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Outrage of the Week: Bob Menendez: Writing Letters for Big Bank Pals

Press Release

Location: Unknown

Senator Menendez may not enjoy receiving letters inviting him to debate jobs and the economy, but he doesn't mind sending letters, especially when he's doing the bidding for his big bank pals. According to the Wall Street Journal, Senator Menendez wrote a letter to Federal Reserve Chairman Ben Bernanke. The letter from Menendez, called "grotesquely inappropriate" by a nonpartisan bank regulator, urged the Fed to approve the sale of the failing First Bank Americano in 2009.

Despite the bank being ordered by the FDIC in 2007 to cease and desist from operating with inadequate loan policies, violating the Bank Secrecy Act, operating with insufficient asset coverage and operating without an adequate anti-money laundering compliance program, Senator Menendez penned the missive in defense of the Bank and its Chairman and chief Menendez donor Joseph Ginarte. Apparently, $30,000 buys more than a postage stamp in Washington and has earned the Outrage of the Week.

"It's outrageous that Senator Menendez would rather send letters for big bank donor pals than receive a letter inviting him to debate," said Kyrillos Campaign Manager Chapin Fay.

"Perhaps what was not in the envelope offended him. It doesn't take a rocket scientist to see that after taking over $8 million in special interest money, Bob Menendez ain't fighting for the middle class."

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