Maxine Waters: A Free Pass for Too Long

MARCH 12, 2009

Waters Helped Bank Whose Stock She Once Owned
California Democrat Has Championed Minority-Owned OneUnited on Capitol Hill and Criticized Its Government Regulators

By SUSAN SCHMIDT

WASHINGTON -- When Rep. Barney Frank was looking to aid a Boston-based lender last fall, the Massachusetts Democrat urged Maxine Waters, a colleague on the House Financial Services Committee, to "stay out of it," he says.

The reason: Ms. Waters, a longtime congresswoman from California, had close ties to the minority-owned institution, OneUnited Bank.

Ms. Waters and her husband have both held financial stakes in the bank. Until recently, her husband was a director. At the same time, Ms. Waters has publicly boosted OneUnited's executives and criticized its government regulators during congressional hearings. Last fall, she helped secure the bank a meeting with Treasury officials.


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Maxine Waters