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701 West Baristo Rd., and
Spencers Restaurant 701 West Baristo road
Financial Disclosure gives Barstow in error?
Maybe she's a stakeholder in it.
Maxine Waters 2016 Financial Disclosure and Search for 701 West Barstow in Palm Springs
Back Ground
In 2008, the committee charged the ten-term California Democrat Maxine Waters with three counts of violating House rules and the federal ethics code in connection with her effort to arrange a 2008 meeting between Treasury officials and representatives with OneUnited bank.
Waters, who sits on the Financial Services Committee, broke a House rule requiring members to behave in a way that reflects “creditably” on the chamber. The committee noted that by trying to assist OneUnited, Waters would benefit from the bailout because her husband owns OneUnited stock, estimated at $350,000.
At the end of September 2008, the stock, which represented up to 15.2 percent of the couples net worth, had fallen to $175,000. The committee found that “if OneUnited failed, [Waters’s] husband’s investment would have been worthless.”
This could have been a real issue for Waters who lives in a heavily mortgaged home and whose net worth is at negative $14,991 when comparing her assets to liabilities.
According to the Los Angeles Times:
According to the disclosures, Waters and her husband own property in Los Angeles, Palm Springs, Kern County and Washington, D.C. Her home in the Windsor Square neighborhood of Los Angeles is valued at at least $1 million, Waters reported, as is her mortgage on the property.
Waters is also accused of violating the “spirit” of a House rule that prohibits lawmakers from using their positions for financial gain, as well as a government ethics statute banning the dispensing of “special favors.”
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In the complaint, Waters is charged with contacting then-Treasury Secretary Henry Paulson to request the meeting between the National Bankers Association (NBA) and Treasury officials. Three of the four attendees the NBA invited had ties to OneUnited, according to the Office of Congressional Ethics.
In the end, that meeting resulted in OneUnited receiving a $12 million bailout despite the fact that the Treasury Department officials knew it had a record of failing to serve its community’s lending needs, tipping Water’s assets to liabilities ratio toward the positive.
Senator Barney Frank, head of the House Banking Committee, had previously warned Watersagainst involvement in assisting OneUnited, noting her husband’s ties to the bank. However, the committee found that Waters remained involved through her chief of staff, Mikael Moore. Waters’ attorneys say that Moore, who is also the congresswoman’s grandson, acted without her knowledge.
Waters has long denied any wrongdoing, CNN reporting in 2010:
Waters, a 71-year-old 10-term Democrat representing the Watts section of Los Angeles, insists she did nothing wrong.
“I have not violated any House rules,” she said in a statement released Monday. “I simply will not be forced to admit to something I did not do.”
Waters asserted that “the record will clearly show that in advocating on behalf of minority banks neither my office nor I benefited in any way, engaged in improper action or influenced anyone. … The case against me has no merit.”
Waters stressed that the meeting “was requested and scheduled on behalf of the (National Bankers Association), not on behalf of OneUnited Bank as has been suggested.”
Jacquie Kubin
Jacquie Kubin is an award-winning writer and wanderer. She turns her thoughts to an eclectic mix of stories - from politics to sports. Restless by nature and anxious to experience new things, both in the real world and online, Jacquie mostly shares travel and culinary highlights, introduces readers to the chefs and creative people she meets and shares the tips, life and travel information people want to read.