Spencer Bachus
Political Interference Seen in Bank Bailout Decisions
Submitted by loner on 25 January, 2009 - 10:44pm- aggregator bank
- Alabama
- Arizona
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- bank bailout fund last fall
- bank last week
- Bank of America Corp.
- Bank of America Corporation
- bank regulatory agencies
- banking
- Barack Obama
- Barney Frank
- Barney Frank Goes
- Ben Bernanke
- BFM FHLMC Mortgsecurities Fund
- Boston
- Brookly McLaughlin
- Bush administration
- California
- Citigroup Inc.
- Cleveland
- Colonial BancGroup Inc.
- Columbus
- Comptroller of the Currency
- controversial applications
- Damian Paletta
- damian.paletta@wsj.com
- David Enrich
- david.enrich@wsj.com
- Department of the Treasury
- Dow Jones & Company Inc
- Dow Jones & Company, Inc.
- Dugan
- Fannie Mae
- FDIC
- Federal Deposit Insurance Corp
- Federal Deposit Insurance Corp.
- Federal Reserve System
- Felecia Rotellini
- Financial Services Committee
- Florida
- Freddie Mac
- Green Bay
- Henry Paulson
- House Financial Services Committee
- House Financial Services subcommittee
- Huntington Bancshares Inc.
- Huntington Bancshares Incorporated
- John Harrison
- large regional banks
- Mark Sanford
- Massachusetts
- Maxine Waters
- Michigan
- minority bank
- National City Corp.
- National City Corporation
- Office of Thrift Supervision
- Ohio
- OneUnited
- overextended mortgage giants
- particular home-state bank
- Pittsburgh
- PNC Financial Services Group Inc.
- Porsche
- Porsche Automob
- predecessor bank
- Richard Shelby
- Robert Cooper
- Saigon National
- Saigon National Bank
- Senate
- Senate Banking Committee
- Sidney Williams
- South Carolina
- Spencer Bachus
- The Colonial BancGroup, Inc.
- The PNC Financial Services Group, Inc.
- Timothy Geithner
- Trabo Reed
- Treasury
- Troubled OneUnited Bank
- United States
- USD
- Washington
by Damian Paletta and David Enrich
Barney Frank Goes to Bat for Lender, and It Gets an Infusion
Troubled OneUnited Bank in Boston didn't look much like a candidate for aid from the Treasury Department's bank bailout fund last fall.
The Treasury had said it would give money only to healthy banks, to jump-start lending. But OneUnited had seen most of its capital evaporate. Moreover, 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.
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