Sen. Menendez (D-NJ) Symbol of Corruption

In July 2009, Senator Robert Menendez, a Democrat from New Jersey, sent a letter to the Fed asking it to approve the fast acquisition of two banks owned in large part major contributors to the Menendez campaign, according to the Wall Street Journal.  This kind of intervention is considered grossly inappropriate and appears to be [...]

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American Banking System Collapsing; FDIC Insolvent

I’m a bit surprised that people still have more than just operating capital in US banks. Why? Because bank failures are accelerating, and the FDIC is broke. On Friday, seven more banks failed, bringing the 2009 total to 140.  Morever, the FDIC was unable to find banks willing to take over the operations of 3 [...]

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