Word: butcher
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Back in 1976, Jake Butcher, who may well be Tennessee's next Governor, loaned his friend and fellow banker Bert Lance $443,000 for some of Lance's elaborate financial deals in Georgia. Some wags are now suggesting that Butcher's loan should be classified as an educational expense, so closely has the Tennessee Democrat imitated Lance, both in his banking practices and his ability to get close to Jimmy Carter...
Last week Carter, who was Governor of Georgia when he first met Butcher, campaigned in Nashville for the banker, declaring that "you have a true treasure coming up as your Governor." Butcher endorsed Carter's anti-inflation program and promised to take steps of his own to slow inflation and "to put money in the pockets" of Tennesseans...
...doubts that Butcher, 42, can put money into motion. He spent more than $2.5 million to win the primary, and will probably spend at least that much this fall to defeat his Republican rival, former Nixon Aide Lamar Alexander...
...Butcher claims that he is worth $8.3 million. His fortune is based on a 14-bank family empire that was built on heavy borrowing. At the beginning of the campaign, he put his holdings into two trusts that are managed by his brother, C.H. Butcher. To help Jake meet interest obligations that will exceed his $50,000 salary as Governor by about $200,000 a year, Brother C.H. offered to take care of the debt service and to give him an additional $100,000 each year he serves as Governor. Jake quickly declined the offer, lamely insisting that his brother...
...Governor, Butcher resigned as chairman of the United American Bank of Knoxville, which is the largest bank in the chain. He owns one-fourth of the bank's stock. For the first six months of this year, U.A.B.'s earnings were down by 52%, but the bank nonetheless increased its dividend from 160 to 180 a share. Other bankers suggest that the move was chiefly intended to increase Butcher's income, but he says he had nothing to do with...