It was in August of 2010 the House Ethics Committee decided to proceed with charges against California Congresswoman Maxine Waters for contriving to procure “special favors” for the Massachusetts-based, OneUnited Bank. And although “Waters has done her damnedest during [these] three years to exploit as many legal technicalities as possible to try to get the investigation halted…” it now looks as though the jig might finally be up.
(1) In 2008, Representative Waters set up a meeting between officials of the Treasury Department and members of a “trade association” of minority owned banks. The meeting, however, consisted almost exclusively of OneUnited Bank executives who, to the surprise of the Treasury people, asked them for a $50 million dollar loan! It seems the minority-owned OneUnited was in trouble.
It also seems Maxine Waters’ husband, Sidney Williams, was on the board of OneUnited and owned $350,000 worth of the bank’s stock–stock which would have been worthless if the bank failed. The Congresswoman forgot to mention this minor point to Treasury when arranging the get together.