Mad Maxine’s minority fat-cat bankers
My column today hits again on Maxine Waters’ brewing ethics scandal. Her supporters are ratcheting up the victim-card rhetoric. She appeared on the race-hustling Reverend Al Sharpton’s radio show yesterday to stoke the fires and re-cast the ethics probe as an attempt to squelch advocacy on behalf of all black businesses. Another guest bemoaned the House Ethics panel’s “racial profiling” of Congressional Black Caucus members. Even liberal WaPo columnist Ruth Marcus is tired of the House “culture of entitlement.” And the culture of corruption.
More on the case from Politico here.
In related minority bank bailout news, here’s a follow-up on the Shorebank bailout (background here). Yesterday, Chicago Breaking News reported on the bank’s deepening financial hole: “ShoreBank’s capital deficiency worsened in the second quarter, according to newly submitted financial results to regulators, and the Chicago-based lender now needs to raise at least $190 million just to meet targets set out in March by state and U.S. banking regulators. The South Side bank has arranged a capital infusion of about $150 million from Wall Street investment firms, big banks, insurance companies and philanthropic groups. It’s hoping that private investment will then make it eligible for about $75 million in bailout funds from the U.S. Treasury Department…About a quarter of its loans continue to be seriously delinquent. ShoreBank declined to comment.”
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Mad Maxine’s minority fat-cat bankers
by Michelle Malkin
Creators Syndicate
Copyright 2010
Democrat Rep. Maxine Waters of California is notorious for her high-decibel rants against corporate executives and career exploitation of identity politics. Class warfare and racial division are her two-decade-long stock and trade. She would normally be first in line (and in front of the cameras) to lambaste the very kind of Porsche-driving, luxury beach house-partying bank officials who begged her for a government handout. If they were white, that is.
But the minority fat cats who lobbied her during the fall 2008 financial meltdown represented the black-owned OneUnited Bank. They were her longtime friends, donors, and fund-raisers. Her husband was an investor in one of the banks that merged into One United. He later served on the company’s board of directors. Both Woman of the People Waters and her hubby have owned six-figure sums of OneUnited stock at various times over the last six years. Mr. Waters remained a OneUnited stockholder at the time Waters went to bat for the company. However, that indelible conflict-of-interest odor didn’t stop Waters from intervening to arrange a high-powered meeting between OneUnited and then-Treasury Secretary Hank Paulson and 20 of his minions, who engineered a special federal rescue of the teetering company behind closed doors.
The taxpayer price tag of this textbook case of cronyism of color? $12 million in TARP bank bailout cash.
On Monday night, the House Ethics Committee filed three charges against Waters for using her influence to gain special favors for a woefully mismanaged financial institution run by politically correct suits living high on the hog. In a nutshell: OneUnited, a “minority depository institution,” was seeking a stealth government bailout after squandering nearly $52 million of its bank capital on Fannie Mae and Freddie Mac preferred stock. After the federal bailout of those troubled financial behemoths, OneUnited’s securities in the government-sponsored enterprises plunged to a value estimated at less than $5 million. OneUnited initially demanded $41 million from the feds in exchange for unloading the junk stock. Truth be told, the bank was already in dire straits before the feds put Fannie/Freddie into receivership. Regulators criticized its unsound lending practices and lavish executive benefits (including fancy sports cars and a $6.4 million Santa Monica, Calif., beach house).
Only through Rep. Waters’ direct intervention was OneUnited Bank able to secure an emergency meeting with Paulson and Treasury, according to the ethics probe. The Treasury Department said so itself. At the confab, Waters’ pals purported to represent the 130-member “National Bankers Association.” But records obtained by congressional investigators show that OneUnited Bank’s legal counsel, vice president and president (the latter two are married to each other) spearheaded the meeting, directed its agenda, and drafted the talking points/briefing material for Rep. Waters at her request — so that she could “speak intelligently” about their demands.
On the Reverend Al Sharpton’s national radio show on Tuesday afternoon, Waters played the persecuted champion of Urban America to perfection. She claimed the meeting was arranged on behalf of all black banks in the country. Sympathizers are now framing the matter as a threat to “advocacy for black businesses” and whispering loudly about a “racial profiling” campaign against Waters, her embattled colleague Rep. Charlie Rangel, and other ethically-challenged members of the Congressional Black Caucus. But congressional investigators concluded that “OneUnited’s exclusive representation at the meeting” was the “cause for concern,” not Waters’ noble-sounding social justice agenda. Stonewalling by OneUnited top officials Robert Cooper and Kevin Cohee exacerbated the Office of Congressional Ethics’ concern. As did fellow Democrat Rep. Barney Frank’s ignored warning to Waters to “stay out of” the matter.
