Symington Says He Never Tried to Use Clout to Get Loan Deal
PHOENIX — Gov. Fife Symington testified in his bank-fraud trial Friday that he never tried to use his office to get concessions on an $818,000 loan and was “absolutely shocked†at a lender’s suggestion that he was.
A former Valley National Bank vice president testified for the prosecution that Symington was miffed when bank officials refused to renegotiate the loan for a real estate development in 1991, a few months after he became governor.
Symington was told that “the bank was not going to forgive debt to the governor of the state of Arizona†or any other politician, according to an internal bank memo of the meeting.
The two-term Republican told jurors he deserved better treatment as a 20-year customer. The bank, now Bank One, knew he was $20 million in debt and was forgiving other developers’ loans in the plummeting real estate market, he said.
He added that he was “absolutely shocked†a lender would accuse him of exerting political influence.
Symington took the stand for a second day Friday in his trial on 22 charges of bank fraud, attempted extortion and perjury relating to his former career as a developer.
He is charged with giving false financial statements and false information to Valley National.
Another charge alleges he tried to use his clout as governor to extort concessions on a $10-million loan from union pension funds.
If convicted, Symington, 51, could be sentenced to a lengthy prison term and would be forced to relinquish his office.
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