From the moment Boston-based OneUnited Bank began seeking a federal bailout in the summer of 2008, it received special treatment that went beyond what the Treasury Department or the bank and its political supporters have previously disclosed. Tut tut. Mere coincidence, I'm sure...
Congress adjusted the law and regulators broke with customary practices, despite an explicit internal warning that the bank was in financial trouble. Among other exceptions, the bank was allowed to count as part of its capital $12 million in federal bailout money - before the aid arrived. The check was in the mail, after all...
OneUnited was the only bank to receive all of these considerations among the 707 recipients of money from the Troubled Assets Relief Program, according to documents and interviews.
A close look at how OneUnited - which is now at the center of an ethics investigation involving Rep. Comrade Maxine Waters (D-Calif.) - won bailout money shows how the Treasury Department, federal regulators and another influential lawmaker helped it despite its record of bad investments and extravagant spending.
A few internal warnings sounded by regulatory analysts now seem prescient, because OneUnited is one of only a handful of banks that have failed to make six promised TARP dividend payments to the government, in this case totaling $904,000. Its chairman, Kevin L. Cohee, said in an interview that this decision was "consistent with safe and sound banking practices" and that its TARP contract permitted withholding all dividends.
A Washington Post review of documents and interviews with many involved in the decisions show that regulators flagged the bank early on for its "highly visible" connection - in OneUnited's case, a former board member who is married to Waters, the chairman of an important banking subcommittee. The alert was part of a previously undisclosed practice at the Federal Deposit Insurance Corp. of trying to identify banks that might cause "unnecessary press or public relations" problems, according to testimony a top FDIC official gave to House ethics investigators.
Then, the bank won a rare chance to make its case for help to top Treasury Department officials, a meeting requested by Waters. When it became clear that the bank did not qualify, House Financial Services Chairman Barney Frank (D-Mass.) sponsored a legislative provision encouraging officials to provide special relief for banks such as OneUnited. Other favorable considerations followed.
Waters has said she did not violate any House rules. Her aides have said that OneUnited's TARP award followed a routine review and was not influenced by politics. Lori Bettinger, the TARP program's deputy director, similarly said in a January 2009 e-mail to colleagues that OneUnited qualified for its award under the same terms "used for all applicants."
Posted by: Fred ||
09/18/2010 00:00 ||
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Among other exceptions, the bank was allowed to count as part of its capital $12 million in federal bailout money - before the aid arrived.
Following up on Barbara Skolaut's bleg from yesterday, I found a list, compiled by Dick Morris, of under-resourced conservative candidates in winnable races who could really use the money. Click the headline to see it.
Posted by: Mike ||
09/18/2010 13:58 ||
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But the Dems admit the Publicans have a big emotional advantage with voters who are fed up with high unemployment, soaring deficits and what many see as an arrogant Congress and administration that rammed a revolutionary health care plan down their throats. The high unemployment and the soaring deficits are the fault of both parties, which was why control turned over from Pubs to Dems in the first place. Hard to remember those days, all the way back to 2005, but folks like Bill Quick were advocating that conservatives and libertarians sit on their hands rather than for the Dick Armey types, the country club Pubs and the RINOs who were doing the K street dance in Congress. The Pubs sure did need a lesson and it isn't clear that they have yet learned it, but it does seem that the cure is worse than the disease. The arrogant Congress and administration were the result of the turnover, and the voters (at least slightly better than 50 percent of them is my guess) haven't liked what they've seen. In a world that makes sense -- and the real world might actually do so briefly in November -- San Fran Nan and Oil Can Harry Reid's followers, if not them personally, will be turned out on their ear and somebody else given a chance to either get things back on track or follow them out the door in two years.
If voters keep burning with the throw-the-bums-out fever that animated so many primaries, Democrats would be likely to lose more than 40 House seats, costing them the majority and positioning Republicans to block virtually any Obama initiatives in the next two years. Losing the Senate majority, which would require a 10-seat Republican gain, is less likely. As soon as the current crop of crooks is gone Inside the Beltway will be oozing sentiments of "bipartisanship," which will equate to compromising with the B.O. regime, ignoring the Constitution, and splitting the remains of the national boodle. The actual electoral proof will be in that pudding.
Democratic candidates want to convince these voters that no matter how much they hate the status quo, they would be worse off under a Republican Party that hasn't learned from its mistakes and is lurching ever harder to the right. That's the joy of the Tea Party movement, isn't it? The Pubs are being purged in their primaries. They're doing the "choice not an echo" thing. From where I sit I can hear Barry Goldwater snickering in his grave. The nation keeps "lurching harder to the right" and then the pols get sucked into the system of corruption and "bipartisaning" toward the boodle, which is where the lefties lurk.
"This needs to be a choice, not a referendum" on the Democratic-led Congress and B.O. regime, said Erik Smith, a Democratic campaign adviser. Since it really is a choice, not an echo, it will be in many respects a referendum on the B.O. regime. I don't think it's gonna be a vote of confidence.
