Terry McAuliffe’s new ad in his run for the Democratic nomination for Governor tries to paint him as a job creator. Testimonials from the former president and a former executive assistant of Federal City National Bank are supposed to give you warm fuzzies about how much McAuliffe cares about saving jobs of working Virginians.
Thing is, his time at Federal City National Bank wasn’t all puppy dogs and rainbows:
In January, 1988, McAuliffe became Chairman of the bank and assumed responsibility for all aspects of Federal City’s operations. In 1991, under McAuliffe’s leadership, the bank was cited by Federal regulators for unsafe and unsound banking practices. McAuliffe was forced to sign a consent agreement that required the bank to hire outside management, review delinquent loans, track bad credit, and raise additional capital. Ultimately, McAuliffe’s couldn’t fix his bank. In December, 1991, after four years as Chairman and with his bank reeling from real-estate losses, McAuliffe merged Federal City National Bank with another institution run by DC political cronies, Credit International Bank.
