Word: sundlun
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...enough when some 300,000 Rhode Island bank customers discovered last Jan. 1 that they were cut off from their money. Democratic Governor Bruce Sundlun had closed down 45 banks and credit unions following the collapse of the Rhode Island Share and Deposit Indemnity Corporation, which backed up deposits. Eight months later, legions of penny-pressed retirees and other average customers are still unable to get at some $1.2 billion in deposits. But what proved to be too much was the disclosure last week that 14 businessmen, government officials and bank executives, acting on inside information that RISDIC...
...depositor," said the chairman of a state commission investigating the disaster. If the 14 do not return the money, the panel recommended court action against them. The revelations are only likely to fuel the fury of Rhode Island's put-upon depositors. A local consumer activist is calling for Sundlun's resignation if all frozen funds are not defrosted by Dec. 31, the anniversary of RISDIC's fall...
Guards posted outside dozens of shuttered financial offices in Rhode Island last week were ominous portents for the troubled U.S. banking industry. Only ) hours after he was sworn in on New Year's Day, Governor Bruce Sundlun shut down 45 banks and credit unions to prevent a run on deposits in the wake of the collapse of the private firm that insured them. While such private insurance has become a rarity, the closings aggravated the growing anxiety about the health of the entire financial system, as the U.S., already reeling from the savings and loan debacle, sinks into...
...state's banks and credit unions closed their doors. "I've had all my money in here since 1967," said a tearful depositor who found herself locked out of her credit union. "It's $10,000. It's my life's savings. And now I might lose it all." Sundlun shut the institutions after their private insurer, the Rhode Island Share & Deposit Indemnity Corp., was sapped by the failure of a Providence bank whose president vanished in November with $13 million in funds. While 22 credit unions were scheduled to reopen this week under federal deposit insurance, Sundlun pledged...
Democrat David Walters grabbed the open Republican governorship in Oklahoma. Bruce Sundlun wrested the governorship from Republicans in hard-times Rhode Island, outing Edward DiPrete. Former Gov. Bruce King's successful comeback returned New Mexico to the Democratic column, and Joan Finney outsted GOP Gov. nike Hayden in Kansas...