WebMar 8, 1987 · Butcher is bankrupt with debts exceeding $210 million. Cook said his $250,000 fee was paid by three of Butcher's friends. At a hearing last month, Garland … Butcher was born in the rural town of Maynardville, Tennessee. His father, Cecil H. Butcher Sr., was a general store manager and bank president in Union County. After attending the University of Tennessee and Hiwassee College, Jake Butcher served in the United States Marine Corps. Having worked at their father's bank during their youth, Butcher and his younger brother C.H. Butcher Jr. began buying stock in numerous Tennessee banks starting in 1968. By 1974, the B…

Jake Butcher, disgraced East Tennessee banking kingpin, …

WebSep 20, 2013 · Shutterstock. 1. In September 2013, JP Morgan Chase announced they will pay $970 million in fines to US and British regulators and made a rare admission of wrongdoing over action involved in last year’s “London Whale” trading scandal. Additionally, the Consumer Financial Protection Bureau announced that JPMorgan Chase and Chase … Federal insurance ensured bank depositors got their money back, with US taxpayers picking up the estimated $382.6m in losses. The 7,000 depositors in the uninsured Southern Industrial Banking Corp would have to wait up to a decade to get only two-thirds of their money back. Jacob Butcher told a … See more To finance the buying spree, they would loan money from one of the banks to another, which was then used to purchase shares in a third institution, leaving the banks with high … See more By 1982 federal agents and state regulators working on individual cases started to realise that large amounts of money were being transferred around the various parts of the … See more platinum life hatfield

Butcher Gets 20 Years in $790-Million Bank Failure

WebSep 9, 1996 · By 1992, Lowery was working for Harold Ford, the black Democratic congressman from Memphis who would later be tried and acquitted in the Butcher bank scandal (and who is the uncle of this article ... WebMar 6, 1988 · Twelve other family banks, including C.H. Jr.'s flagship City & County Bank of Knox County -- with deposits of $227 million and assets of $244 million -- crumbled in the ensuing months. WebJul 7, 1983 · In one case, for example, regulators said $200,000 in loans from a C.H. Butcher bank in Kentucky was backed by stock in a Butcher bank in Tennessee with a stated book value of only $38,000. platinum level restoration