Maxine, Barney, Fannie, Freddie & TARP Hanky-Panky

August 3, 2010 07:58

Maxine Waters’ OneUnited Bank ethics scandal includes Barney Frank, Treasury, Fannie and Freddie in $ 12,500,00 of taxpayer funds diverted to a corrupt bank to cover losses by Maxine Waters and her husband. Someone should go to jail.

Michelle Makin

Last night, the House Ethics Committee filed three charges against her related to those shady dealings — specifically, her role in arranging a special meeting between then-Treasury Secretary Hank Paulson (known on this blog as the lying, Naked Emperor) and her pals at the black-owned, deeply indebted OneUnited Bank.

In a nutshell: The minority depository institution was seeking a backdoor government rescue from its reckless decision to squander nearly $52 million of its bank capital on Fannie Mae and Freddie Mac preferred stock. After the federal bailout of Fannie/Freddie, OneUnited’s stock in the government-sponsored enterprises plunged to a value estimated at less than $5 million. Only through Rep. Waters’ intervention was OneUnited Bank able to secure an emergency meeting with Paulson and Treasury. They did so under the guise of representing the “National Bankers Association.” But records obtained by congressional investigators showed that OneUnited Bank’s legal counsel, vice president and president (the latter two are married to each other) spearheaded the meeting, its agenda, and drafted the talking points/briefing material for Rep. Waters.


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