Wednesday, August 11, 2010
Ethics Committee Charges Maxine Waters
Because of the Government take over of Freddie Mac and Frannie Mae on Sept.7 2008 OneUnited bank was about to collapse. The collapse could have taken the congress woman's husband's now $175,000 investment to Zero.
Waters called Treasury Secretary Henry Paulson to set up a meeting between National Bankers Association, a group which OneUnited was a member and officials from the Treasury. Bank officials asked for $50 million to cover anticipated losses . OneUnited later asked to trade stock in FreddieMac and Fannie Mae valued at $51 million for $42 million.Treasury didn't have proper authority to make the trade but the Bank later received $12million of TARP money.
Waters is accused of failing to properly oversee Mikael Moore work and charged with violating the Code of Ethics for Government Service...
In case you got confused, they were asking for MILLIONS to cover "anticipated" losses, FIFTY MILLION - $50 Million. Then asked to swap $51 million worth of Stock for $42 million dollars..( it is unclear at this time the actual value of the stock at the time they wanted to trade)
Like others in the government these days, it seems Waters is trying to blame the Bush Administration ... In an interview Waters said, "A mantee"of Karl Rove, the White house deputy chief of staff under President George W Bush," took this public information to the OCE with allegations of a conflict of interest"
(Mrs. Waters take a look at the information and actions taken by you and your staff/ grandson and don't blame the messenger!)