OneUnited and it’s CEO Kevin Cohee came under fire from FDIC for executive expenses as well. The Massachusetts-based OneUnited, while asking for $12 million in bailout assistance, had been paying for a 2008 Porsche and a beachfront house in Santa Monica, CA, for Cohee and his wife, Teri Williams Cohee, who is the bank president.
OneUnited had also been heavily criticized for it’s lending practices, noted The Hill:
Boston-based OneUnited Bank had a history of receiving poor performance evaluations, and officials at Treasury and the FDIC were aware of the negative ratings and discussed them before doling out the loan, according to e-mails and other documents Judicial Watch obtained from the Treasury Department through a Freedom of Information Act request ….
One e-mail produced from the FOIA request sent from former Treasury Senior Adviser Michael Scott to Director of the Office of Financial Institutions Mario Ugoletti is dated Sept. 15, 2008, months before banks were selected to receive bailout funds. The e-mail cites a 2004 evaluation criticizing the bank’s service to the state of Massachusetts. The report noted that in 2002 and 2003, the bank administered just one loan.
Waters’ trial has yet to be rescheduled, and there is no word from the committee as to when it might be.
Congressional sources tell PJM the committee is in complete disarray due to internecine warfare between the Democrats on the committee as the Republicans are forced to stand back and watch. While other committees can get on with their work regardless of whether the minority has its house in order or not, the House Ethics Committee, which has an equal number of members of both parties, cannot. Until it does the Waters trial hangs in limbo.