Senator Daniel Inouye's "Favor" From TARP "

ProPublica/The Lid ^ | 7/1/09 | The Lid

[Shellybenoit]

Back in January it was revealed that part of the TARP Program included giving some funds to a bank that was cited for bad buisness practices.The money was given as a favor to Congressman Barney Frank

Frank, head of the powerful House Financial Services Committee, acknowledged that last fall he inserted into the government’s $700 billion Troubled Assets Relief Program bill specific language to help OneUnited, New England’s only black-owned bank. He also said he contacted someone at the Treasury Department about OneUnited’s application for emergency TARP funds, though he insisted he never asked Treasury to bend any rules on behalf of OneUnited.

..But OneUnited was also facing regulatory scrutiny last fall from other government agencies, which later slapped a cease-and-desist order on OneUnited due to “unsafe and unsound banking practices.”

Regulators also complained of “excessive” executive pay at OneUnited - including a Porsche for use by CEO Kevin Cohee....Source:Barney Frank helped controversial black-owned bank gain money

We are now learning that Frank was not the only member of congress using TARP for his own gain. Senator Daniel Inouye (D-Hawaii) had a huge investment in Central Pacific Financial, Hawaii's fourth-largest bank. Funny how they were appoved for bailout funds right after the Treasury Department got a call from the Senator's Office:

[KoRn]

The criminals are running the prisons!