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« Stiglitz: The FED's Flood Of Liquidity Is Throwing The World Into Currency Chaos (Ambrose Says $30 Trillion QE2) | Main | SIGTARP Neil Barofsky: "Housing Prices Must Be Allowed To Fall, Extend & Pretend Must Stop" (Awesome Clip) »
Tuesday
Oct052010

SPECIAL TREATMENT: New GAO TARP Audit Shows Geithner Bailed Out 66 'Troubled Banks' Including Maxine Water's Favorite Fraud - OneUnited Bank

Maxine Waters

Maxine Waters

Treasury Department officials sent bailout money to dozens of banks with known financial problems, and a growing number of bailed-out banks are struggling to stay afloat, a new government audit says.

Banks seeking money from the $700 billion financial bailout faced different standards depending on which agency regulated them, according to a report Monday from the Government Accountability Office. Some questionable banks got bailouts by persuading Treasury officials to overlook their problems. Others were blocked by regulators from making a case to Treasury.

Officials approved bailouts for 66 banks with known problems, the GAO found. Those banks have fared worse than the others in the program. They were twice as likely to miss dividend payments they owed to Treasury, the report says.

The report blasts Treasury for failing to track decisions by regulators about which banks could apply for money and which are strong enough to repay. It says the same problems could plague a new program that will send $30 billion to small banks. The new program aims to boost lending by offering banks government money at very low rates.

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Related:

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Now let's examine the case of Rep. Maxine Waters and OneUnited Bank, in which Waters husband was a large investor and board member.

 

Here's the rub -- while you will read below that Waters set up (demanded) the special meeting with Treasury officials on behalf of the entire association of minority owned banks, OneUnited was the only bank at the meeting, essentially destroying her argument that her intervention was not specifically aimed at helping her husband's dying investment.

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Judicial Watch President Tom Fitton said the documents suggest that without the powerful intervention of Frank and Waters, OneUnited would not have received the $12 million bailout.

“And these documents show that this so-called community bank wasn’t actually lending much to the ‘community’ that Frank and Waters were purporting to help,” he said.

The ethics committee did not criticize Frank in its report.

Waters did not comment for this article. She has admitted that she arranged a meeting between Treasury officials and the National Bankers Association (NBA), a trade association that represents 140 minority-owned banks, including OneUnited. But she said she would “never take extraordinary steps” to protect her husband’s investments.

Waters has claimed her only motivation for setting up the Treasury meeting was helping minority banks, an issue on which she has long been active. In the Wall Street reform bill, for example, Waters added several provisions to protect women and minorities.

"Neither my staff nor I engaged in any improper behavior; we did not influence anyone; and we did not gain any benefit," Waters said. "This case is not just about me. This case is about access, about access to those who are not heard by people in power."

Waters has asserted she had no role in OneUnited’s eventual receipt of more than $12 million in TARP funds and she was unaware of any poor credit and lending ratings it had received. She has also said members of Congress depend on regulatory agencies to investigate and ferret out bad practices in financial institutions.

Mikael Moore, Waters’s chief of staff and grandson, said e-mails he exchanged with OneUnited officials in late September cited in the ethics committee’s report do not indicate he was trying to help them secure TARP funds. He said an e-mail he sent to OneUnited contained a publicly available draft of the TARP legislation, not language drafted specifically to help the bank.

Moore pointed to an e-mail he received from Neel Kashkari, who at the time in question was the assistant Treasury secretary in charge of the Office of Financial Stability, which was established to buy troubled financial assets under TARP.

In the e-mail, Kashkari said the Sept. 9, 2008, meeting between OneUnited executives and Treasury officials did not in any way influence his decision to award the bank $12 million in federal funds.

