Posts Tagged ‘March 12’

Maxine Waters, Democrat, California, Socialist congress member, Mortgage crisis, Fannie Mae, Freddie Mac, Banks, Acorn speech, Socialize oil companies, Wall Street Journal article, March 12, 2009, Waters corruption, Barney Frank

March 13, 2009

Maxine Waters of California is an example of Democrats
entrenched in Congress who have contributed to the
mortgage crisis and economic downturn and if allowed
will turn this country into a socialist state.


From a Wall Street Journal article dated March 12, 2009:
“Waters Helped Bank Whose Stock She Once Owned
California Democrat Has Championed Minority-Owned OneUnited on Capitol Hill and Criticized Its Government Regulators”
“WASHINGTON — When Rep. Barney Frank was looking to aid a Boston-based lender last fall, the Massachusetts Democrat urged Maxine Waters, a colleague on the House Financial Services Committee, to “stay out of it,” he says.

The reason: Ms. Waters, a longtime congresswoman from California, had close ties to the minority-owned institution, OneUnited Bank.

Ms. Waters and her husband have both held financial stakes in the bank. Until recently, her husband was a director. At the same time, Ms. Waters has publicly boosted OneUnited’s executives and criticized its government regulators during congressional hearings. Last fall, she helped secure the bank a meeting with Treasury officials.”
“Such potential conflicts of interest are more serious as the banking system’s crisis has led the government to take an increasingly active role in overseeing financial institutions, including OneUnited. The financial-services committee on which Ms. Waters sits oversees banking issues, and the lawmaker is a potential future chairman.”
“Sheila Krumholz, executive director of the Center for Responsive Politics, a watchdog group, says Ms. Waters should have recused herself from any matters involving the bank. If her support helped OneUnited, “it was a disservice to her constituents,” Ms. Krumholz says.”
“OneUnited’s executives have donated $12,500 to Ms. Waters’s election campaigns.”
“Ms. Waters and her husband, Sidney Williams, were investors in two African-American owned California banks that merged with other lenders in 2002 to form OneUnited. Congressional financial-disclosure forms show Ms. Waters acquired OneUnited stock worth between $250,000 and $500,000 in March 2004, as did Mr. Williams. Mr. Williams joined the board of OneUnited that year.”
“In a brief interview in January, Ms. Waters said she was unaware the bank received $12 million of TARP money, which arrived in December. OneUnited was “just a small” bank, she said.

A provision designed to aid OneUnited was written into the federal bailout legislation by Mr. Frank, who is chairman of the financial-services panel. Mr. Frank has said he inserted the provision to help the only African-American owned bank in his home state. He said in an interview that Ms. Waters’s interest “had zero impact on the outcome because I would have done it anyway.””
Read more:

http://online.wsj.com/article/SB123682571772404053.html

 

Maxine Waters socialist agenda

Maxine Waters Acorn speech

Maxine Waters “No crisis at Freddie Mac and Fannie Mae” comments
in 2004

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