Maxine Waters Triggers FDIC Probe – Barney Frank involved

October 4, 2010 05:21

An ethics investigation into Rep. Maxine Waters (D.-Calif.) has found that “connections to prominent people” were a consideration in giving millions of TARP dollars to an unqualified failing bank in which her husband was heavily invested.

by Audrey Hudson at Human Events


Now Rep. Darrell Issa (R.-Calif.), ranking member of the House Committee on Oversight and Government Reform, is investigating the Federal Deposit Insurance Corporation (FDIC) saying that this and other questionable practices “raises concerns that the FDIC may be making decisions based on factors other than protecting the best interests of taxpayers and depositors.”

Although Waters maintains she did not pull any strings or write legislation that ultimately allowed the financially strapped bank to claim $12 million in federal funds, documents show a clear link to Waters and Rep. Barney Frank who quietly inserted language into the TARP bill specifically designed for OneUnited.

“Factors such as ‘public relations’ and the friends of particular bank may have in Washington should play no role in the FDIC’s decisions with respect to any institution it regulates,” Issa said.

“According to the WSJ (Wall Street Journal) Barney Frank told them that he specifically put section 103-6 in the bill in order to help this particular bank,” McLaughlin wrote.

“These emails suggest that without the corrupt intervention of Barney Frank and Maxine Waters, OneUnited would not have gotten a $12 million taxpayer bailout,” said Tom Fitton, Judicial Watch president.


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