Posted on 01/22/2009 6:17:29 AM PST by Libloather
OneUnited sought Frank's help for TARP funds
Boston Business Journal
Thursday, January 22, 2009, 8:57am EST
Boston’s OneUnited Bank received $12 million in federal rescue funds last month just weeks after regulators issued a cease-and-desist order to overhaul some of its lending and executive compensation practices.
Details of the Federal Deposit Insurance Corp.’s official enforcement action against OneUnited and the bank's pending $12 million infusion were first reported Dec. 5 in a Page 1 article in the Boston Business Journal. The Wall Street Journal reported Thursday that the tiny bank received the bailout money after gaining influential support from Massachusetts congressman and House Financial Services Committee Chairman Barney Frank.
The funds came from the U.S. Treasury’s Troubled Asset Relief Program.
The FDIC’s cease-and-desist order said OneUnited must cut financial ties to a California-based limited liability company that owns a beachfront home in Santa Monica. OneUnited Chairman and CEO Kevin Cohee and his wife, Teri Williams, who also is the bank’s president, control the LLC, according to records with the California Secretary of State’s office.
The bank also pays for a Porsche for Cohee’s personal use.
Cohee and Williams are Chestnut Hill residents who rank as the bank’s largest common shareholders. In early 2007, their limited liability company purchased a $6.4 million Santa Monica home with the help of a bank loan, but not from OneUnited, said the bank’s senior counsel, Robert Patrick Cooper, during an interview last month.
**SNIP**
The bank must stop paying any expenses related to 703 Palisades Beach Road LLC, which Cohee and Williams set up to buy a 3,200-square-foot home, according to Los Angeles County real estate records. OneUnited declined to disclose the amount of the allowance.
(Excerpt) Read more at bizjournals.com ...
Shouldn’t Bawney Fwank and Chris Dodd be heading for jail along with Bernie Madoff? If this influence peddling isn’t against the law, it should be.
Of course, since the Democrats’ bread and butter is using their offices for personal gain, this will never be investigated. They are too busy getting their committees ready to investigate Pres. Bush and VP Cheney.
Until that collection of thieves, perverts and outright anti-american legislators from BOTH sides of the aisle is removed we will continue to see more and more of the selling of this country down the river. IMHO!
“Have done...” = “Have you done...”
“Openness” in the new administration on display.
Term limits now.
There is an article about this on the WSJ. The lead in to the article features Barney Franks work for the Mass Bank, but the gist of the article was mostly about Ohio and Alabama getting political help. Barney Frank was more or less excused because Maxine Waters says that this small Mass. bank is the only Black bank in the country and should not be allowed to fail.
Again, again and again we are failing in this country because we politically, socially and financially cater to the black minority in this country, which comprises only 13.5% of the population. I am not a racist, I am a realist.
Bawney Fwank claims it would be “a social injustice” for this bank to fail...
Wouldn’t want brother to lose his Porsche...
The whole thing stinks to high heaven - why am I not surprised?
The one condition that the fed gave for giving the bail-out money, was to lose the Porche. So, it sounds as though, they got to keep the house, but could not use bank funds to pay for it, and had to get rid of the Porche that they must have kept in California for their use. These bank officials must think that they are politicians.
I live a few houses from 703 palisades beach rd and I saw Kevin Cohee porsch being towed away along with his other cars. Also the house just sold last week for 7 million 350 thousand dollars. Now I wonder who this money from the sale of the house goes too.
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