Maxine Water’s Bank ‘Too Small to Save’

Maxine Waters - Elitist looking out for herself - forget the 'little people'

Oh, the indignity of being caught with your hand in the cookie jar. Maxine Waters is following in the footsteps of her fellow crooked politician Charlie Rangel. Undue influence, failing to report income, pay taxes and scamming for dollars to line their already far above average bank accounts.

So, when Maxine Waters’ $350,000 investment in OneUnited Bank in Boston fell to $175,000, she pulled every string she could to rack up big benefits for the bank and save her investment.If OneUnited had not received the bailout, Waters’ investment would have become worthless.

In 2008, as many Americans watched helplessly as their investments and 401K’s decline in value, Maxine Waters, one of Washington’s elite, was not helpless. In fact, she had the audacity to lobby then Treasury Sectary Henry Paulson on behalf of OneUnited (and her $375,000).

Despite the intent of the bailouts to save financially healthy banks, OneUnited Bank received $12.1 million, which has yet to be repaid.

A lot of banks received taxpayer money at the time. But none were as financially unsound as OneUnited Bank. The bank had Tier 1 capital of only 1.8 percent of assets. Of the 363 banks that received money from TARP during the last quarter of 2008, at the height of the financial crisis, that was the lowest Tier 1 ratio.

Without Waters’ intervention on behalf of OneUnited Bank, it would have been highly unlikely that the bank would have received a dime of taxpayers’ money. This bank was just too poorly run and managed from a financial standpoint to merit throwing good money after bad. And in 2008, the federal government has far larger concerns that involved far more people than OneUnited. But none, apparently, that Waters had $350,000 invested in.

Now, the average taxpayer, who watched their investments slip away were forced to take their lumps. Many will be unable to retire when they wanted to. But Maxine Waters is doing just fine. Her $175,000 investment loss was covered by taxpayers for only $12.1 million.

And Waters sees nothing wrong with her actions at all. Elitists never do.

Besides, what is the worse that can happen? Her district, like Rangel’s district, will re-elect corrupt politicians forever – as long as the letter “D” appears after their names. And if push comes to shove, both of these elitist politicians can pull the race card which will always trump corruption charges.