Earlier today, Ben Bernanke had the pleasure of sitting down for a little Q&A with Congress about the economy. Former Real World cast member Sean Duffy inquired as to whether or not raising taxes would hurt job growth. Ron Paul asked if gold is money and had his mind blown when he was told it was not. And Maxine Waters wanted to know why two white bitches got money from TALF when minority-owned banks didn't see a dime.
Apparently Maxine was reading Rolling Stone a few months ago and "what really caught my eye," she told Bernanke, was an article called "The Real Housewives of Wall Street," by a young man named Matthew Taibbi. It was in that story that Ms. Waters learned about a "so-called shadow budget" that enabled John Mack's wife Christy to received $220 million for Waterfall TALF Opportunity, a company she started with a friend, to purchase asset-based securities. Why does Maxine point this out to Bernanke? "You know I've been in your face a long time about opening up opportunities to minority banks, for example. If they had money, they'd lend money to businesses that would create jobs in the minority community. How is it that in this program that you and this shadow budget could make it possible for Waterfall to get $220 million when I can't get any money from you for these small and minority banks."
"Well, I don't think that story is very accurate," Bernanke began, "But that program was open to any US company, minority owned or otherwise."
If he thought he was going to get off that easy, he thought wrong.
"How many African Americans did you fund through the TALF program," Max pressed.
"Anyone who qualifi--"
"NO, NO, NO," Waters interjected, not interested in letting him evade the question per usual. "I want numbers, I need some answers."
Bernanke, suspiciously, could provide Maxine with none, which is how she knew she'd nailed him. "I'll be following up with your office," she told him with a knowing glance. In meantime, she'd also like answers from Bernanke as to how Bank of America's recent settlement is only costing them $8.5 billion? She knows he personally is hiding something and will find out sooner or later. Whether it's done the easy way or the hard way is up to him.
Bernanke Q&A Part 8 [CNBC]