Sen. Daniel K. Inouye's
staff contacted federal regulators last fall to ask about the bailout
application of an ailing Hawaii bank that he had helped to establish
and where he has invested the bulk of his personal wealth.
The bank, Central Pacific Financial, was an unlikely candidate for a
program designed by the Treasury Department to bolster healthy banks.
The firm's losses were depleting its capital reserves. Its primary
regulator, the Federal Deposit Insurance Corp., already had decided
that it didn't meet the criteria for receiving a favorable
recommendation and had forwarded the applica
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