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?

34 responses to “Jim McMahon faces lawsuit from failed bank loans

  1. 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”

  2. 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.

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

    Guy’s a phony and always has been.

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

  5. 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!!!!

  6. 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.

  7. 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.

  8. 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!

  9. “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?

  10. 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.

  11. 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.

  12. Note to Jim, legally change your name Jon Corzine.

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

  13. 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.

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

  15. “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 😉

  16. 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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