Blacks in Banking: Where Do We Stand?

 
ESSENCE.COM Dec, 16, 2009

 

California congresswoman Maxine Waters is raising eyebrows in political circles once again. She shocked top banking regulators late last year when she help set up a meeting with the chief executive of a bank with financial ties to her family and asked them for up to $50 million in special bailout funds, according to The New York Times. Waters, a Democrat of California, requested the meeting on behalf of executives at OneUnited, one of the nation’s largest Black-owned banks. Now, critics of OneUnited, which has branches in poor neighborhoods of Los Angeles and Miami, say the episode shows how special access arranged through a lawmaker with financial ties to the bank has compromised the integrity of the federal bailout effort. While OneUnited didn’t get the $50 million it requested, the bank did become among the first minority-owned institutions to receive a cash infusion – $12 million through the Treasury’s bank bailout effort. -BB

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