Investigations: Breaking the Bank

Breaking the Bank

It was bad 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 was in...

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