Waters’ Favorite Bank Got $12 Million Bailout Despite Bad Reviews Thanks to Her Help

“A community bank at the center of an ethics investigation that has ensnared Rep. Maxine Waters (D-Calif.) received a $12 million bailout even though Treasury Department officials knew it had a record of failing to serve its community’s lending needs.

“Boston-based OneUnited Bank had a history of receiving poor performance evaluations, and officials at Treasury and the FDIC were aware of the negative ratings and discussed them before doling out the loan, according to e-mails and other documents Judicial Watch obtained from the Treasury Department through a Freedom of Information Act request.”

“Judicial Watch President Tom Fitton said the documents suggest that without the powerful intervention of Frank and Waters, OneUnited would not have received the $12 million bailout.”

Read more: (Susan Crabtree, “Bank at Center of Waters Controversy Got $12 Million Bailout Despite Reviews,” The Hill, 09/15/2010)