He was asleep at the switch when a Georgia bank failed, losing tens of millions of dollars, and now he’s the Chairman of the Georgia House committee that oversees banks.
I wish I were joking.
State Representative Greg Morris was a member of the Board of Directors of the Montgomery Bank and Trust in Ailey, Georgia when it went bust. He has no business running the Banks and Banking Committee in the Georgia House of Representatives, and here’s why.
Like a lot of banks, Montgomery Bank and Trust suffered during the 2008 financial crisis, but there was a lot more to it.
The Executive Director of the Bank, Aubrey Lee Price, faked his own death after stealing millions of dollars. The state seized the bank’s assets and the FDIC shut it down completely in 2012. Price was captured two years after his disappearance, tried for defrauding bank customers, and sentenced to 70 years in prison. He’s supposed to pay 46 million dollars in restitution at some point, but don’t hold your breath.
Then, in 2015, the Feds went after the Board of Directors, including Representative Greg Morris, for sitting idly by while Price fleeced the bank. The FDIC sued the Board, and all of its members, including Representative Morris, were ordered to pay a $965,000 settlement this year.
This is serious.
Some of the people who served on the Board for Montgomery Bank & Trust have been barred from ever working in the Securities industry again. Yet one of them is the Banks & Banking Chairman? Wait a minute...what?
Worse, hardly anyone is talking about it! The local papers have chosen not to report on the issue and the state media has been silent. That leaves you, The People, to demand better oversight.
Representative Morris should have stepped down as Chairman and forfeited the extra tax dollars he receives as a higher up in the legislature to show people he understands his negligence.
But he hasn’t done that.
The other option? Tell House Speaker David Ralston "this is ridiculous." Here is his contact information:
Phone: (404) 656-5644
Tell him that you don’t believe someone who’s been sued by the FDIC over a failing bank is capable of leading the House Committee on Banks and Banking practices in the State of Georgia.
Tell him it’s time to relieve Representative Morris of his duties and replace him with someone who hasn’t faced federal fines and sanctions.
After all, you’re judged by the company you keep.