sue Lowden is the Executive Vice President, Secretary, Treasurer and Director of Archon. They control the company. And, when the company needed a line of credit, they knew where to get one.
Sue Lowden was a founding member of the Commercial Bank of Nevada, which was acquired by Colonial Bank in 1998. She sat on the Board of Directors of Colonial Bank of Nevada until June 2009. While Colonial Bank was set to receive a $550 million bailout thanks to TARP, the bank failed before it received the funds. Soon after it failed, it was taken over by BB&T which received over $3.1 billion in taxpayer bailouts thanks to TARP. One day after BB&T took control over Colonial Bank, on August 18, 2009, it extended to the Lowden's casino company, Archon, a $29 million line of credit.
Sue Lowden benefited from a bailed out bank and received the credit line she wanted.
After benefiting from the taxpayer bailout, politician Sue Lowden refuses to support Wall Street reform that gets tough on the cheating banksters and protects consumers. As the Las Vegas Sun reports, "In an interview, she went further, saying that the financial meltdown was the result of too much government regulation, not too little." She's clearly out of touch. It's not regulations that allowed banksters to create exotic financial instruments that allowed the super rich to gamble with our economy. It was the dismantling of rules that protect consumers that turned Wall Street into a dangerous casino. If Sue Lowden had her way, Wall Street rules would be further dismantled to allow the banksters to mislead investors and take riskier bets that benefit them. That's exactly the wrong approach.
We need real Wall Street reform. Call Sue Lowden at 702-302-4097, and tell her Nevadans need leaders who will crack down on predatory CEOs, and Wall Street Ponzi schemes; not politicians that profit from bank bailouts.