Barney Frank (D-Mass.)and Maxine Waters (D-California) went to great lengths arranging a federal bailout for OneUnited, a small minority-owned bank in the Boston area. Waters had close ties to the bank: she and her husband both had held financial stakes in the company and her husband had served as a director. Waters had tried to burnish the image of the bank's executives and criticized regulators for their scrutiny of the bank. Both Representatives trumpeted the role the bank played in its community, in particular providing loans to local citizens to help them afford, among other things, homes.Turns out that was hogwash.The Boston Globe has a scathing article that reveals the bank to be poorly run, to have ignored its own community, and to have indulged its executives with a high-living lifestyle. Indeed, the bank also made claim when it sought federal funds that it was merely trying to help its community.But the recipients of these loans are a far cry from the sort of customers...(Read Full Post)