ALABAMA DEMOCRATIC PARTY
FOR IMMEDIATE RELEASE
Friday, October 22, 2010
CONTACT:
Libby Jongeward
Communications Director
334.549.3956
libby@aladems.org
TREASURER CANDIDATE DEBUTS NEW CAMPAIGN AD AND WEBSITE
BankruptBoozer.com Reveals GOP Nominee’s Abysmal Corporate Track Record
MONTGOMERY, AL – Charley Grimsley, the Democratic nominee for State Treasurer, today launched “Bankrupt Boozer,” a new campaign ad and website (www.BankruptBoozer.com) documenting Republican nominee Young Boozer’s lackluster financial track record and history of professional bankruptcy.
Boozer is an affluent Montgomery financial consultant whose resume includes two professional bankruptcies in which he was a key player. During Boozer’s stint as Senior Vice President for Coral Petroleum, Inc. of Houston Texas, the company was found guilty of violating federal crude oil pricing regulations and was ordered to pay over $10 million in fines. Three years later, Coral Petroleum filed for bankruptcy. Among debts owed was $16.9 million to communist Venezuela's state-owned oil company.
Boozer also had a hand in the failure of Colonial Bank -- the largest bank failure in Alabama state history and the 6th largest bank failure in U.S. history. Boozer was Vice President of Risk Management and General Auditor of Colonial Bancgroup, whose failure cost the taxpayers $3.8 billion in a government funded bailout. This bank failure also cost hundreds of people their jobs, shareholder equity and retirees their retirement funds. The FDIC attributes Colonial’s failure in part to a “failure to implement adequate risk management practices.”
“The facts speak for themselves,” said Grimsley, the Democratic nominee. “We deserve a Treasurer with the knowledge and experience to handle our finances responsibly in these tough times. My opponent’s track record proves he is unable to effectively and ethically manage funds as large as our state budget.” Grimsley continued, “How can we trust billions of dollars to a man who has helped to bankrupt not one, but two major corporations?”
Charley Grimsley has the strong financial background Alabama needs to oversee an office that is in charge of billions of dollars in state funds. A third-generation retired community banker, Grimsley's bank was highly rated among its peers in safety and soundness. Grimsley is deeply involved in community service and has served as a member of the Fayette County Board of Education and as the Commissioner of the Alabama Dept. of Conservation and Natural Resources.
The “Bankrupt Boozer” ad is one of the most memorable ads of the political cycle and is currently showing in Montgomery markets and will air statewide beginning Monday, October 25th. For more information regarding the Alabama State Treasurer’s race, please visit www.BankruptBoozer.com.
