Rhode Island Depositors Protest Bank Payout Plan

AN estimated 500 depositors rallied outside the Statehouse to criticize the state's latest payout plan from banks and credit unions closed since Jan. 1.During Sunday's protest they also attacked the state Investment Commission's week-old decision to invest $87.7 million in acquiring two out-of-state banks and part of a Florida mortgage lender owned by Old Stone Corporation. "It is ironic that our state is using depositors' tax money to rescue federally insured institutions that aren't even in Rhode Island, yet they fail again to rescue their own people," said Jack Kayrouz, head of the Citizens for Depositors' Rights organization. The rally was the first since Gov. Bruce Sundlun's plan to pay more than $84 million to depositors at four closed banks and credit unions was announced. Payouts at five other closed institutions were postponed until at least Nov. 4. Protesters said they will support nothing short of a plan that pays all depositors fully and immediately. "The banking crisis [highlights] a more sinister crisis - a crisis of government itself," said depositor William Simeone.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK