Sen. Menendez Tried to Save Bank of Political Contributors

Dem Senator Robert Menendez of NJ wrote a letter to Ben Bernanke last year in an attempt to save JJR Bank Holding Co., whose Chairman and Vice Chairman were both huge political contributors to the senator. Of course, he neglected to mention this fact in his letter. From the WSJ:

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."

While lawmakers routinely forward requests from constituents to government agencies, it is rare for them to make specific requests along the lines of this letter asking specific actions, bank attorneys and congressional aides said. One reason is to avoid any appearance of trying to influence the regulatory process for political ends.