In her defense, Rep. Waters pooh-poohs the OneUnited Bank rescue as a pittance compared to the rest of the monstrous TARP bailout. She’d have a teensy more credibility on the fiscal responsibility front if she had opposed TARP from the start, instead of playing an instrumental role in throwing the Congressional Black Caucus’s full support behind it.
As is usually the case in Washington, these alleged violations dwarf the wheeling and dealing Rep. Waters has continued to broker as an entrenched incumbent and senior member of the House Financial Services Committee. The so-called financial “reform” bill law she helped shepherd is stuffed with color-coded-based mandates and favoritism. From “We Shall Overcome” to “Get Mine:” Ah, racial progress.
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Categories: Corruption,Race Hustlers,Subprime crisis
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One time someone down here said you would rather be a minority one day because of the government favoritism. That day is here.
Here’s a minority story from NC. All death row inmates are allowed to appeal their sentencing decision because of the possibility of racism in their sentencing.
These guys are convicted murderers and they are using our system as ‘victims’. I’m not for the death penalty, but your sentence is for the crime, not your skin color. If you didn’t murder anyone, you wouldn’t be in trouble.
Race relations and minority special treatment is going to be detrimental to this country.
CA is a community property state…as such Ms. Waters is a joint owner of any stock! As such she has a direct conflict of interest in even suggesting letting alone arranging any meetings!
I find this very delicious – remember her remarks on hearing of Newts’s troubles? You reap what you sew lady (and I use that term loosely). I only wish you could be frog marched out. I know that is dreaming but, it sure is a good one!
Poor Maxine, she’s just getting her thug-thizzle on and the MAN is getting down on her. People like Maxine are DESTROYING THE CRED of all black people. She is a disgrace to her race. Her “closed-door” deal to pad her and her friend’s pockets with taxpayer bailout money is another example of this administration’s “closed-door” racketeering deals. Maybe we should pass a law requiring all doors and locks be removed from all legislative and executive government branch offices and let the “sun shine in”.
Maxine is a black, racist, corruptocrat. There, I said it.
And I still pray for her and every leader we have. God knows they need Savior.
2 Chronicles 7:13-15 (New International Version)
13 “When I shut up the heavens so that there is no rain, or command locusts to devour the land or send a plague among my people, 14 if my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 15 Now my eyes will be open and my ears attentive to the prayers offered in this place.”
Keep shining that sunlight, Michelle!
The government cockroaches can’t stand it!
Let’s repeat it, again and again. I hope those in power will do the right thing and force this crook to resign. Of course, she’s put away enough of her illegally gotten gains to never have to worry about her future but at least she would be gone from public life. Idiot.
The scandals are bubbling to the surface like the oil spill. I expect this to continue. There is more to come. Other have to be just as corrupt or they would have been whistle blowers. The silence from DC demonstrates how deep the conspiracy to maintains the status quo is. Corruption is self-inflicted. Most people would not have been able to stand the stench to work with these politicians under any circumstances.
I suspect this crap will only be brought to a halt when it starts to interfere with the rising power of the coming hispanic majorities. Only so much boodle to go around you know.
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Corruptocrat Maxine Waters supports redistribution of (other peoples!) wealth. It’s time for a litte “equal” opportunity for this socialist / marxist crook. What goes around should come around.
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IRS should do a full audit on her, her hubby, and their bank. And then “redistribute” the boodle back to the U.S. Treasury.
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And then DOJ should find her a nice place for this anti-American crook to live in the style she deserves. Right next to “cold cash” Jefferson of Louisiana.
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Yes–I’m dreaming now thinking of the Comrade Obama (PBUH) DOJ’s Holder doing anything. But the dream may come true in November 2012.
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REMEMBER IN NOVEMBER–and put Maxine on the list for the new Congress and DOJ to investigate. The statute of limitations will not have run out yet.
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John Bibb
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The opportunity in this episode lies in the effectiveness of Waters/Rangel in exposing exactly how corrupt Congress is which should lead to an energetic and sustainable “throw them all out” movement. Let’s get it all out now.
