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Jim McMahon faces lawsuit from failed bank loans

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Former quarterback Jim McMahon recently sued the NFL for concussions.  And now he’s being sued, for something entirely different.

According to the Chicago Tribune, McMahon was named in a suit filed last month by the Federal Deposit Insurance Corporation.  Through the action, the FDIC hopes to recover $104 million in losses arising from 17 failed bank loans.

McMahon, who was a member of the board of directors at Broadway Bank, allegedly approved a $28 million loan that created a $19 million loss for the bank.  McMahon also allegedly missed critical board meetings, repeatedly.

The biggest question raised by the lawsuit is this:  Why in the hell would anyone make Jim McMahon a bank director?

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34 Responses to “Jim McMahon faces lawsuit from failed bank loans”
  1. daysend564 says: Apr 9, 2012 4:22 PM

    This has nothing to do with the fact that he is sueing the NFL for concussions. It isn’t like he needs money or anything.

  2. kansacity88 says: Apr 9, 2012 4:26 PM

    Good question!!! Ain’t got an answer to that one either!

  3. mancave001 says: Apr 9, 2012 4:30 PM

    Best question indeed!

  4. jayquintana says: Apr 9, 2012 4:30 PM

    “Why in the hell would anyone make Jim McMahon a bank director?”

    Good question.

  5. duanethomas says: Apr 9, 2012 4:32 PM

    Attorney for FDIC: “Mr McMahon why did you approve over 100 million dollars in bad loans sir”

    Jim McMahon ” I don’t recall as I suffer from memory loss due to multiple concussions I suffered as a NFL player”

    Judge: “Mr McMahon you may step down”

  6. saintsfan1111 says: Apr 9, 2012 4:35 PM

    Idiotic Bears fans perhaps?

  7. chawk12thman says: Apr 9, 2012 4:36 PM

    Bank Director due to initial $ in the bank? Can’t think of any other plausible answer; and not one that makes sense in the business world, either.

  8. rc33 says: Apr 9, 2012 4:41 PM

    Judge: “would you please remove your sunglasses in the courtroom, Mr. McMahon.”

    Guy’s a phony and always has been.

  9. nflofficeadmin says: Apr 9, 2012 4:43 PM

    I can’t believe this guy still has his nose.

  10. vtmem says: Apr 9, 2012 4:45 PM

    Another reason why players need help with their finances. NFLPA WAKE UP. AGENTS WAKE UP.

  11. cobrala2 says: Apr 9, 2012 4:46 PM

    Reading these comments I apparently am clueless: I thought it was a prerequisite to be a moron in banking! Boy, was I wrong!

  12. rajbais says: Apr 9, 2012 4:46 PM

    If the bank was in Chicago, then I’m not surprised.

    I’m from that city and I think that our fans aren’t too sycophantic for the Bears to the point where our history is apparently better than the Raiders. At least they threw the ball!!!! They had George Blanda in his better years; we had him when he was interception-prone!!!!

    Chicago sports fans, the dumbest and most unrealistic in America!!!!

  13. bchapman2011 says: Apr 9, 2012 4:49 PM

    This is probably the NFL’s fault right Jim? Had you not played in the NFL and got a concusion you would not have approved these loans right?

    NFL players need a refresher course in personal accountability.

  14. keirster says: Apr 9, 2012 4:51 PM

    OK Florio, gotta give credit when due…you made me laugh out loud in my office with that last sentence!

  15. thankheavenfornumberseven says: Apr 9, 2012 4:54 PM

    Are you sure we’re talking about THAT Jim McMahon?

  16. mjkelly77 says: Apr 9, 2012 4:58 PM

    Just another thing he’ll blame the NFL for.

  17. hailskins4life says: Apr 9, 2012 5:03 PM

    The Human Torch was denied a bank loan.

  18. mjkelly77 says: Apr 9, 2012 5:04 PM

    Many years ago I was employed as a Bank Examiner for the FDIC. It’s outrageous who is allowed to sit on Boards of Directors. So many members had no idea as to the daily operations of a bank nor any concept of loan or investment portfolios. Many served just for the fee or the notoriety. I’m sure that Jim McMahon fit that category.

  19. medtxpack says: Apr 9, 2012 5:10 PM

    no wonder he is sueing the NFL!

  20. jimmysee says: Apr 9, 2012 5:47 PM

    Being a director of a company is not an honorary position. It comes with responsibilities and should not be accepted for prestige or on a whim.

    And always be sure the entity has directors and officers liability insurance.

    You might need it!

  21. east96st says: Apr 9, 2012 5:51 PM

    “NFL players need a refresher course in personal accountability.”

    Shouldn’t the dolt that thought hiring a NFL QB to approve bank loans take some responsibility here? Honestly, who couldn’t see a train wreck coming if you give an ex-player carte blanche to approve bank loans? Because nothing prepares you to judge who can pay the bank back and who can’t like playing in the NFL. That’s what the league is known for, right?

  22. rdrs68 says: Apr 9, 2012 6:01 PM

    How does someone with scrambled brains get to be on the board of directors on any business? He would have been a poor choice without his well know disabilities and lack of business experience.

  23. txxxchief says: Apr 9, 2012 6:02 PM

    Apparently, the other members of the board had a bunch of concussions too!

  24. jluns275 says: Apr 9, 2012 6:04 PM

    Glad I never let my money go to that bank. Guy has always been a bit of a fruitcake

  25. 5niner says: Apr 9, 2012 6:13 PM

    That’s what happens when you mess with the commish, he calls in favors with buddies at the FDIC.

  26. clemenza58 says: Apr 9, 2012 6:43 PM

    Maybe Jimmy Mac will blame the NFL for this too. I don’t know who’s dumber, McMahon or the people that put him on the board of directors. This guy was a scum bag when he played and he’s a scum bag now. This couldn’t have happened to a nicer guy.

  27. bearsfan4life says: Apr 9, 2012 7:03 PM

    Note to Jim, legally change your name Jon Corzine.

    Then you can steal $1,200,000,000+ and you can walk.

  28. gotampabay52 says: Apr 9, 2012 7:14 PM

    DAaaaaaa Bears

  29. sterilizecromartie says: Apr 9, 2012 7:22 PM

    The biggest question raised by the lawsuit is this: Why in the hell would anyone make Jim McMahon a bank director?
    ————-
    True… probably not the best decision. But, a big part of a director’s responsibilities is to use your connections to bring business into a bank. I’d say a nationally known, Super-Bowl winning QB would have quite a network to bring new customers to the bank. And I am sure the other members on that Board were approving the same loans. It’s not like McMahon was making all these decisions himself.

  30. rcali says: Apr 9, 2012 9:07 PM

    I kind of find it hard these days to think he did worse than most of the top bank board members.

  31. jacobslatter says: Apr 9, 2012 10:06 PM

    Christian Laettner and The Rocket Ismael laugh at this guys lack of business savvy.

  32. qdog112 says: Apr 10, 2012 7:19 AM

    Making Jim a director would be like making George Bush president, oh wait.

    The results were the equivalent.

  33. thereisalwaysnextyear says: Apr 10, 2012 7:34 AM

    “The biggest question raised by the lawsuit is this: Why in the hell would anyone make Jim McMahon a bank director?”

    To try and attract capital with celebrity.
    Cut the guy some slack, based on his comments he probably forgot the meetings due to his concussions ;)

  34. grizzlott says: Apr 10, 2012 11:28 AM

    OH NO……..the poor bank! Let’s make sure they don’t have any losses at all. Let’s bail them out, again.

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