Cash For Cronies
July 1st, 2009Sen. Daniel Inouye, whose suits don’t normally come complete with green vine attached, deserves some recognition for one or two things.
One being his status as Senator-for-Life for Hawaii, having represented HI in Congress without interruption since it achieved statehood in 1959 (!) and two being his decades long history as a sex pest.
He’s now finally achieved his third noteworthy accomplishment: extremely shady dealings involving bailout money and a Hawaii bank.
The bank in question, to be a little more specific, is Central Pacific Financial. And here’s where it gets good: its primary regulator, the FDIC, had already decided that it didn’t meet the criteria for receiving Treasury Department assistance, before Dan’s staff stepped it, contacting federal regulators about Central Pacific’s application for funds.
Two weeks after the inquiry from Inouye’s office, Central Pacific announced that the Treasury would inject $135 million into its coffers.
Maybe Dan did this for entirely altruistic reasons. And maybe he did it because he was one of the bank’s founders and had invested the bulk of his personal wealth there.
Ladies and gentlemen, the choice is yours.
