damian.paletta@wsj.com
Political Interference Seen in Bank Bailout Decisions
Submitted by loner on 25 January, 2009 - 10:44pm- aggregator bank
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- minority bank
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- particular home-state bank
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- The Colonial BancGroup, Inc.
- The PNC Financial Services Group, Inc.
- Timothy Geithner
- Trabo Reed
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- Troubled OneUnited Bank
- United States
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- 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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What did I say then?
Financial Risk Management: Beyond Normality, Volatility and Correlations (6 years 10 weeks ago):
The 9/11 Commission cited "failure of the imagination" as one of the U.S. intelligence community'...