The reality is that being part of a shrinking wing of her party is not new for Snowe. She used to be one of many moderate New England Republicans, but the group has dwindled over the past decade after being defeated by Democrats, never mind conservative Republicans.
"I've always been on the outside looking in, in the world I live in. When you're a minority, moderate, New England, woman, Republican woman, you don't get more outside than that. Do you? I'm a minority within a minority," Snowe said laughing, "I've been fighting my whole life."
Posted by: Fred ||
09/18/2010 00:00 ||
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Well, as a "moderate" slightly right of center voter all I can ask you to do is stop.
Please.
You are seriously fucking up the country with the progressives in your view of being a "moderate". Please retire and go do doilies or something.
#2
Snowe is a pre-1924 Republican. She is of the 'progressive' Republican type prevalent at the end of the 19th century and start of the 20th. Such Republicans included Teddy Roosevelt, Taft and Hoover. They firmly believed in what was the Progressive vision at the time.
That was the Republican party that survived as the 'Rockefeller wing', the 'establishment', the 'northeast' Republicans, etc. all the way through Reagan and today.
Understand that and you understand from where she's coming.
Posted by: Steve White ||
09/18/2010 9:52 Comments ||
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#3
Sorta like an American flag with the product label marked as "Made in China"....or Thailand...or Bangladesh...or...
#4
Steve: And don't forget that they were all in favor of the 16th and 17th Amendments, and that Teddy's ego was so great he was willing to destroy the Republican party to get back into power.
The corruption we see in Washington today was rampant in state capitals across the country with dividends and they were a lot cheaper to buy and own. To get a view of what the Senate was like back then just look at what Daddy Dear sent to Washington from Alaska, or what the machine selected to fill Obama's seat these days. Now multiply that by every state. That's why the 17th was passed. The Senate was basically one big Chicago city council. It's taken about a hundred years of economic growth to overcome the intent of the amendment, but the selection of Tea Party endorsed candidates would never occur today if it hadn't been added to the basic document.
#6
What you say is true, P2K, but repeal of the 17th seriously unbalanced the Federal system. Healthcare would never have passed and we wouldn't have all these unfunded mandates if the states were involved int he Federal government as they should be. In spite of the problems the 17th was intended to rectify, it has been an overall failure and should be repealed, as should the 16th. Barring repeal, Randy Barnett has proposed an amendment allowing 2/3 of the states to veto and federal law. That's a winner also.
#7
..or basically constitutionally outlawing any federal mandates by the legislative, executive or judicial branches in name or upon to the states that require them to expend resources or levy and raise taxes to support them. If the fed wants a program, they can fund the program and bear the full cost.
Last March, Republicans joined Democrats in calling on Sen. Jim Bunning (R-Ky.) to end his filibuster against the extension of unemployment benefits paid for by deficit spending, embarrassed he was blocking aid to the jobless. But it took just three months for the grassroots pressure to reach the Capitol -- Bunning was a Tea Party hero. By the time the $30 billion expired on June 2, Senate Republicans had united behind a nearly two-month filibuster of the next round of $34 billion in "emergency spending" for unemployment insurance. They were joined by Sen. Ben Cornhusker Kickback Nelson (D-Neb.), and some House Democrats warned their own leaders at the time that the days of votes on "emergency spending" would soon have to come to an end.
As of last week, before the House and Senate even reconvened, it was clear there were enough Senate Democrats joining Republicans seeking an extension of the Bush tax cuts for the wealthiest earners that the Democrats don't have the votes to pass President B.O.'s permanent extension of the middle-class tax cuts without passing cuts for the top two tax brackets as well.
When Obama introduced his latest economic proposals earlier this month, Sen. Michael Bennet (D-Colo.), an ally of the Obama White House, immediately put out a statement not only criticizing Obama's newest infrastructure plan but knocking the original stimulus as well. "I will not support additional spending in a second stimulus package. Any new transportation initiatives can be funded through the Recovery Act, which still contains unused funds," Bennet said.
Obama won't get his infrastructure plan through the Congress, and he knows it. Next year, when he is running for reelection, tax and budget reform will be the only issues he could realistically work on with a GOP majority or a razor-thin Democratic majority. In other words, the Tea Party agenda.
The Tea Party candidates themselves -- like O'Donnell, whom Karl Rove called "nutty," -- matter little. Only a few will actually get elected this fall. Yet the Tea Party has won without them. There are no tea leaves left to read. Democrats have been spooked and Republicans threatened, cajoled or cleansed. The results are already in.
Posted by: Fred ||
09/18/2010 00:00 ||
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Who was it?
Ben Franklin?
Who said, this will only last until the people realise they can vote themselve Money out of the treasury.
Posted by: Redneck Jim ||
09/18/2010 14:10 Comments ||
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Democrats have been spooked and Republicans threatened, cajoled or cleansed.
Still lots of work to be done. The rot is extensive and deep.
#3
TEA PARTY ONLY WINS IF WE LET THEM
WHY ARE WE CONTROLLED BY THE MOMENTUM CREATED BY MEDIA.
