Maxine Waters: Swamp Queen

Whatever happened to the Mad Maxine Waters ethics trial? Today’s column answers the question.
Meanwhile, the minority-owned bank Waters lobbied for — OneUnited — is now under scrutiny from the Treasury Department for skipping TARP aid repayments. Mm, mm, mm. Heckuva job, Congresswoman Bank on OneUnited.
Maxine Waters: Swamp Queen
by Michelle Malkin
Creators Syndicate
Copyright 2011
Confirmed: “Drain the swamp” is Washington-speak for “Let it fester.” While House ethics watchdogs dither, it’s shady business as usual for ethics scandal-plagued Democratic Rep. Maxine Waters.
Last summer, the House Ethics Committee charged the entrenched California congresswoman with three violations related to her wheeling and dealing on behalf of minority-owned OneUnited Bank in Los Angeles. The panel accused Waters of bringing discredit to the House for using her influence to seek and secure taxpayer-subsidized special favors for the failing financial institution.
Eight months have passed since the House ethics panel charged Waters. But to date, there has been no action. No trial. No consequences.
Instead, Waters is busy ginning up opposition to GOP budget and entitlement reform, introducing new regulatory crackdowns on the financial industry, and waltzing into political rallies as Aretha Franklin’s “Respect” blares from the loudspeaker. The Swamp Queen has been playing her well-worn race card, stoking class warfare in the “community” and playing populist guardian of the “children, the poor, the disabled and the elderly.”
Mad Maxine may have her “community” duped. But this corporate welfare fixer is just another corruptocrat of a different stripe.
To re-cap: OneUnited Bank received $12 million in federal TARP bailout money after Waters’ office personally intervened and lobbied the Treasury Department in 2008. The minority depository institution was seeking a backdoor government rescue from its reckless decision to squander nearly $52 million of its bank capital on Fannie Mae and Freddie Mac preferred stock. Lavish spending by top bank executive Kevin Cohee, who boasted a company-financed Porsche and a Santa Monica, Calif., beachfront mansion, compounded the bank’s problems.
After the federal bailout of Fannie/Freddie, OneUnited’s stock in the government-sponsored enterprises plunged to a value estimated at less than $5 million. Only through Waters’ intervention was OneUnited able to secure an emergency meeting with the Treasury and its then-Secretary Henry Paulson.
The bailout beggars did so under the guise of representing the “National Bankers Association.” But records obtained by congressional investigators showed that OneUnited’s legal counsel, vice president and president (the latter two are married to each other) spearheaded the meeting and its agenda and drafted the talking points/briefing material for Waters.
OneUnited executives had donated $12,500 to Waters’ congressional campaigns. Her husband, Sidney Williams, was an investor in one of the banks that merged into OneUnited. His stock holdings were estimated at $350,000. Waters meddled despite warnings from fellow Democratic Rep. Barney Frank to keep her nose out of the case.
E-mails obtained by public interest legal foundation Judicial Watch and more recently by the Washington Post reveal that federal bank examiners were livid about the intervention of muddied Waters. “There are some really good people expressing very strong opinions regarding what they view as a travesty of justice regarding the special treatment” OneUnited is receiving, acting regional director John M. Lane complained in a March 2009 e-mail to Christopher J. Spoth, a senior FDIC consumer protection official.
On Jan. 13, 2009, Brookly McLaughlin, then-Treasury Department deputy assistant secretary for public affairs, e-mailed her shock at Waters’ apparent conflict of interest regarding OneUnited: “Further to email below, WSJ (Wall Street Journal) tells me: …Apparently this bank is the only one that has gotten money through section 103-6 of the EESA law. And Maxine Waters’ husband is on the board of the bank. ??????”
Another government agency had rapped the bank in October 2008 for “operating without effective underwriting standards and practices,” “operating without an effective loan documentation program” and “engaging in speculative investment practices.”
Tom Fitton, Judicial Watch president, reports that Waters’ friend and fellow California Democratic Rep. Zoe Lofgren helped delay her ethics trial by stalling subpoenas, “doing everything in her power to undermine the professional committee staff leading the investigation,” and improperly firing two attorneys working on the investigation. Now, the GOP is mum on setting a date for the trial. Why?
This much is clear: Mad Maxine Waters’ cronyism of color can’t be whitewashed, no matter how long Washington stalls.
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What do you expect from her kind? All should be jailed or better yet, deported.
Meanwhile a singer was arrested in England for singing “Kung Fu Fighting”. You’d think he burned the Koran or something.
I would love to see West running for president.
Can we please bring back public executions – at least for elected politicians?
That’s awfully tempting and no one can blame you for feeling that way. The truth is, all we’d be doing is -exporting- the problem! She’d have OneUnited Cambodia set up in three months time.
Nope, I want to SEE her do her time! Please make sure to call your rep’s and let them know you want to see this made a priority!
RedDog,
One of the Bubble-Blogger’s biggest concerns was that busted builders would simply move down the street and open up shop under… their ex-WIFE’S name! ( We’ve seen that right here in Portland )
That mortgage brokers would just “switch firms” and all their dirty dealings would simply vanish. That Subprime mortgage lenders would ‘morph’ into Foreclosure Prevention ‘Specialists’!
From top to bottom, our worst fears confirmed. In terms of scale, Maxine Waters really ‘is’ a small fish. But no less guilty. Otherwise their “Report Calls” would be more current than 2004? How many different ways can this SQ shake down the taxpayers?
“Mad Maxine”? The name was made for her.
