When ethics charges were brought up against California Rep Maxine Waters in 2010 she responded with cries of racism and unfair practices from the committee’s lawyers that violated her rights. The truth was the ONLY thing unfair was that Ms. Waters may have helped her husbands bank receive TARP money even though it was undeserving.
Waters is accused of helping an unsound bank (OneUnited) receive government aid to help her husband who was an officer and stock-owner of the bank.
OneUnited was financially reeling from the federal government’s takeover of Fannie Mae and Freddie Mac, both of which had their shares wiped out by the government action. OneUnited owned substantial shares in the two mortgage giants, Frank said….
..But OneUnited was also facing regulatory scrutiny last fall from other government agencies, which later slapped a cease-and-desist order on OneUnited due to “unsafe and unsound banking practices.”
Regulators also complained of “excessive” executive pay at OneUnited – including a Porsche for use by CEO Kevin Cohee….
The evidence against Ms Waters includes series of emails from Waters’ Chief of Staff, Mikael Moore and members of the House Financial Services Committee:
The e-mails show that Mr. Moore was actively engaged in discussing with committee members details of a bank bailout bill apparently after Ms. Waters agreed to refrain from advocating on the bank’s behalf. The bailout bill had provisions that ultimately benefited OneUnited, a minority-owned bank in which her husband, Sidney Williams, owned about $350,000 in shares.
Read more at The Lid