SO FAR ALL TEA PARTY HAS DONE IS DISTRACT THE REPUBLICANS.
DON'T KID YOURSELF OBAMA DID WHAT HAD TO BE DONE.
IF REPUBLICANS WANTED TO LEAD TODAY THEY SHOULD HAVE JOINED AND SHAPED OBAMA LEGISLATION
ALL THEY ARE NOW IS SPOILED CHILDREN TAKING THERE TOYS AND GOING HOME
THEY SHOULD JUST STAY HOME AND ALOW OBAMA TO MAKE TOUGH DECISIONS
Lisa Murkowski, appointed by her daddy to the Senate in 2004, lost the August Republican primary to Joe Miller. Rather than accept the voters' choice, she is expected to announce a write-in campaign this evening. She has no hope whatsoever of remaining in the Senate, but is expected to use her Republican funded war chest to attack Miller and bleed votes from the Republican nominee. Whether or not there is a Democratic Happy Ending to this story for Murkowski remains to be seen.
Republicans like this (and sadly there appear to many of them) make it seem pretty obvious in hindsight why the Republican party has been doing poorly in recent elections.
Some states have laws preventing the losers of primary races from entering as a write-in. Good idea.
#2
Time for someone to remind this RINO that she has no support, and no party. The GOP should publicly announce that, should she win, she would have no GOP support, nor seniority on any committee. Go AWAY, B-atch
Posted by: Frank G ||
09/18/2010 0:20 Comments ||
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now we get to see if anybody in Alaska can spell Murkowski
#8
Besoeker: Castle has already said he won't run as an independent. What remains to be seen is whether he'll endorse the Democrat or sit it out in a funk.
I consider myself to be about half-way between a conservative and a moderate Pub. What angers me about the moderates is that while they demand party loyalty when they win a primary, they won't extend it when they lose.
Pubs who pull what Lizza is doing need to be punished. The Senate caucus has to boot her and strip her of her committee assignments and seniority. They have to make it clear that they'll respect the will of the voters, or the voters will decide not to respect them.
Posted by: Steve White ||
09/18/2010 9:56 Comments ||
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Republicans need to think long and hard about this sort of thing because it could ultimately lead to the evolution of the Tea Party into an official third party with its own platform and slate of candidates in competition with both Democrats and Republicans. That's probably not a good thing but if it did happen I'd probably never vote Republican again.
Posted by: Abu Uluque ||
09/18/2010 13:44 Comments ||
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#16
That's probably not a good thing but if it did happen I'd probably never vote Republican again.
Me too. I'm pretty much libertarian but vote for the Republicans since they are most in line with my views. Take away the religious right and keep the small government and keeping government the hell out of my life and I'll vote for that party every time no matter who it is.
#18
Where's the gong and hook that pulls these clowns Murkowski and Crist off the stage?
It's called a vote, and it happens November 2nd. Make sure you get yourself and anyone else similarly-minded to the polls, even if you have to drive them there. I can picture the crushed faces of these rat bastards and there hangers-on that night.
"I will lick their salty tears from their defeated faces"
/Cartman, Southpark
Posted by: Frank G ||
09/18/2010 15:30 Comments ||
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#19
REG: Right. You're in. Listen. The only people we hate more than the Romans are the f*cking Judean People's Front.
P.F.J.: Yeah...
JUDITH: Splitters.
P.F.J.: Splitters...
FRANCIS: And the Judean Popular People's Front.
P.F.J.: Yeah. Oh, yeah. Splitters. Splitters...
LORETTA: And the People's Front of Judea.
P.F.J.: Yeah. Splitters. Splitters...
REG: What?
LORETTA: The People's Front of Judea. Splitters.
REG: We're the People's Front of Judea!
LORETTA: Oh. I thought we were the Popular Front.
REG: People's Front! C-huh.
FRANCIS: Whatever happened to the Popular Front, Reg?
REG: He's over there.
P.F.J.: Splitter!
#20
It's always those "moderate" or "Big Tent" types that take their ball and go home. We must all rally around the candidate when it is some squishy RINO, but when the RINO incumbent is beaten... don't hold your breath waiting for her support.
But suggest a field trip to observe the Stations of The Cross, or listen to a rehersal of Handel's Messiah and watch the Lefties go absolutely crazy.....
#1
That is absolutely outrageous. To think that all the teachers and adults just sat there like bumps on logs and didn't object at the time is unbelievable. What a bunch of spineless dishrags. When else would a bunch of lefties tolerate women being put at the back of the bus?
And to listen to that propaganda put on by the speaker? I'm enraged.
Stations of the Cross Uncle Phester? You can't even sing We Wish You a Merry Christmas anymore.
I'm mad as hell and not going to take it anymore.
Posted by: Black Charlie Chinemble5313 ||
09/18/2010 17:53 Comments ||
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#2
That's an interesting thought BCC, would they have a field trip to a Cathedral and go around the Stations of the Cross and have them explained what they are and mean?
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
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Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.