Why Is OneUnited Bank Still Open?

Financial industry analyst Tom Brown asks a fair question. Of course, we already know the answer - because Maxine Waters has family money tied up in it. And even with a taxpayer bailout, the bank is on life support:

The result of the Treasury’s investment was to transform OneUnited’s balance sheet from horrific to merely ghastly. Some numbers: at September 30, 2008 (that is, before the TARP investment but after the GSE blowup), OneUnited’s ratio of tangible common equity to total assets was minus-4.97%. At yearend (post-TARP), that ratio had ballooned to . . . minus-2.65%! It has since settled back to minus-2.95%.

Obamanomics and crony capitalism...no difference.