Skip to comments.Maxine Waters' favorite bank violated its pledge to help the poor
Posted on 09/10/2010 7:50:59 PM PDT by Justaham
The Boston bank that is at the center of controversy involving Congresswoman Maxine Waters, who intervened with regulators to protect and reward the bank (her husband had a financial interest in the bank), apparently lied about helping poor people, reports the Boston Globe:
Five years ago this month, Mayor Thomas M. Menino stood with community leaders in Roxbury to hail plans for a new OneUnited branch in the neighborhood. The bank's president pledged to make loans worth hundreds of millions of dollars across Boston, with a special emphasis on low-income borrowers.
OneUnited said it would partner with the city to offer the mortgages to first-time and current homeowners, and provide financial literacy training to residents. "As a child of an inner-city community I can tell you, it doesn't get any better than this,'' the bank's president, Teri Williams, told the crowd that day.
But no loan program ever emerged -- one in a long list of failures by the nation's largest minority-owned bank, which is controlled by Williams and her husband, Kevin Cohee, the bank's chairman.
In recent years, regulators have admonished the bank for poor performance and lavish executive pay, and Cohee himself has had personal run-ins with the law in California. And the bank, despite its diminished role as a community lender, sought and received help from US Representative Maxine Waters, a California Democrat, to secure $12 million in federal funds after the bank lost money on risky investments. Waters now faces House ethics charges in the matter because her husband had a stake in the bank.
(Excerpt) Read more at americanthinker.com ...
“Lavish executive pay”
Isn’t that pretty much the same phrase that we see over and over again when speaking of banks, financial institutions, unions, Acorn, SCIU, and any organization run by bureaucrats and Democrats?
How many times do we have to see this phrase before something changes in America?
the Black Caucus is a major fail..spent all their time helping themselve to other peoples money ..saying its ok to steal from whites..but it wasnt just whites was it?
Watched this a bit earlier. A fantastic example of how facts eviscerate emotion 100% of the time in debates of this nature. His calm demeanor in the face of her burgeoning anger was impressive.
“the Black Caucus is a major fail..spent all their time helping themselve to other peoples money ..saying its ok to steal from whites..but it wasnt just whites was it?”
That and dumbing everything down to their level so we can not compete in the world market.
what, it had standards to meet in order to borrow money
On the site, some of the comments wonder why members of Congress can’t be arrested. That is definitely unconstitutional, and with good reason - for as long as they are members of Congress, anyway.
...dumbing everything down”...very true.
Maxine is so outraged to be under investigation? Lest she forget, people have gone to jail for less. Such misuse of her power, all for herself no less, and she feels above the law.