Bank Maxine’s Non-Performing Asset Ratio is described by BankRate as “Highly Problematic” Lol, just think where it would be without TARP funds?
http://www.bankrate.com/rates/safe-sound/memorandums-memos.aspx?fedid=935308
Capitalization
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. OneUnited Bank has $522.9 million in assets with $38.51 million in equity, resulting in a capitalization level of 7.36%, which is below average.
http://www.depositaccounts.com/banks/oneunited-bank.html
It was common at one time for construction companies to put the business in the wife’s name, to get minority status and other gov’t benefits offered female businessmen.
I know of one gal (whom Sarah Palin reminds me of) who thought that actually meant she knew beans about construction, and was smarter than the subs she hired. They ended up divorced, and she kept the company.
The difference between MadMaxine and Al “the kiddie’s pal” Sharpton? Gender.
Careful folks, Whoopie is bustin’ out the race card, and she’s just gittin’ started….
Lol, then you just tell my good friend Whoopie to Bring.It.On.
she looks like what one would find left behind if one did drain a swamp. And you laughed because you thought Groupers only lived in salt water.
I once thought our country and the world economy was so complex, deep and diverse, with so many miriad checks and balances that it could not possibly collapse. People like Barack Obama, Harry Reid, Maxine Waters, and Nancy Pelosi have slapped good sense back into my brain. I never would have believed they could have done what thet have, and so stunningly fast.
It is clear that determined criminals are a force to be reckoned with and very difficult to stop, especially when they are skilled operators with the license of government at their disposal. A balanced budget amendment at 12%, and the Fair tax are the only way America’s future can be secured, at least Constitutionally. Otherwise, the disease will spread and become fatal.
… more like something that rolled out of a coffin in New orleans after Katrina.
Voodoo hoodoo. Pass the ganja mon.
I’ve got a better name for her, but I’m too much of a lady to say it.
Cough.
RedDog said:
RD, that’s the only way some people will play the game. Preferring only to bet on the horse race -once- it is over. A simple matter of wagering on a sure thing and going to the window to collect you ‘winnings’.
This is why I feel what the Tea Party really represents is, the Small Business Community in America. We’ve been promised ‘much’ by the GOP ( and… at one time, the Dem’s as well ) but it was never more than lip service.
Exclusive of “Corporate America” the small business community in and of itself has -always- held somewhere between the 3rd and 5th largest economy on the planet. And the most ignored. We don’t have the access Swamp Queen Maxine does, and she shouldn’t have it either.
Maxine will continue to be elected again and again by her brain-dead constituents. She has the same retirement plan as Robert Byrd.
Wong was wrong?
RedDog, you crack me up. But now I’ll have nightmares. Marie LeVeaux will be stalking my dreams!
To be perfectly fair, Swamp Queen Maxine was hardly the only butcher, baker or candlestick maker to jump on The Easy Money Banking Bandwagon.
Locally just outside Salem, OR we had a start-up bank that had primarily realtors and DOCTORS on the Board of Dir. Needless to say it ended badly.
But if you look at the Bal. sheet in the links I provided above, it was the TARP-infusion that made the difference between their being solvent or going BUST! My point is that a LOT of smaller regional banks went OOB, and obviously the fact some were allowed to -continue- to operate is creating The Moral Hazard that’s holding ALL of back!
They got ‘their’ Reward -without- Risk… ( where’s ‘mine’? ) Well then! Until ‘I’ can get ‘that’ deal I’m not gonna’ do a damn thing! So here we sit.
That Waters fellow is one butt ugly booger. Looks like he just smelled a fart.
The last time I saw a mouth like that, it had a hook in it!
I tell ya, I get no respect…
RSS
Ah, yes. I was wondering when you were going to play the Black race card again.
So, by your post, you are suggesting the only reason Waters should go is because she is Nigerian. Nevermind those ethics violations.
Also, I should point that people in Nigeria sleep outside the US embassy in Lagos waiting in line to get a visa to come to America.
I also find it interesting how Blacks can be so offended at white Western European men but the Arab and other African slave traders get a free pass.
Not to mention the Romans who took slaves from Scotland to Persia.
Chap
No commentator on here to my knowledge has suggested a literal “revolution”. That term was given specifically by the Mainstream Media to the Tea Party.
An interesting choice of a word, considering TEA PARTY ralliers keep their clothes on, pick up their garbage and signs and do not use public school or hospital communication devices to send death threats to elected leaders.
Of course, you could always provide links to support your case…..
I find it interesting that my great great grandfather literally got off the boat in America, traveled to Minnesota and six months later in 1864 joined the Union Army and served as an artilleryman.
Have you ever seen a black in this country, ever show any respect, any rememberance or any thanks for the Union soldiers who died to free their ancestors?
Not one. Speaks volumes.
I never expected a black congressperson to get accused, much less charged and convicted. Cholly Rangel was treated harsher than I imagined one ever could. They can’t be guilty. They’re black, for goodness sake.
I lived in her district for a few years. She hardly has any opponents in any election, usually tokens from the green party and libertarians. Many times the R’s don’t run anyone in her district. The only way people are going to be free of this crooked thief is when she leaves Congress feet first from old age.
Actually, Fly, I have. Many of them served in the military with me. They honored their brothers-in-arms as well as their contributions.
I understand it is easy to paint all of a group with the same brush as the ones you witness, but…
I am familiar with a number of banks like the one you mentioned that started up in Florida. Their sole purpose was to build up their balance sheets to a certain point then offer themselves up for sale to a mainstream bank like BOA, Citibank, or a Suntrust. Mix well, repeat. It was the financial equivalent of flipping houses only a lot dirtier.
LOL. Harsh.
Obama released a PDF file purported to be his long form birth certificate, all well and fine, except that it is a blatant forgery.
The New Throbbing Memo? Say it isn’t so…