Bergen Democrats Not to be Out done: Money, power and 3 bad loans for top Bergen County Democrats
Saturday, May 11, 2013 Last updated: Sunday May 12, 2013, 11:36 AM
BY JEAN RIMBACH
STAFF WRITER
The Record
At a time when the local Democratic Party dominated county government, its longtime leader, Joseph Ferriero, received a highly favorable $350,000 loan from a bank owned by one of the county’s most politically active developers — a loan he obtained without having to put up collateral and that he defaulted on after being indicted on corruption charges.
The loan was one of three made to party leaders by Edgewater’s Mariner’s Bank that were unsecured by property or other assets during a period in which the bank and its owner did business on a number of fronts with the county and the Democrats.
The two other Democrats — Dennis J. Oury, the party’s former legal counsel, and former Dumont Mayor Matthew McHale, the party’s onetime executive director — also defaulted on their loans of $25,000 and $15,000, respectively, according to court papers filed by the bank, which has faced losses in recent years and has drawn the attention of government regulators. Last year, the bank signed agreements with state and federal agencies requiring sweeping changes designed to strengthen oversight by its board and resolve problem loans.
Among the three Democrats, the bank’s relationship with Ferriero stood out in particular, not just for the size and terms of his loan, but for a benefit the former county leader received while he was under indictment and was hard-pressed to find work as a lawyer: Mariner’s hired him to represent it in collection proceedings against other delinquent borrowers.
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Breaking News … Weiner involved in another sexting scandal… what a loser.
The Bergen Democrats also have a member who attends fundraisers for the republican governor’s reelection campaign.