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This should be a doozy. Stay tuned for updates.

It begins at 10am Eastern. You can watch live on CSPAN here.

Latest Mad Maxine Waters scandal coverage: LATimes looks at Waters’ grandson and chief of staff, Mikael Moore, and at the sordid record of OneUnited bank and its chairman, Kevin Cohee.

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10:04am Eastern. Still waiting for Mad Maxine’s arrival. Staffer tells press that she will be presenting a Powerpoint slide presentation.

Maybe someone could slip this into the slide show, via Hyscience:

10:29am Eastern. Waters playing up the “increasing minority access” card that she emphasized on Al Sharpton’s radio show.

Waters: “No one should question my devotion to public service.”

Flashback from my column last week:

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.

Back at the press conference, Waters takes a break to admonish photographers for hurting her eyes, then introduces grandson Mikael Moore to present slideshow.

Moore’s closing refrain: “No benefit. No improper action. No failure to disclose. No case.”

Waters goes back to defending creation of Office of Minority and Women Inclusion carveouts and color-coded preferences in financial reform bill.

11:07am Waters: “I won’t cut a deal.”

Waters attacks ethics panel workings, suggests office shouldn’t be allowed to issue findings before an election.

Reporter questions Waters’ timeline on discussions with Barney Frank. Waters stumbles, says her staff is still looking into it and says maybe Frank’s office will help her out.

Reporter asks Waters if her husband still owns OneUnited shares. “Yes, no one wants to buy them.”

11:26am Eastern. Reporter hones in on question of why no other member banks of National Banking Association except for OneUnited met with Treasury. Waters plays dumb. “I don’t quite get it.” Other trade associations don’t always bring many members with them, she says. Per above, House ethics panel statement points out that the exclusive representation of OneUnited raised questions. And the House Ethics panel statement of violations also noted that Paulson’s office was concerned that attendance at meeting was so limited.

And finally: It’s all George W. Bush’s fault, of course.

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Previous:

August 9 – Summer of Corruption: Maxine Waters’ zombie deadbeat bank; Update: House Ethics panel releases charges

August 4- Mad Maxine’s minority fat-cat bankers

August 3- Maxine, Barney, Fannie, Freddie & TARP Hanky-Panky

July 31 – Summer of Corruption: Maxine Waters/OneUnited Bank refresher course

April 2 – Pots, kettles, Maxine Waters, and a reminder about Democrats egging on Code Pink; Updated: “Riot is the voice of the unheard”

December 3, 2009 – Congressional Black Caucus pushes bailout for Air America/Sharpton/Jackson crony

October 30, 2009 – Culture of corruption: Democrats Maxine Waters and Laura Richardson under investigation

October 7, 2009 – Maxine Waters: “Many members” are as sleazy as my friend Charlie Rangel; Update: House Dems move to quash Remove Rangel resolution, 243-156

March 13, 2009 – Congresswoman Bank of OneUnited responds

March 13, 2009 – Culture of corruption: Banking hypocrite Maxine Waters

March 12, 2009 – Culture of corruption alert: The Bank of Maxine Waters

September 27, 2009 – Diversity racketeers want their piece of bailout pie