Inquiring minds are not surprised that OneUnited Bank received special treatment beyond what was disclosed. But they are surprised at the level of graft:
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.
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.
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. 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.
Does this remind people of “Casablanca” where Captain Renault is closing down Rick’s Cafe American:
Rick: How can you close me up? On what grounds?
Captain Renault: I’m shocked, shocked to find that gambling is going on in here!
[a croupier hands Renault a pile of money]
Croupier: Your winnings, sir.
Captain Renault: [sotto voce] Oh, thank you very much.
Captain Renault: Everybody out at once!
saying he was “Shocked to find gambling at this establishment!” as an employee gives him his winnings.
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