I doubt that there are many pols in DC who are happy these two decided to fight instead of settle. Neither were going to be ousted or face fines or jail time for what is clearly criminal activity and still they didn’t settle. They’ve got a tiger by the tail and they know it.
Truth be told, Ms. Waters should be be celebrating the realization of a dream. She is being judged, not by the color of her skin but by the content of her character.
So, sympathizers are saying black businesses need corruption to survive ?
Hmmm… I did not realize blacks needed to commit crimes to stay in business. Thanks for the tip, Ms. Waters.
Silly me, I thought it was unethical if not criminal, to own stock in a company you regulate. Thanks for the explanation Maxi …
Sympathy for the corrupt is not needed unless those sympathizers want to go down with the ship. These race pimps haven’t done good things for black businesses, unless paying “protection” money counts. The Black Caucus has only advanced themselves. They have gamed and pillaged the system. It’s time for the corrupt to have the privilege of having a rent controlled jailed cell, wardrobe included.
That right there scares me to death – fox running the hen house. Geeeeeeeee, wonder why this country is “owned” by China. Sure hope we can get our Republic back before China calls the note…
This article is not racist and it’s Obama’s fault.
(FNC are you there?)
Congressional cr@p like this has the nerve to demonize wall street and bankers when they are part of the whole mess. How dare they try to explain their way out of the mess they created. The only option they have is to fess up and get out of town. They need to go home a live in the mess that they created for the rest of us. They can not be allowed to escape being subject to the laws and conditions they created for the rest of the country.
Let’s talk about racism. I know it’s out of the realm of possibility, but wouldn’t it be nice if some “concerned” elected official offered a bill in Congress which outlawed the use of “racisim” as a political tool to marginalize any opponent, or for any other purpose?
1) The use of race, or any inference of racism as an argument by any elected official will result in mandatory expulsion from the body of Congress, and a revocation of pension shall be enforced.
2) Any staff member who suggests “racism” as the reason for dissent, is immediately fired, and banned from working for any federal government entity for life…and the Congressperson who employed them also gets expulsed, and has their pension revoked.
3) The expulsed member of Congress shall be replaced by a member of the opposite party from his or her State body until the next election. Special elections are prohibited for this replacement.
Do you think that would be enough to keep either party’s big-mouths from tossing out those kinds of accusations? I mean, if you want to dissuade a behavior, or criminal act, you MUST make it extremely painful, or it won’t work, right?
It’s hell to be judged on the content of your chracter isn’t it Maxine?
Which goes to prove that for Democrats, the sense of entitlement outweighs the other five senses – including common sense!
Problem is, they don’t. They stay in DC and get lobbyist jobs.
Saddest part is, muckrakers in the Liberal MSM like Andrea Mitchell and the other DNC puppets at MSNBC eat it up and proffer it on to the public, in order to create doubt about the charges and raise the spectre of racism in the backs of voters’ minds.
It isn’t just race that keeps some pols in safe districts but also a dishonest, profiteering media.
Vote Maxine Waters out of office!!!
Bruce Brown is the Republican candidate who is running against Maxine Waters.
Learn more about Bruce Brown at his campaign website:
http://www.bbrownforcongress.com/
txvet2,
Maybe lobbyists should be scared too.
On August 4th, 2010 at 12:45 pm, Flyoverman said:
+1!
Hopefully this is the tip of an iceberg thing. If so we may see some actual discipline and it may be quick. The longer it goes on the more likely it is we’ll see more and more of the iceberg.
Dodd and Frank simply can not be 100% clean. Just can’t be.
All right, all right that’s enough that’s enough.
As a professional engineer, I want to complain about the now frequent use of the verb, “to engineer” by newswriters and journalists in reference to deal making, behind the scenes discussions, all to effect some sort of social outcome….particularly when the proper verb should be, “to conspire”.
I’ve had it.
I’m now starting to use the new verb, “to journal”.
As in, I feel like starting an untruthful rumor on the internet, I think I’ll journal something up….
Maxine is what a black racist looks like except when caught stealing from the company they work for and start murdering as many “white folks” as they can but still claim it was the victims who were racists. “Yo, there was a noose drawn on the mirror in the bafroom!” This turned out to be a lie or a cobweb but it still pushed a black man, “over the edge.” Maxine has been over the edge for more than 20 years, working hard to convince “black folk” that “white devils” are keeping them down. So make sure there are no cobwebs in the bathrooms “folks.” Now how do we get rid of the cobwebs inside Maxine and Pelosi’s heads?