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Report: U.S. Sen. Robert Menendez tried to persuade fed to help NJ bank
U.S. Sen. Robert Menendez (D-NJ) tried to persuade the Federal Reserve to approve the acquisition of a New Jersey bank where the chairman and vice chairman were both major contributors.The Federal Reserve did not act and Elizabeth-based First BankAmericano failed on July 31. The Wall Street Journal reports it's unusual for individual members of Congress to make such requests. The chairman of the bank at the time Menendez requested help was Joseph Ginarte. He had contributed $30,000 to the Democrat over the last decade. The bank's vice chairman was state Sen. Raymond Lesniak, a powerbroker in the state Democratic Party. Menendez says trying to save the bank was the right thing to do. Posted by: Fred 2010-02-10 |
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