Related: Frank Fiddled With Bailout Funds (And Other Frauds)
AIG: Insults and Arrogance
"Lawmaker had financial ties to bank she helped" by Eric Lipton and Jim Rutenberg, New York Times | March 13, 2009
WASHINGTON - Top banking regulators were taken aback last year when a California congresswoman helped set up a meeting in which the chief executive of a bank with financial ties to her family asked them for up to $50 million in special bailout funds, Treasury officials said.
Maxine Waters, a California Democrat, requested the September meeting on behalf of executives at OneUnited, one of the nation's largest black-owned banks. Waters's husband, Sidney Williams, had served on the bank's board until early last year and has owned at least $250,000 of its stock.
None of them are any good. Here we have this great black liberal on the take just like the rest of them. Politics is all shit-show fooleys for the American people. Bailouts get kicked back as campaign contributions for rigged elections and lavish lifestyles, and the taxpayer takes a kick in the ass.
Treasury officials said the session was intended to allow minority-owned banks and their trade association to discuss the losses they had incurred from the federal takeover of Fannie Mae and Freddie Mac. But Kevin Cohee, OneUnited's chief executive, instead seized the opportunity to plead for special assistance for his bank, officials said.
Waters declined to comment on the meeting, or to say whether her husband still owned shares of OneUnited, which is based in Boston but does much of its business on the West Coast. Her staff released two letters that showed the meeting was initially called to discuss broad industry concerns.
Waters, a member of the House Financial Services Committee, did not disclose her ties to OneUnited to Treasury officials, who said they learned of them only later. Although OneUnited did not get the $50 million it requested, it was among the first minority-owned banks to receive a cash infusion - $12 million - in December through the Treasury's Troubled Asset Relief Program.
The aid surprised some bank analysts because OneUnited was then considered to be in precarious shape. In addition, it had been criticized by regulators in 2007 for failing to lend enough money to lower-income residents in Miami.
Oh, that's sweet, isn't it? The BLACK-OWNED BANK did NOT LOAN to BLACKS?!!! I've said it before: AmeriKa about CLASS -- which is why the papers insult the peons and pushe very divisive wedge issue they can use.
And the Federal Deposit Insurance Corp. admonished the institution in October 2008 for, among other things, providing Cohee with a Porsche and a $6.4 million beachfront compound.
That's what YOUR TAXPAYER-FUNDED BAILOUT WENT FOR because they sure didn't loan it back to you or pay off mortgages.
At the meeting were representatives from the offices of Representative Barney Frank and Senator John Kerry, both Democrats from Massachusetts, along with Waters's chief of staff.
Worried about their own shit asses, are they?
Treasury officials said the aid was appropriate, noting that OneUnited had met its requirement before receiving federal funds. Cohee said he resented any suggestion Waters helped him get the money simply because her husband was on its board.
These guys are incredible! They EXUDE ARROGANCE! It must be in their nature! No wonder banks smell like shit!
"Ms. Waters is an important advocate for minorities and minority issues and an indispensable part of Los Angeles communities," he said. "But we derived no benefit whatsoever from any activity related to her. And she did not really do anything. There is nothing that she did that impacted the process."
Yeah, an inportant advocate -- unless you want to get a loan!! Seems to me she's an advocate for feathering her own nest just like all the rest!
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And, picking up on this one more time (before it fades away):
A top executive of OneUnited Bank of Boston "improperly" used the auspices of a minority banking association to secure a meeting last September with the US Treasury, at which the bank reportedly sought $50 million in aid for itself, the group's president said yesterday.
Robert Cooper, senior counsel of OneUnited, requested the meeting in a letter written on stationery of the National Bankers Association and directed to then-Treasury Secretary Henry Paulson. Cooper was the chairman-elect of the group at the time, and said in the letter he was writing "on behalf" of the association to discuss help for minority-owned banks whose investments in Fannie Mae and Freddie Mac were nearly wiped out when the government took over the ailing institutions just days before.
You know, whereTF is YOUR BAILOUT, homeowners and taxpayers?
But the Sept. 9 meeting with top Treasury officials instead became a venue where Cooper's boss, OneUnited chief executive Kevin Cohee, requested up to $50 million to cover the bank's own losses in Freddie and Fannie, The New York Times reported yesterday. The Times quoted several of the former Bush administration's Treasury officials who attended the meeting as being disturbed by Cohee's request for OneUnited aid....
Anyone covering your losses, Amurkn?
The losses set off a chain of events at OneUnited: The bank's capital levels were below those required by regulators, and the Federal Deposit Insurance Corp. and state regulators in late October issued a cease-and-desist order requiring it to improve its finances.
The regulators also found that OneUnited had failed to provide adequate supervision and gave senior executives "excessive compensation, fees and benefits." It was directed to get rid of a Porsche SUV and an oceanfront home in Santa Monica, Calif., the bank paid for Cohee to use.
Looting to the highest degree!
Just after the FDIC order in late October, Congress adopted a favorable tax measure for banks hurt by the government takeover of Freddie and Fannie....
It just gets more absurd by the minute!
In December, OneUnited received $12 million in taxpayer funds under the Treasury's extraordinary program to take stakes in US banks to stimulate lending, one of hundreds of institutions to do so.
I'm tired of that endless lie, aren't you?
U.S. Banks Driving Credit Crunch ON PURPOSE!!
Bush Administration Created Credit Crunch Crisis
Banks Cut Off CreditUS Representative Barney Frank, chairman of the House Committee on Financial Services, has acknowledged he asked Treasury officials to consider adding OneUnited to the list of banks receiving the government aid.
Yeah, what a scum-shit ol' Barn turned out to be!
The Sept. 9 meeting with Treasury officials was noteworthy for another reason: The New York Times reported it was requested by Los Angeles Congresswoman Maxine Waters, whose husband was a former board member and stockholder of OneUnited.
Though based in Boston, OneUnited under Cohee does much of its lending in the Los Angeles area, where it had acquired two minority-owned banks. In a statement yesterday, Waters said she helped arrange the Treasury meeting on behalf of the National Bankers Association, at the request of Cooper....
OneUnited has previously stirred the pot within the minority banking community. In 2000, Cohee launched a hostile - and eventually unsuccessful - bid to take over New York's largest black-owned lender, Carver Bancorp, a rare event in the closely-knit world of minority bankers.
Stabbing your brothers and sisters in the back, 'eh?
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