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Lastly, have you seen this clip:

 

 

 

 

 

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Reader Comments (11)

Housing inventories, which typically dip as the summer ends, rose for the ninth straight month in September, indicating that sales remain weak as the downturn drags on.

http://blogs.wsj.com/developments/2010/10/05/housing-inventory-climbs-again-in-september/?source=patrick.net&blog_id=36&post_id=15810#blognav_next
Oct 6, 2010 at 1:24 AM | Registered CommenterDailyBail
Waters set up (demanded) the special meeting with Treasury officials on behalf of the entire association of minority owned banks, OneUnited was the only bank at the meeting, essentially destroying her argument that her intervention was not specifically aimed at helping her husband's dying investment.
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Tsk, tsk. I'm sure a prestigious firm like Goldman Sachs would never find themselves tangled up in a situation like that.

Great story.
Oct 6, 2010 at 1:25 AM | Registered CommenterDr. Pitchfork
Oct. 5 (Bloomberg) -- U.S. home prices may fall again unless the government provides new aid that would enable owners to refinance mortgages, Harvard University economics professor Martin Feldstein said.

http://www.businessweek.com/news/2010-10-05/feldstein-says-home-prices-may-fall-again-without-u-s-aid.html?source=patrick.net#story-body

Fuck Feldstein...it's time to let housing fall to it's natural bottom...more in line with incomes...
Oct 6, 2010 at 1:26 AM | Registered CommenterDailyBail
pitch...the quote about oneunited being the only bank to show up for the meeting is in one of the links...but i'm not sure which one...
Oct 6, 2010 at 1:29 AM | Registered CommenterDailyBail
Government Bails Out Bank CEO After He Expenses Mansion, Jaguar, And Porsche

http://www.businessinsider.com/kevin-cohee-sodomy-cocaine-drugs-corruption-oneunited-2010-8

Make sure to read this one...
Oct 6, 2010 at 1:30 AM | Registered CommenterDailyBail
Waters said she was deploying campaign signs at events throughout the country to defend herself against charges that she improperly intervened to help a failing bank secure a meeting with Treasury officials even though her husband had owned stock in the company and previously served on its board. “These signs will show up wherever large numbers of African-Americans gather,” Waters said.

A campaign aide to the congresswoman said the young men at the Pelosi event were staffers paid for the day. The aide said 40 to 50 yard signs were printed, in addition to 10,000 handouts. The aide said a similar presence would be made at other events between now and when Waters’s trial takes place, but that no formal plans had been made.

“It's important to communicate our message,” the aide said.

The staffers who attended the Pelosi event declined to speak to The Hill, but before leaving, one of the aides identified Waters as his aunt and said they were at the X Prize ceremony to see the cars on display. The Waters campaign aide said no family members were among the staffers sent to the CBC conference. Told that one of the staffers had identified her as his aunt, Waters shrugged and replied: “I’m everybody’s aunt.”

http://thehill.com/homenews/house/119331-aides-working-for-maxine-waters-asked-to-leave-pelosi-event?page=2#comments

And read this one too...it's fucking hilarious...
Oct 6, 2010 at 1:32 AM | Registered CommenterDailyBail
LOL Here's another great moment with Aunt Maxine. Enjoy.
http://www.cbsnews.com/video/watch/?id=6239601n&tag=api
Oct 6, 2010 at 1:43 AM | Registered CommenterDr. Pitchfork
Presidential Seal Falls During Speech...

http://www.youtube.com/watch?v=d2D-MFNKvLM
Oct 6, 2010 at 1:44 AM | Unregistered CommenterZ
Limbaugh: Mr. Obama, Our Imam Child... Is A JackAss

http://www.youtube.com/watch?v=euc4ZimU2i4
Oct 6, 2010 at 1:53 AM | Unregistered CommenterZ
thanks for the maxine waters fix...she is one smart cookie...

and the presidential seal was funny as well...
Oct 6, 2010 at 2:05 AM | Registered CommenterDailyBail
Maxine, Barney, Fannie, Freddie & TARP Hanky-Panky

http://michellemalkin.com/2010/08/03/maxine-barney-fannie-freddie-tarp-hanky-panky/

Should have included this link in the story...it's good.,..
Oct 6, 2010 at 2:15 AM | Registered CommenterDailyBail

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