Rep. Maxine Waters (D-Calif.) also pressured the Feds in pursuit of a grant for the same bank, OneUnited. Her husband Sidney Williams, was a board member of OneUnited, a financialinstitution that was hardly worthy of any government intervention.
TARP was crafted to assist healthy banks who maintained above board practices. OneUnited was neither of those things. It was “under attack from its regulators for allegations of poor lending practices and executive pay abuses, including owning a Porsche for its executives' use.”
Yes, you read that correctly. A Porsche. Bank officials used taxpayer money to buy themselves a flashy sports car. One that many of us will never own.
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