Dino Rossi has a failing bank problem

[eridani]

State Dems press release--

Eastside Commercial Bank, Which Was Co-Founded By Rossi In 2001, Has Been Slapped By The Federal Government For “Unsafe And Unsound Commercial Real Estate” Lending

According to a new report from POLITICO, Eastside Commercial Bank, the bank which Rossi co-founded in 2001 and boasted about during his two failed runs for governor, is failing and has been slapped by the federal government for its “unsafe and unsound commercial real estate” lending, and has lost over $2 million in capital between in 2009.

http://www.politico.com/blogs/glennthrush/0510/Rossi_linked_to_troubled_commercial_bank.html?showall

Eastside Commercial Bank was hit with a Capital Directive by the Office of the Comptroller of the Currency (OCC) on December 22, 2009, and was given 45 days to raise its capital reserves and to meet federal requirements for capital ratios. As of May 2010, months after its deadline to increase its capital reserves, Eastside Commercial Bank remains under this Capital Directive.

“As ethically tainted politician Dino Rossi continues to weigh a run for Senate, a new report shows that he has a major bank problem on his hands,” said Dwight Pelz, Chair of the Washington State Democratic Party. “Rossi’s bank lost over $2 million in a one year span, has been called ‘unsafe’ and ‘unsound” by the federal government, and remains under a capital directive. After boasting about his bank during his last two failed runs for office, Rossi should explain why his bank is failing, and what that says about his so called business experience.”

In 2001, Dino Rossi helped co-found Eastside Commercial Bank, a bank chartered and regulated primarily by the federal government. Rossi helped provide early critical capital at a time by bringing in two friends and building industry lobbyists to invest in the bank. One of these is still Chairman of the Board. Rossi also benefited from his investment; his stock in Eastside Commercial Bank has been valued at more than $75,000. Rossi cited his role in helping launch Eastside Commercial Bank as part of his case to be governor during his two failed bids in 2004 and 2008.

Dino Rossi is no stranger to controversy. Rossi’s career was launched by a real estate manager who, at the time, was under investigation by the Federal Bureau of Investigations, the U.S. Attorney’s Office and the King County prosecutor for defrauding investors. Yet Rossi still followed the real estate manager to several different firms, later providing contradicting explanations for his actions. As a state Senator, Dino Rossi accepted a $50,000 loan from an investor who is now under investigation by the U.S. Attorney’s Office for masterminding a $100 million Ponzi scheme. While serving as a state Senator, Rossi invested in real estate properties with two prominent Washington state lobbyists. Since leaving government, he began to work at Coast Equity Partners, which recently came under fire for owing at least $20,000 in back taxes on a commercial property holding in Everett.

“It’s clear that Dino Rossi is not too big to fail. He has quite a pattern of failure, and he will fail to defeat Patty Murray if he chooses to run for the Senate,” said Pelz.

[The empressof all]

1. Dino's second only to Eyman for most despicable WA state Republicans

How anyone with half a brain can't see through these Con-men is just beyond my comprehension