Sep 20, 2010

Bank in Maxine Waters controversy got $12 million bailout

A report at the link below is titled, Bank at center of Waters controversy got $12 million bailout despite reviews.

Maxine Waters (pictured) is a Democrat Congresswoman from California. From the report:

A community bank at the center of an ethics investigation that has ensnared Rep. Maxine Waters (D-Calif.) received a $12 million bailout even though Treasury Department officials knew it had a record of failing to serve its community’s lending needs.

Waters is accused of intervening to help OneUnited secure a meeting with Treasury officials, even though her husband owned stock in the bank and previously served on its board. After a months-long investigation, the House ethics committee charged Waters with three counts of violating House ethics rules.

More here.