Barney Frank "I am disappointed"

[WhiskeyGirl]

Why can't I have a mortgage, car payment, or credit card like this?

US Representative Barney Frank, who was instrumental in helping OneUnited Bank line up $12.1 million in bailout funds a year ago, said he was troubled by the Boston bank not making three straight quarterly dividend payments to the government.
 
“I am disappointed,’’ said Frank, who helped craft language in the Troubled Asset Relief Program that made OneUnited eligible for funds. Frank, a Newton Democrat, said he would not have tried to help OneUnited if he knew the bank would not pay the government its dividends.

In most cases, when banks miss a dividend payment, it is added to the amount the banks must eventually pay the government. But some banks, such as OneUnited, are not required to make up any missed dividends, essentially giving them a no-interest loan, based on the terms of their contacts with the Treasury Department.

Frank, who chairs the powerful House Committee on Financial Services, said he originally wanted to make OneUnited eligible for the aid because as a prominent minority-owned institution, he felt it was worth saving. OneUnited is one of the largest black-owned banks in the country.

Why isn't Barack doing more for minority owned banks?

The House Ethics Committee is investigating whether a second member of Congress, Representative Maxine Waters, Democrat of California, improperly intervened on OneUnited’s behalf. Waters’s husband is a former OneUnited director and owned stock in the bank. Though based in Boston, OneUnited does much of its lending in Los Angeles.

 

Who's on Maxines side?  Charlie Rangle?

more here -http://www.boston.com/business/articles/2009/12/25/missed_payments_vexing_to_frank/

from the comments -

mrwarmth wrote:
nice job of following thru on his original article this week by mr. wallack . this is the bank that has a miserable rating for lending to minorities and this is the bank where mr.cohee gave himself a fancy car and a beachfront home courtesy of the shareholders and this is the bank where maxine waters husband WAS on the board and since ms. waters and mr. frank are usually joined at the lip , i'd say mr. frank has got a lot more splaining to do IE , his part in procuring said bail-out money . mike arnold
12/25/2009 5:29 AM EST 
 

I wonder what the bonus and beach from house benefit plan looks like?

[WhiskeyGirl]

Among the examples, the study highlights OneUnited Bank, the poorly performing but politically connected Boston-based bank where the husband of Rep. Maxine Waters (D., Calif.), who serves on the Financial Services Committee and Financial Institutions Subcommittee, was previously on the board and owned stock.

As we discussed last year, Rep. Barney Frank (D., Mass.) inserted a provision into the TARP specifically aimed at helping the bank, which received $12 million from the government soon after getting a cease-and-desist order from the FDIC for poor lending and pay practices. Among the bank’s assets: a Porsche registered at the home of its CEO.

Just this week it was reported that the bank has skipped its third consecutive dividend owed to the U.S. Treasury, where it now owes hundreds of thousands of dollars in missed payments. As you try and stretch your own Christmas dollar this year for family and friends, keep in mind you’ve extended OneUnited an interest-free loan.

In the new back-scratching economy, however, the payments are made with tax dollars in full view of the electorate, which is expected to stomach the redistribution of their savings to institutions like OneUnited along with socialized healthcare, "responsible" homeowners who don’t pay their mortgages or other politically-motivated interests with only one justification: "the public good."

http://www.smartmoney.com/Investing/Economy/Welcome-to-the-Back-Scratching-Economy/

If your Congressman didn't get some earings, a free ride, or other bauble...they aren't doing their job!!!

Who's on the side of taxpayers?  Future generations?