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Federal examiners protested help for politically connected bank, e-mails show

Date: April 6, 2011
Author: R. Jeffrey Smith
QUOTE: A decision... to help a politically connected bank in Boston left federal bank examiners there angry enough that some called it a “travesty of justice..."  The chairman of OneUnited Bank, a friend of Rep. Maxine Waters (D-Calif.), had rendered it insolvent through lavish spending and bad investments... after Waters arranged a key Treasury Department meeting for the bank, it had won a bailout loan and a unique exemption from the FDIC’s accounting rules.

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