Bailed Out Bank Had Friends in High Places


	Bailed Out Bank Had Friends in High Places

ratilfar

3-13-2009 5:25 PM

160 views

tags:

where, are, the grown, ups, ?

ratilfar says:

Waters isn't the only lawmaker with a financial tie to a financial institution that got a piece of the bailout. ProPublica reported [5] in January that House Republican Whip Eric Cantor's (R-VA) wife works for a subsidiary of a bank that got bailout funds. A USA Today investigation [6] found that two dozen members of Congress had "substantial financial ties" to bailout recipients.

2 Comments |

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3-14-2009 4:04 AM

doodleicious

geesh- guess it does matter- who you know.......

3-14-2009 5:55 PM

Anomaly100

It's just getting sleazier by the minute. What kind of a conscience, if any, do these banks and politicians have! Personally, no amount of money would help me to live with myself if I sat home with gazillions of dollars while the world was in financial ruin because of my own greed. Shame on them!

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/ccd4f0b7-1f0a-4dd2-8822-478aa9b6c585/7937E40C-8774-4C26-B812-3F6F93CA297B/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.propublica.org/article/bailed-out-bank-had-friends-in-high-places-312" href="http://www.propublica.org/article/bailed-out-bank-had-friends-in-high-places-312" style="font-size: 11px;">www.propublica.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.propublica.org/article/bailed-out-bank-had-friends-in-high-places-312"><div align="center"><img src="http://content6.clipmarks.com/blog_cache/www.propublica.org/img/94F7574A-FC35-4D0D-B960-2D143A78365A" alt="Reps. Maxine Waters and Barney Frank (Lauren Victoria Burke/wdcpix.com)" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.propublica.org/article/bailed-out-bank-had-friends-in-high-places-312"><SPAN>Reps. Maxine Waters and Barney Frank (Lauren Victoria Burke/wdcpix.com)</SPAN></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.propublica.org/article/bailed-out-bank-had-friends-in-high-places-312"><P>But OneUnited Bank is that rare success story. Even though it was <A href="http://www.bizjournals.com/boston/stories/2008/12/01/daily14.html">scolded by regulators</A><SPAN class="printOnly"> [2]</SPAN> in October for poor lending practices and executive perks (like a Porsche), it landed $12 million in bailout money in December.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.propublica.org/article/bailed-out-bank-had-friends-in-high-places-312"><P>The difference: two friends in high places. Rep. Barney Frank (D-MA), the chairman of the House Financial Services Committee, was so moved by OneUnited's plight that he <A href="http://online.wsj.com/article/SB123258284337504295.html?mod=todays_us_page_one">tailored a provision in the $700 billion bill</A><SPAN class="printOnly"> [3]</SPAN> so that the bank would get special consideration for help. And Rep. Maxine Waters (D-CA), who also sits on that committee, could be relied on to ring up the Treasury to make sure they knew just how special OneUnited was.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.propublica.org/article/bailed-out-bank-had-friends-in-high-places-312"><P><A href="http://online.wsj.com/article/SB123258284337504295.html?mod=todays_us_page_one">In a January interview with the <EM>Journal</EM></A><SPAN class="printOnly"> [3]</SPAN>, she claimed to be ignorant that OneUnited had finally scored a Treasury investment, adding that it was "just a small" bank.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/7937E40C-8774-4C26-B812-3F6F93CA297B/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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