I wish I could say I’m shocked, but I’m not:
A struggling Hawaiian bank received $135 million in bailout funding in January after the office of a U.S. Senator with large stock holdings in the company called federal regulators.
Central Pacific Financial Corp. “was an unlikely candidate” for assistance under the Troubled Asset Relief Program by the time the Federal Deposit Insurance Corp. received a phone call from the office of Sen. Daniel Inouye, according to a joint report by the Washington Post and Propublica.org.
It’s worth noting experts told the Post and ProPublica that the phone call did not violate any laws, but while the call may not have violated any laws, it still stinks to high heaven in my opinion.
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