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SC Club for Growth Calls on Converse Chellis to Return Nearly $10,000 in Campaign Contributions From Banks He Oversees

May 12, 2010

FOR IMMEDIATE RELEASE
Contact: Matt Moore803-454-1134matt@scclubforgrowthpac.com SC Club for Growth Calls on Converse Chellis to Return Nearly $10,000 in Campaign Contributions From Banks He Oversees
Contributions “a clear conflict of interest” given deputy state treasurer’s statements on Carolina First after intervention by state and federal regulators

Columbia, SC – SC Club for Growth, one of the state’s leading good-government groups, today called on State Treasurer Converse Chellis to return nearly $10,000 in campaign contributions from state regulated banks.

It should be against the law for politicians to take campaign dollars from the banks they are supposed to regulate. Account holders and investors in these banks deserve oversight that isn’t compromised. Converse Chellis taking maximum campaign contributions is a clear conflict of interest,” said Matt Moore, Executive Director of SC Club for Growth.

Moore continued, “The State Treasurer’s office says nothing is wrong, when clearly there are problems at Carolina First. Yet a political appointee in the State Treasurer’s office is seemingly doing public relations work for Carolina First after his boss received a maximum political contribution. Again, account holders and investors deserve to know what is really happening. Their dollars are at risk.”

Today’s statement follows a consent order issued to Carolina First Bank by the S.C. Commissioner of Banks. From the Spartanburg Herald-Journal:

State Treasurer Converse Chellis serves as chairman of the S.C. Board of Financial Institutions, which includes the state’s banking commission. The bank’s board of directors agreed to address the issues that are brought up in the consent order…The bank’s consent order instructs Carolina First’s board to increase its participation in bank affairs, sets deadlines for raising capital levels to meet required ratios and mandates a reduction in the amount of assets considered “substandard” and “doubtful.”

Source: http://www.goupstate. com/article/20100512/ARTICLES/ 5121025/1083/ARTICLES
Converse Chellis’ contributions from state regulated banks (from the State Ethics Commission):

Anderson Brothers Bank, $1000, 3/1/2010

Carolina First Bank, $3500, 3/23/2010

First Citizens Bank and Trust Company, $1000, 3/31/2010

First Citizens Bank and Trust Company, $1000, 11/30/2009

First Reliance Bank, $1000, 3/12/2010

First Reliance Bank, $1000, 11/7/2007

The Citizens Bank, $1000, 3/12/2010

Source: http://apps.sc.gov/ PublicReporting/Contributions/ ContributionsIndex.aspx
Full list of state-regulated banks: http://banking.sc.gov/ regulatedinstitutions/banks/

2 Comments leave one →
  1. Larry permalink
    May 13, 2010 5:12 am

    Converse is a crook. Hell, his own business partner sued him for fraud and sexual harassment.

  2. May 13, 2010 6:35 pm

    Does’t matter.

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