-
They Party, You Pay
-
Put aside for a moment that Rep. Maxine Waters (D-CA) is in trouble for helping direct federal bailout money to a bank in which her husband was an investor, and may have also forced the sale of another failing bank to it rather than another bank. Forget that for a second. Now consider that this bank, OneUnited Bank, had a horrible track record of letting its Chairman spend bank funds for mansions and a Porsche, and had a poor record of lending to people in low-income neighborhoods. Oh, and that Chairman was arrested for cocaine and crack possession and had to go through a county drug diversion program in 2007. So, with all of that, how did Congress feel comfortable giving that bank millions in bailout funds, which, of course, the bank took and didn't pay back? How, when regulators were ordering the bank to stop paying for the Chairman's lavish lifestyle, did Congress ignore all that and give the bank more money? Okay, you can start thinking about Maxine Waters again. (Los Angeles Times)
Have an opinion? Add your comment below.