Democratic Rep. Maxine Waters of California is notorious for her high-decibel rants against corporate executives and career exploitation of identity politics. Class warfare and racial division are her two-decade-long stock and trade. She would normally be first in line (and in front of the cameras) to lambaste the very kind of Porsche-driving, luxury beach house-partying bank officials who begged her for a government handout. If they were white, that is. But the minority fat cats who lobbied her during the fall 2008 financial meltdown represented the black-owned OneUnited Bank. They were her longtime friends, donors and fundraisers. Her husband was...