John Ransom

Additionally Waters was being investigated for using undue influence to secure a $12 million TARP bailout for a bank in which her husband was a director and a shareholder. Waters has reimbursed herself and her husband for over $15,000 in various expenses, including hotel, office supplies and gasoline. Her campaign has also loaned $25,000 to a non-profit on which she is a board member and of which her daughter is president. CREW says that no payments have been made on the loan as of last April.

But all of that is now old news.

Congress finally got down to the bottom of things ethics-wise for Maxine- like they always do for “members”- and found out that Waters, while still a socialist, is perfectly fit to represent Democrats as the ranking member of the Financial Services Committee.

There is illegal behavior and then, apparently, there is only congressional behavior.

That means that if Democrats capture the US House again, ole Maxine gets to be the top finance dog in congress, writing cool, new financial services legislation for all of us.

And here’s how she earned that privilege: According to Politico Waters donated over $250,000 to the Democrat Congressional Campaign Committee in the last several weeks of the election cycle, including over $11,000 to candidates in her home state of California. 

Ah, nothing secures the position of ranking member of the financial services committee better than: 1) being acquitted on all congressional ethics charges and 2) subsequently providing $250,000 of good, old-fashioned financial services of your own to Party's candidates.

Remember Maxine called for “socializing” the oil industry when Bush was president because oil prices were too high. She told oil executives that they had to bring prices down or she’d socialize the industry. She called for a trillion dollar jobs bill after the trillion dollar stimulus failed, and dared the Tea Party to come after her while telling us all that they could go “straight to hell.”

Writes the Washington Post:

 “I’m not afraid of anybody,” Waters said at the summit in Inglewood, Calif. “This is a tough game. You can’t be intimidated. You can’t be frightened. And as far as I’m concerned, the ‘tea party’ can go straight to Hell.”

I think it’s proper to say that Waters, even now, wants tea partiers to end up in the actual, physical Hell.     

She also claimed before the collapse of the housing market brought about in part by decade-long abuses at Fannie Mae that “we do not have a crisis at Freddie Mac, and in particular at Fannie Mae under the outstanding leadership of Mr. Frank Raines.” Time Magazine listed Raines’ reign at Fannie Mae as “blameworthy” in its list of 25 People to Blame for the Financial Crisis.

So, no; it doesn’t surprise me that using influence to secure a TARP loan for a bank that was mismanaged by your husband isn’t unethical according to the standards of congress; or that using campaign funds and public money to enrich your own family doesn’t rise to the level of abuse of public trust.  

Nor does it surprise me that Maxine Waters, “This Old Socialist,” would get her shot at writing, re-writing and re-re-writing financial services laws for a country already on the ropes.  

But it does make me sick.

This country has gone straight to Hell.   

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

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