According to the AP - - -
Rep. Maxine Waters, D-Calif., is defended (sic) her role assisting minority-owned banks in the midst of the nation's financial meltdown and dismissed suggestions that she used her influence last year to steer government aid to a bank with ties to her husband.
"I had no influence on what Bush administration officials in the Treasury Department or other departments did," Waters said in a statement Friday.
"I maintain that my advocacy on behalf of ... minority and community banks is appropriate," she said. …
Appropriate? You wouldn’t think that if you read this WSJ investigative story which concluded - - -
… In January, Ms. Waters acknowledged she made a call to the Treasury on OneUnited's behalf. [Her 2008 disclosure forms revealed her husband at the time owned OneUnited shares worth between $250,000 and $500,000. He failed to return call seeking to learn whether he still holds shares in the bank.]
The bank's capital, which was heavily invested in shares of Fannie Mae and Freddie Mac, was all but wiped out with the federal takeover of the two mortgage giants, and the bank was seeking help from regulators.
OneUnited eventually secured bailout funds under the government's $700 billion Troubled Asset Relief Program, which was set up later that month.
In a brief interview in January, Ms. Waters said she was unaware the bank received $12 million of TARP money, which arrived in December. OneUnited was "just a small" bank, she said.
A provision designed to aid OneUnited was written into the federal bailout legislation by Mr. Frank, who is chairman of the financial-services panel. Mr. Frank has said he inserted the provision to help the only African-American owned bank in his home state.
He said in an interview that Ms. Waters's interest "had zero impact on the outcome because I would have done it anyway."
In October, regulators demanded that OneUnited raise fresh capital and name an independent board.
The bank was ordered to stop paying for a Porsche used by one of its executives and its chairman's $6.4 million beachfront home in Pacific Palisades, Calif., a luxury enclave between Malibu and Santa Monica.
The AP’s story, which as posted at HuffPo reads like it came straight from Water’s press office, is here. The detailed WSJ story which cites numerous sources is here.
Neither Rep. Waters nor her husband will tell us of his recent and current financial interests, if any, in OneUnited.
Waters infers people asking questions are motivated by race.
And just a few months after OneUnited is ordered to "stop paying for a Porsche used by one of its executives and its chairman's $6.4 million beachfront home in Pacific Palisades, Calif” Rep. Frank makes sure $12 million in taxpayer money goes to OneUnited.
Folks, the OneUnited story isn’t about race. It’s about political corruption.
Hat tip: BN.
Sunday, March 15, 2009
According to the AP - - -
Posted by JWM at 2:30 PM