Department of Treasury Emails Regarding Barney Frank and the Bailout of OneUnited Bank

The documents, obtained by Judicial Watch in response to a Freedom of Information Act (FOIA) lawsuit filed against Treasury, include correspondence between Frank and Treasury as well as internal Treasury emails referencing attempts by Frank and Rep. Maxine Waters (D-CA), whose husband, Sidney Williams, served on the OneUnited Board of Directors, to intervene on behalf of the Massachusetts Bank.

The documents suggest Rep. Barney Frank (D-MA) personally called former Treasury Secretary Henry Paulson regarding a cash infusion from the government’s Troubled Asset Relief Program (TARP) for the Boston-based OneUnited Bank. On November 25, 2008, following Frank’s intervention, the Treasury Department awarded $12,063,000 in bailout funds to OneUnited, which is located in Frank’s district. According to the Wall Street Journal, Frank publicly admitted he spoke to a “federal regulator” regarding OneUnited, but “he didn’t remember which federal regulator he spoke with.”