Rep. Waters’ potential conflict of interest in banking

[Rep. Maxine Waters]Rep. Maxine Waters, D-California

WASHINGTON (WSJ) — When Rep. BARNEY FRANK was looking to aid a Boston-based lender last fall, the Massachusetts Democrat urged Maxine Waters, a colleague on the House Financial Services Committee, to “stay out of it,” he says.

The reason: Ms. Waters, a longtime congresswoman from California, had close ties to the minority-owned institution, OneUnited Bank.

Ms. Waters and her husband have both held financial stakes in the bank. Until recently, her husband was a director. At the same time, Ms. Waters has publicly boosted OneUnited’s executives and criticized its government regulators during congressional hearings. Last fall, she helped secure the bank a meeting with Treasury officials.

Her involvement isn’t new. Ms. Waters has detailed her financial ties in a series of federal disclosure forms and has been vocal in public in support of the bank. Those ties, however, have received little public attention. Nor is it well known how the influential lawmaker has over the years acted to support the bank and its executives.

DID WE MENTION REP. WATERS’ AND FANNIE MAE ETC.?

Rep. Maxine Waters (D-CA):  “I have sat through nearly a dozen hearings where, frankly, we were trying to fix something that wasn’t broke. [sic] …These GSEs have more than adequate capital for the business they are in: providing affordable housing. As I mentioned, we should not be making radical or fundamental change… If there is anything to fix or improve, it is the [regulators].”

Waters not the only one

WATERS DENIES WRONGDOING

PERSPECTIVE FROM MICHELLE MALKIN

MANY ATTEMPTS TO ADDRESS PROBLEMS AT FANNIE THWARTED BY WATERS AND FRANK

SHE WANTS TO TAKE OVER OIL COMPANIES ALA HUGO   (you go girl)

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