⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐
The Washington Independent
The Washington Independent

Journal Lambasts Menendez for Trying to Save Bank, Buries Key Facts

Who cares about saving the government money when you can attack a Democratic senator for campaign donations?

Elisa Mueller
News
Last updated: Jul 31, 2020 | Feb 09, 2010

Sen. Robert Menendez (D-N.J.), who chairs the Democratic Senatorial Campaign Committee, is under fire in The Wall Street Journal today for a poorly written letter drafted by a legislative assistant and likely signed by the office auto-pen.

In his letter to the Fed July 21, Mr. Menendez said there was a strong likelihood that First BankAmericano, of Elizabeth, N.J., would fail in three days, which would “send yet another negative message to consumers and investors and further impact our fragile economy.” The one-page letter, obtained by The Wall Street Journal under the Freedom of Information Act, urged Fed Chairman Ben Bernanke to approve a sale of the bank to JJR Bank Holding Co. of Brick, N.J.

The Journal would like you to know that the two of the First BankAmericano executives are “major” Menendez donors: former Chairman Joseph Ginarte and vice chairman Raymond Lesniak, who gave $30,000 to Menendez and his PAC since 1999 and “generously,” respectively. The Journal’s definition of “generously” is, at least when it comes to Democrats, $5,250 since 1990. By way of comparison, Menendez has raised almost $30 million for his campaigns since starting his federal political career in 1989 and $2.5 million for his PAC since starting it in 2000, making Ginarte’s donations less than .1 percent of Menendez’s total contributions in that period, and Lesniak’s even less.

Buried further in the piece than the fact that a New Jersey banker and a New Jersey Democratic politician were donors to one of the state’s Democratic senators is this tidbit, which the editorial staff of the Journal found less important than Menendez’s donors: If the Fed had acted upon Menendez’s request and allowed the sale of First BankAmericano — which it didn’t — both Ginarte and Lesniak would have taken huge financial hits.

Better yet, neither Ginarte nor Lesniak actually contacted Menendez or his office: The letter was written after a request for assistance was received from First BankAmericano’s consulting firm, FinPro Inc. None of the principals of FinPro have ever donated to Menendez, though, so that’s probably not as interesting if you’re trying to paint a senator as beholden to his donors.

Finally, at the very, very bottom of the story, there’s this tiny piece of information that would normally seem pretty important, unless the article is framed around making Menendez look … beholden to his donors.

In a twist, after the bank failed and the Federal Deposit Insurance Corp. auctioned it off, it was bought by a subsidiary of JJR—the same firm to which it would have been sold if the Fed had approved the acquisition. The failure cost the FDIC $15 million.

In other words, had the Fed bothered to act in a timely fashion on a bank sale already approved by the state of New Jersey — which was the reason that FinPro asked Menendez to weigh in — the government would have saved itself $15 million. But the deficit hawks at the Journal are, in this case, less concerned with the Treasury’s balance sheets than with those of Sen. Menendez’s campaign coffers.

Elisa Mueller | Elisa Mueller was born in Kansas City, Missouri, to a mother who taught reading and a father who taught film. As a result, she spent an excessive amount of her childhood reading books and watching movies. She went to the University of Kansas for college, where she earned bachelor's degrees in English and journalism. She moved to New York City and worked for Entertainment Weekly magazine for ten years, visiting film sets all over the world.

Related

EPA Administrator Addresses Concerns About Oil Spill Waste Management

At a hearing of the national oil spill commission today, Environmental Protection Agency Administrator Lisa Jackson addressed concerns about waste disposal from

EPA administrator defends allowing Florida to write its own water pollution rules

The EPA seal (Pic via sentryjournal.com) The Environmental Protection Agency has come under fire for its decision to allow the state of Florida to write its own water pollution rules (known as “numeric nutrient criteria”). EPA Regional Administrator Gwendolyn Keyes Fleming is now firing back, writing that the Agency commends the state Department of Environmental Protection for its draft of a proposed standard. A host of environmental groups filed suit in 2008, seeking to compel the EPA to implement a strict set of water pollution standards in Florida, arguing that the state was in violation of the Clean Water Act.

EPA administrator says federal nutrient criteria is a ‘myth’

In testimony given late last week, EPA Administrator Lisa Jackson said that false accusations about her agency’s numeric nutrient criteria to govern Florida waterways are proving to be a detriment to their implementation. # Testifying before the House Agriculture Committee, Jackson said her agency’s work was often “mischaracterized” and addressed several myths surrounding its work

E-Verify Mandate Begins Today

The Obama administration today begins implementation of a new mandate to require all federal contractors to check the legal status of their employees to confirm

EPA administrator fires back at critics in op-ed

EPA Administrator Lisa Jackson (Pic by USACEpublicaffairs, via Flickr) EPA Administrator Lisa Jackson penned a new op-ed for the Los Angeles Times , criticizing House Republicans desperately seeking to undermine the authority of the agency they have dubbed a “job killer.” Arguing that the environment affects red states and blue states alike, Jackson writes that “it is time for House Republicans to stop politicizing our air and water.” As head of the Environmental Protection Agency, Jackson has faced harsh criticism from House Republicans and GOP presidential candidates who say the agency’s regulations are an undue burden on businesses that have to cut jobs simply to comply with clean water and air rules. Presidential hopeful Michele Bachmann  has pledged to end the EPA if she takes office. “Since the beginning of this year, Republicans in the House have averaged roughly a vote every day the chamber has been in session to undermine the Environmental Protection Agency and our nation’s environmental laws,” writes Jackson.

EPA and California Near Deal on Fuel Efficiency Standards

Two weeks ago, the Obama administration raised fuel efficiency standards by an average of two miles per gallon -- a modest change that disappointed some

EPA announces hold on nutrient standards if Florida can come up with own criteria

The EPA announced today that it is now prepared to withdraw a portion of its proposed numeric nutrient criteria (a set of standards governing water pollution in inland waters) and delay the portion related to estuarine waters, to allow the state Department of Environmental Protection to develop its own criteria. # From a statement released by the EPA earlier today: # EPA recognizes that states have the primary role in establishing and implementing water quality standards for their waters. Therefore, EPA is prepared to withdraw the federal inland standards and delay the estuarine standards if FDEP adopts, and EPA approves, their own protective and scientifically sound numeric standards

EPA biologist says fracking may be partly to blame for West Virginia fish kill

New documents obtained by an environmental news service show that an EPA analyst believes that wastewater from fracking may be partly responsible for a fish kill in a West Virginia river. Scientific American reports : U.S

EPA Chief Overruled Calif. Waiver, Too

The Washington Post reported in March that EPA Administrator Stephen Johnson was overruled by the White House in setting an ozone standard. Now, documents

© Copyright 2022 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com

⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