Democratic Senator Daniel Inouye of Hawaii owns shares of Central Pacific bank worth between $350,000 and $700,000 which is about two thirds of his reported assets. The bank was in trouble and had applied for government assistance. The bank was not a likely candidate for assistance.
Inouye had an aide make a phone call to inquire about the bank’s application and bam, it is now set to receive $135 million dollars.
It is not uncommon for politicians to try to help the banks in their states. Even though there are rules they routinely break them or make exceptions in order to assist banks from their states. Hell, it isn’t their money.
It is also true that even if Inouye asked for the application to be approved that he did not break ethics laws the Senate establishes for itself. Of course, the rules they have are designed to allow them to be unethical.
But the fact that he has money invested in the bank gives the appearance that he used his political position and influence in order to personally benefit from an action that would not be available to the average citizen. Even if he only inquired, the fact that he personally benefits from the action is suspect.
It gives the appearance of impropriety and appearance is often the truth.
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