Maxine Waters (D-CA) is defending her actions which allowed OneUnited, a Boston based minority bank that her, and her husband have financial ties, to receive federal bailout money when they did not qualify (more here). She had originally arranged a meeting between Treasury Secretary Henry Paulson and the National Bankers Association. A senior counsel member of OneUnited is president of that Association. According to Treasury officials, the focus of the meeting was acquiring help for OneUnited, which was declined. Ms. Waters was not in attendance.
Last month, a provision in Congress’s bailout legislation was included specifically designed to help the ailing bank with a $12 million handout. Waters defended her actions saying, “I have been an outspoken advocate for minority communities and businesses in California and nationally for decades,” she said. “These articles only revealed one thing: I am indeed an advocate for minority banks.”
Barney Frank (D-MA) claims that he included the provision, since it was important to save the only minority-owned bank in his state. He also mentioned a conversation between him and Waters where he told her to “stay out of it”, as her husband had been on the board of OneUnited. While he stepped down last spring, her husband still has between $500,000 and $1,000,000 worth of interest in the bank between stock and other holdings.
OneUnited was found to be poorly run, and is currently under an enforcement agreement with regulators. Its executives had received excessive perks and compensation, including use of a $6 million dollar mansion in Pacific Palisades.
So, my question is, what is Barney Frank receiving in exchange? There is no way Frank is doing this out of the kindness of his heart. A second question is, what is Pelosi doing about this confirmation of the “culture of corruptiton” that is rampant on her watch? A final question is just for CA and MA residents: What the hell were you thinking?
reddotinaredstate
lyndseyfifield
Crush
LoveBeingRight
realblackwidow
re: “What the hell were you thinking?”
Thinking? THINKING??!!
My friend, this is Massachusetts.
We don’t THINK in this state – we just look for the big “D” and remember “Jack” the Good.
I believe you’re on to something. I’ve labeled it the “wipe mentality”, in honor of all the cleaning products that come in a handy-dandy, super convenient, eco-unfriendly, waste enhancing form. Americans have gravitated to the easy way. More than will admit it have forgotten how to think for themselves. If it doesn’t come in an easy to swallow “sound bite”, they don’t know it. It can’t be just me, I’m sure you’ve noticed that ordinary people seem to be getting dumber.