Money, power and 3 bad loans for top Bergen County Democrats
Saturday May 11, 2013, 11:32 PM
BY JEAN RIMBACH
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.
Fred Daibes, founder and majority shareholder of Mariner’s Bank of Edgewater, said he made it a practice to stay away from decisions regarding loan approvals.
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.