OneUnited bank was weakest to receive TARP support

A report on  Bank Tracker, a project of the Investigative Reporting Workshop at American University, shows that OneUnited Bank, the bank at the center of the allegations against Rep. Maxine Waters, D-Calif., was the weakest TARP bank at the time of its rescue.  “When then Treasury Secretary Henry Paulson announced creation of the so-called “Capital Purchase Program” in October 2008, he said said it was directed at “healthy institutions.” Nevertheless OneUnited Bank of Boston received a $12.1 million capital injection from the Treasury Department on Dec. 19, 2008. The money has not been repaid, according to Treasury Department documents.”