Menendez asked feds to bail out bank owned by donor, senator
By Editor | February 9th, 2010 - 8:19amU.S. Senator Robert Menendez pushed the Federal Reserve to approve an acquisition of a failed Elizabeth bank run that would have protected the investments of State Sen. Raymond Lesniak (D-Elizabeth) and Joseph Ginarte, a major campaign contributor, according to a Wall Street Journal report. First BankAmericano failed last July after the board declined to take action. Losses were estimated at $163 million. Click here to read Menenendez's letter.
The CEO of the failed bank was Holly Bakke, who served as Commissioner of Banking and Insurance under Gov. James E. McGreevey. The attorney for the bank was Michael Horn, a former Republican Assemblyman who was state Banking Commissioner under Gov. Thomas Kean. Horn served on one of Gov. Christopher Christie’s transition teams.
Menendez, a member of the Senate Banking Committee, told the newspaper that helping the failed bank, which served Elizabeth’s Hispanic community, was the right thing to do. "If any New Jersey constituent—regardless if it is a family or a local community bank—comes to me seeking assistance with a legitimate federal matter, not only is it important to help, I was elected to help," he told the Wall Street Journal. "Telling them 'no' would be abdicating my responsibility."
Menendez is not up for re-election until 2012.
Click here to read Menenendez's letter.
Wake-Up Call
Morning News Digest: March 19, 2010
Christie vetoes 5 service contracts approved by Turnpike Authority Governor Christie on Thursday vetoed five professional services contracts that were approved by the New Jersey Turnpike Authority a month ago. The governor’s office said Christie exercised his eighth veto because the contract fees ranged from...
Wally Edge
Democratic State Chairman John Wisniewski (D-Sayreville) put out a statement today accusing GOP congressional candidate Jon Runyan of “hiding from the press while trying to privately impress party bosses, and taking advantage of thousands of dollars...
The passing of Warren Wilentz means that David Norcross becomes the earliest nominated U.S. Senate candidate currently living. Wilentz was the Democratic nominee for U.S. Senate in 1966 against Clifford Case, and Norcross was the Republican U....
The national political environment favored the GOP in 1966. It was the mid-term election of Democratic President Lyndon B. Johnson, and the war in Vietnam had just begun to divide the nation. In New Jersey, Republican Clifford Case was...
Essex County Executive Joseph DiVincenzo issued a press release today urging the State Assembly to pass pension and health insurance reform bills, but did not mention in his 574-word that the person blocking the legislation, Assembly Speaker Sheila...
Two Republicans will formally announce campaigns for Congress this evening against Democratic incumbents: John Runyan, a retired NFL star who played for the Philadelphia Eagles, is challenging freshman U.S. Rep. John Adler (D-Cherry Hill), and Diane...
Contributors
This is going to be a budget that is going to be unlike any other you’ve probably seen in NJ in at least the last 20 years and maybe... more »
Everybody needs to start a new job with a list of priorities and Chris Christie is no exception. There might be a thousand things that need to get done... more »
On Tuesday, Governor Christie outlined a strategy to rescue New Jersey from the worst economic crisis since the Great Depression. Like other states, we were not immune... more »
Governor Christie seems to have played the rotten fiscal cards he inherited fairly well. As reported by the Star-Ledger, he is proposing to cut school aid by more... more »
It's impossible to support consolidation of government services and also support COAH.S1 paints with a broad brush and thus will miss some fine points. COAH paints with... more »
As part of his solution to New Jersey’s current budget deficit, Gov. Chris Christie announced that, effective yesterday, he will not allow any additional parents to enroll in FamilyCare,... more »
Do I love Governor Chris Christie’s budget proposal? Of course not. Who would? I’m sure he doesn’t like it, but that’s not the point, is it? How could you... more »
The budget speech given on Tuesday by Governor Christie clearly illustrates his priorities – including disproportionately shifting the tax burden away from businesses and the wealthy, and... more »
On Rebate Issue, Christie Will Win. The leading New Jersey Sunday newspapers yesterday confirmed that Governor Chris Christie will propose in his FY2011 budget the... more »
You’ve got to hand it to Christie; he calls it as he sees it. I don’t mean the newly crowned Governor, Chris Christie, but his nine-year-old son, Patrick. ... more »
Anyone involved in governing and administrating a town or county in New Jersey understands the economic problems outlined in The Star-Ledger editorials of February 28 and March 1. The... more »
It is widely anticipated that Gov. Chris Christie’s first budget message, to be delivered on March 16, will show the harsh reality of New Jersey’s bleak financial outlook. No... more »
In keeping with the commitment I made to you in the November election, I am looking at every possible way to cut wasteful government spending and relieve your tax... more »
Wanted: Courage to Pass Healthcare Reform In 1935, they spoke out against Social Security. In 1965, they spoke out against Medicare. And now in 2010, they are taking a politics-first... more »
Our new Governor suffers from no lack of advice. Much of it, contained in the transition reports, deserves prompt attention. Obviously, economic prosperity benefits everyone, and – as... more »
I have to genuinely wonder if this legislature will go down as the most taxing legislature in the history of the state of New Jersey surpassing the legislative actions... more »
