Rep. Maxine Waters Refutes Ethics Charges

"I am not about to try to get into what's a benefit or lack of benefit for either party," Waters said when asked about the elections. "I want to deal with the case."

After the press conference, Citizens for Responsibility and Ethics in Washington blasted Waters' conduct. "The fact remains, Rep. Waters abused her office for personal financial gain and she must be held accountable for that," CREW director Melanie Sloan said. "No Powerpoint presentation by her grandson or anyone else can change that reality. It's a shame that Rep. Waters didn't defend the honor of her office with the same vigor she is now defending her reputation."

At that meeting and in follow-up conversations, according to an investigative subcommittee report, "the discussion centered on a single bank -- OneUnited," where Waters' husband was a board member from 2004 to 2008. According to her 2008 financial disclosure forms, Waters' husband owned two investments in OneUnited valued between $500,000 and $1 million.

Shortly after the meeting, the Massachusetts bank received $12 million in taxpayer aid from the $700 billion Wall Street bailout. It has yet to pay it back. Ultimately, the House Ethics panel determined, Waters' conduct could have helped her financially and violated conflicts of interest rules.

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