Monday, March 16, 2009

Waters Helped Bank Whose Stock She Once Owned

U.S. Rep. Maxine Waters (Photo from UC Santa Cruz)

From Rantburg:

If you have spent anytime watching the charade which passes as congressional banking hearings chaired by Barney Frank, the performances of Maxine Waters have been stunningly symptomatic of the epidemic of financial illiteracy and stupidity which graces the benches at those hearings. She epitomizes the extent to which commonsense and basic skills are an anathema to the current ruling class. This article drips in irony. I don't know how it will play out but the only person I can recall who can come close to her level of idiocy in her utterances is the much missed, lamented and currently furloughed Iraqi Minister of Information Mohammed Saeed al-Sahaf.

WASHINGTON -- 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.

Read more ....

My Comment: I am speechless. She sits on the Banking Committee, and the chattering class in the main stream media is silent.

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