Senator Inouye’s Office and Central Pacific Financial?

[youtube=http://www.youtube.com/watch?v=0_EoYpsebgU&hl=en&fs=1&]

…Now, the case of Sen. Daniel Inouye and his office’s inquiry to a federal regulator regarding a Hawaii bank is drawing new attention to the role lawmakers are playing in the government’s decisions on how to divvy up the $700 billion Troubled Asset Relief Program.

Constituent service or undue influence?

In Inouye’s case, the Hawaii Democrat was also one of the founders of the bank, Central Pacific Financial. And while he holds no official position with it, he is a shareholder who has watched the value of his stock in the bank drop precipitously.

According to Inouye’s office, a legislative assistant placed a call last fall to the Federal Deposit Insurance Corp., the bank’s regulator, to ask whether the agency had received the bank’s application for TARP money.

The inquiry by Inouye’s office was first reported Tuesday by The Washington Post.

In a statement, Inouye said his aide simply left a voicemail message with the FDIC and did not speak to anyone at the agency.

“This single phone call was the entire extent of my staff’s contact with regard to Central Pacific Bank, to any outside agency,” Inouye’s statement said.

Inouye’s office said an FDIC official called back days later and left a voicemail message saying the application was still under review…

More here

One Response

  1. I had not seen this on your blog.

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