The House ethics committee spelled out its case against against Rep. Maxine Waters, the legendary congresswoman who represents south L.A., The Washington Post reports.
As expected, the case alleges Waters "improperly exerted" influence over Treasury Department officials when she sought bank bailout money for OneUnited Bank, even as her husband owned significant stock in the company.
Her husband Sydney Williams had seen the value of stock in the bank, where previously he'd been a director, drop from $350,000 to $175,000. Without the $12 million from the Troubled Asset Relief Program, which is the formal name for the bank bailout program, his stock would have been "worthless," the ethics committee alleges.
Waters has forcefully denied wrongdoing, saying she was merely setting up a meeting between Treasury and minority-owned banks. She asked last week that the report be released so she could clear her name.
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Last week, we reviewed some of the reaction, from Jon Stewart and The New Republic.