OneUnited misses sixth straight fed dividend payment (RAT Maxine Waters ethics investigation)

Boston Herald ^ | 8/14/10 | Jessica Van Sack

[Libloather]

OneUnited misses sixth straight fed dividend payment
More woes for Boston bank
By Jessica Van Sack
Saturday, August 14, 2010 - Added 3 hours ago

The Hub-based bank at the center of the ethics investigation into U.S. Rep. Maxine Waters will skip another dividend payment to the Treasury, opening the door for federal regulators to name a member to its board of directors.

The lender’s chairman and chief executive officer, Kevin L. Cohee, told the Herald yesterday that the bank, which received a $12 million cash infusion from the Troubled Asset Relief Program in 2008, is focused on raising capital and that shareholders will have to wait for dividend payments.

In 2008, OneUnited also raised $17 million in capital from Hub-based State Street Corp., a $2 billion TARP recipient that repaid the Treasury in June 2009.

As of Monday, the bank will have missed six dividend payments in a row, meeting a threshold for the Treasury to maintain a presence on OneUnited’s board.

“At this point it would be irresponsible on our part . . . to declare a dividend,” Cohee said. “Think about what you’d be thinking if we paid a dividend to ourselves.”

[Libloather]

Troubled times for Kevin Cohee
By Herald Staff
Thursday, August 12, 2010 - Updated 2 days ago

Kevin L. Cohee purchased a controlling interest in the Boston Bank of Commerce in 1995 and was elected chairman and CEO in 1996.

September 1999: Boston Bank of Commerce acquires Peoples National Bank of Commerce with branches in Miami and Lauderdale Lakes, Fla.

May 2001: Boston Bank of Commerce acquires Founders National Bank of Los Angeles, whose co-owners included Janet Jackson, Jheryl Busby and Earvin “Magic” Johnson.

January 2003: With the support of U.S. Rep. Maxine Waters, Boston Bank of Commerce beats out Illinois-based, white-owned bank to buy Family Savings Bank of Los Angeles and create OneUnited Bank.

Janury 2004: Waters’ husband, Sidney Williams, joins the board of OneUnited and acquires stock in the bank. February 2006: OneUnited begins offering online banking services.

April 2007: Cohee arrested in sodomy case. May 2007: Cohee arrested on narcotics possession charges.

April 2008: Sidney Williams’ term on the board of OneUnited ends, but he still holds shares in the bank worth about $350,000, or between 5 percent and 15 percent of the couple’s combined net worth.

August 2008: Charges against Cohee are dismissed. August/September 2008: Cohee lobbies Waters and U.S. Rep. Barney Frank for a meeting with Treasury Department officials and for assistance for OneUnited.

Sept. 9, 2008: Cohee and others meet with Treasury Department officials. The meeting reportedly focuses on OneUnited’s potential losses - more than $50 million - from federal takeover of Fannie Mae and Freddie Mac.

Oct. 3, 2008: $700 billion Troubled Asset Relief Program signed into law.

Oct. 27, 2008: Regulators issue cease-and-desist order against OneUnited. The company is ordered to sell within 90 days the $6.4 million home at 703 Palisades Beach Road and a Porsche the bank bought for Cohee’s personal use.

This is an excerpt.

http://www.bostonherald.com/business/general/view/20100812troubled_times_for_kevin_cohee/

[BobP]

...A congressional ethics panel has charged Waters with doing a favor for OneUnited despite having stock in the company. She held a rare press conference yesterday declaring her innocence and urging a swift hearing.

-------------------------------

Maxine Waters

[Vaduz]

Spot on both have been cooking for years.

[mewzilla]

COHEE, KEVIN
BROOKLINE, MA 02146
NONE/RETIRED

WATERS, MAXINE
VIA CITIZENS FOR WATERS
12/17/2002 1000.00 23990266758
12/16/2003 1000.00 24990244149
12/16/2003 1000.00 24990244149

COHEE, KEVIN L
BROOKLINE, MA 02146
BOSTON BANK OF COMMERCE

KERRY, JOHN F
VIA KERRY COMMITTEE
12/03/1998 500.00 99020031248
12/18/1998 500.00 99020031248

COHEE, KEVIN L
BROOKLINE, MA 02146
NONE/RETIRED

WATERS, MAXINE
VIA CITIZENS FOR WATERS
08/25/2005 1000.00 25971183185

COHEE, KEVIN L
CHESTNUT HILL, MA 02467
ONE UNITED BANK/BANKER

FORD, HAROLD JR
VIA HAROLD FORD JR FOR TENNESSEE
12/06/2005 1000.00 26020063027

COHEE, KEVIN L
CHESTNUT HILL, MA 02467
RETIRED

OBAMA, BARACK
VIA OBAMA FOR ILLINOIS INC
09/30/2004 500.00 24020791791

COHEE, KEVIN L. MR.
BROOKLINE, MA 02146
BOSTON BANK OF COMMERCE/BANKER

GORE, AL
VIA GORE 2000 INC
05/15/2000 500.00 20990156630

COHEE, KEVIN L. MR.
BROOKLINE, MA 02146
INFO REQUESTED

GORE, AL
VIA GORE/LIEBERMAN GENERAL ELECTION LEGAL AND ACCOUNTING COMPLIANCE FUND
10/14/1999 1000.00 20990027752

[Liz]

"And guess what guys---I extorted $12 million bailout bucks from
that old Bushman Paulson. Now me and my hubby's stock won't
be worthless. Maybe I'll hire a few more relatives for my staff."

[Liz]

I hear that, these days, Cohee has the affirmative action office of Harvard Law School on speed-dial.

OneUnited Bank Chairman and CEO, Kevin Cohee
JD, Harvard Law School
Board Member, Boston Bank Of Commerce
Formerly with Salomon Bros, Inc.

Thanks to Cong Maxine Waters, OneUnited Bank was bailed out with our tax dollars which helped finance a luxurious lifestyle for chairman and CEO Cohee, including a Porsche and a mansion on the exclusive Pacific Coast Highway.

Cohee's high-flying perks came despite his having been charged in 2007 with felonies after his arrest on suspicion of possessing cocaine, crack cocaine and concentrated cannabis, according to the Los LA County DA's office. The case was dismissed the next year after Cohee completed a drug diversion program.

Cohee was also arrested in 2007 after a woman filed a complaint alleging that Cohee had forcibly sodomized her, according to public records. Prosecutors did not pursue the assault charge. The Boston Herald quoted Cohee as saying that the arrest was "utter and complete nonsense that went nowhere."