Now that the dust has finally settled after the grueling campaign for governor, there are a number of lessons that we can draw from this election. First and... more »
March 18, 2010 Stop screaming. You’ll wake up the neighbors.If you're a local town mayor in New Jersey and you think that screaming about the impact Christie’s budget... more »
Limited government principles and fiscal conservatism are philosophically sound, because they preserve the people’s natural rights and they prevent government from overspending, over borrowing and overtaxing. For more than... more »
New Jersey is in severe financial crisis because for years elected officials have been able to make irresponsible and short-sighted decisions without any restraint. Future governors may... more »
On January 6, 2010, several newspapers published articles with titles like “no more aid for struggling cities”, “Christie will cut state aid” and the like; furthermore, in the body... more »
New Jersey Governor Chris Christie, you target teachers. That’s not a positive note to start your tenure. You forget that the Teachers’ Union makes decisions on its own, such... more »
On the day of his inauguration, Governor Christopher Christie inherited a gaping $2 billion hole in the state’s budget and swiftly set about the people’s business in meeting our... more »
Most Active Stories
Latest from Twitter
Mar 20th, 2010 8:14 am
AsburyParkPress Sun to smile on Ocean County St. Patrick's parade http://bit.ly/al9jlc
Mar 20th, 2010 7:55 am
schroedernj Eagle Court of Honor ceremony in Oradell this afternoon. Congratulations to the young men of Troop 36. http://bit.ly/9S8QwP
Mar 20th, 2010 7:29 am
bobingle99 Fond memories of a hero: As a kid you have a lot of heroes and sadly as you get older there are fewer and fewer wh... http://bit.ly/dfeUXA
Mar 20th, 2010 7:21 am
NJNPublicTV Today@9am: Agression & bullying among girls; RFK, Jr.'s defense of the environment, & more on Classroom, Close-up, NJ. http://bit.ly/b5wg70.
Mar 20th, 2010 7:00 am
ACPressNJnews Bill would cut pay, benefits of state board members: Part-time members of state boards, commissions and authorit... http://bit.ly/9QDlc2
Mar 20th, 2010 4:39 am
schroedernj Fought a fire in Park Ridge tonight w/depts from 9 other towns. http://bit.ly/d2JSzH
Mar 19th, 2010 11:21 pm
RickDemichele Pelosi is all about taxing unearned income to fund her Obama Care http://bit.ly/aYuazI
Mar 19th, 2010 10:20 pm
jason_springer Garrett cites fake memo on House floor and gets shredded by Rep. Weiner: HAHAHAHAHAHAHAHAHA!!!!
T... http://tinyurl.com/ybxwato @BlueJersey
Mar 19th, 2010 9:31 pm
Shaftan @VisionMediaMktg It's also backed by all the insurance companies you love to hate, and of course the Trial Lawyers too!
Mar 19th, 2010 8:57 pm
Quote of the Day
Quote of the Day
“She has already chosen the interests of the insurance industry over the health care needs of working people, she took millions from Wall Street as the economy went into a meltdown, and now she wants to purchase a job in Congress at a time when so many have lost their jobs because of the actions of big bankers and others." -- Monmouth County Democrats spokesman Mike Mangan, on Republican Diane Gooch, who is challenging U.S. Rep. Frank Pallone.
- PolitickerNJ.comPoll
What grade would you give Gov. Chris Christie on his address to the Legislature on the state budget?
A
44%
B
7%
C
12%
D
9%
F
27%
Recent Press Releases
Press releases are submitted by PolitickerNJ users, not by staff. They do not represent the viewpoint of PolitickerNJ.com.
Mar 19 2010
Mar 19 2010
Mar 19 2010
Mar 19 2010
POLISTINA INTRODUCES BILL ELIMINATING COMPENSATION FOR MEMBERS OF BOARDS - COMMISSIONS - AUTHORITIES
Mar 19 2010
Mar 19 2010
Mar 19 2010
Mar 18 2010
Bad, Bad, Guy
We can only pray that three things happen:
1. The people of NJ wake up to what an awful human being this man is.
2. The Republicans run someone against him that has the money to make sure that their mesage is heard.
3. Law enforcement puts him where he belongs---
Menendez & Ginarte
They're "bond" runs deeper. Ginarte is a founding father of the fraternity Menendez actively belongs too.
So does anyone think?
Boss Bob's low ratings and coming DSCC train wreck will portend a 2012 primary challenge?
There's not a bank in NJ, or
There's not a bank in NJ, or any state for that matter, that doesnt have a connection to someone, somewhere, somehow. It can't preclude a Senator from seeking help for that bank.
What did Menendez do that was Unlawful?
While I don't like Menendez or his party. Just what did he do that was wrong? It is common for Senators to intervene in matters that would help their constitutents. Am I missing anything?
What Menendez did today that was unlawful
He went to work...for communism and gangs.
Menendez
All Congressmen perform "constituent service." What Menendez did wrong is somewhat subtle. Most, when they approach an agency, will present the constituent's problem and raise the issues he thinks important and ask the agency to review it. What Menendez did was
to push the agency (the Fed) to approve the application. This is a no-no. Remember, this is a US Senator telling an agency whose budget is in his hands to approve a buyout. It's the difference between your boss asking you, the company auditor, to review his secretary's expense report and telling you to approve it.
The second thing he did wrong is to fail to disclose that the "constituents" who would lose money if the bank failed were heavy contributors to his campaign, including a State Senator (Lesniak).
While these actions were not, strictly speaking, illegal, they demonstrate that Menendez is, to be politically correct, ethically challenged. Keep in mind that it was your money Menendez wanted the Fed to spend.