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Friday, March 13, 2009

Rep. Maxine Waters Under Investigation? Has she become just another crook?

Well now we should all know why Maxine Waters was so supportive of the bogus Bail Out plan of former Worst President George W. Bush, as reported by The Los Angeles congresswoman's husband had ties to OneUnited Bank, which received bailout funds. She helped set up a meeting last fall with the bank and Treasury officials.

According to Richard Simon and E. Scott Reckard of The LA Times, Rep. Maxine Waters, one of Los Angeles' most enduring liberal politicians, has come under scrutiny because of bailout funds that went to a bank in which her husband had owned stock and served on the board.Waters was a senior member of the congressional committee dealing with the financial crisis when OneUnited Bank -- one of the nation's largest minority-owned institutions -- received $12 million in bailout funds.

Her husband, Sidney Williams, served on the bank board until early last year and held at least $500,000 in investments in the bank in 2007, the most recent year for which public financial disclosure statements are available.A month before Congress enacted the bailout program, Waters helped set up a meeting between the chief executive of the bank, representatives of other financial institutions and Treasury officials."When a member of the financial services committee calls, you pay special attention," said Jeb Mason, who was a high-ranking Treasury official last fall.

He said that the September meeting was billed as a broad discussion by minority-owned banks of the problems they faced but that it ended up a discussion of one bank's problems. He said he only recently learned of Waters' husband's ties to OneUnited and would have liked to have known about them. He added, however, that the connection didn't influence the department.OneUnited did not receive any federal money at that time, but by mid-December, it had received $12 million in bailout funds.Waters did not respond to requests for comment.

House Financial Services Committee Chairman Barney Frank (D-Mass.) said in an interview Thursday that he advised Waters last fall to "stay out of it" because he knew her husband had served on the bank board.Frank said Waters was concerned about the plight of minority-owned banks, as was he."She acknowledged that 'Sidney had been on the board. I could have a conflict here,' " Frank said. "I said, 'Fine, just stay out of it, I'll deal with it.' "Noting that OneUnited is based in Boston, he said, "I wasn't, as chairman of the banking committee, not going to do all I could to keep the only black-owned bank in my area alive."Frank said he was unaware of any contacts Waters may have had with Treasury.

OneUnited Chief Executive Kevin Cohee and Treasury officials said the bank was scrutinized before it received any bailout money. More HERE

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AAPP: Check out the 1/2 Million dollar investment the Congresswoman wanted to protect. I guess it all politics, and cover yourself in America. Forget about average America, or for that matter average black America.


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