Washington Babylon — March 12, 2009, 12:25 pm

A Personal Bailout

From the New York Times:

Top banking regulators were taken aback late last year when a California congresswoman helped set up a meeting in which the chief executive of a bank with financial ties to her family asked them for up to $50 million in special bailout funds, Treasury officials said.

Representative Maxine Waters, Democrat of California, requested the September meeting on behalf of executives at OneUnited, one of the nation’s largest black-owned banks. Ms. Water’s husband, Sidney Williams, had served on the bank’s board of directors until early last year and has owned at least $250,000 in stock in the institution. Treasury officials said the session with nearly a dozen senior banking regulators had been intended to allow minority-owned banks and their trade association to discuss the losses they had incurred from the federal takeover of Fannie Mae and Freddie Mac. But Kevin Cohee, OneUnited’s chief executive, instead seized the opportunity to plead for special assistance for his bank, federal officials said.

“Here you had a tiny community bank that comes in and they are not proposing a broader policy — they were asking for help for themselves,” said Steve Lineberry, a former Treasury aide who attended the meeting. “I don’t remember that ever happening before.”

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(1) To need his glasses and be struck by an awareness that they are not at hand, an ordinary enough circumstance for Frederick Douglass, except sometimes it’s accompanied by a flash of extraordinary dread. If not quite panic, certainly an unease disproportionate to a simple recurring situation. Dread that may be immediately extinguished if he locates his horn-rimmed, owlish-eyed spectacles exactly where he anticipated they should be. He sees them and almost sighs. Nearly feels their slightly uncomfortable weight palpable on his nose. Finding the glasses enough to reassure him that he remains here among the living in this material …
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