Nancy Pelosi was quick to refer the Anthony Weiner scandal to the House Ethics Committee. Yet other more substantial matters, like the Maxine Waters trial, have languished for months.
In 2008, Waters, D-Calif., arranged a meeting with the U.S. Department of Treasury and OneUnited Bank. OneUnited claimed it was in dire need of federal cash as a result of its failed Freddie Mac and Fannie Mae investments. The Troubled Asset Relief Program (TARP) provided $12 million to the bank.
Following OneUnited’s bailout, regulators ordered the bank to hire a new independent board and raise its own capital. The struggling bank was also forced to stop paying for the president’s $6.4 million Malibu home and Porsche.
The representative’s ties to OneUnited were public prior to the incident, and she had outlined her involvement with the bank in multiple federal disclosure forms. The bank’s executives contributed $12,500 to Waters’s congressional campaigns.