GOP Congressman Cantor's Wife's Bank Did Well in the Bailout

When a powerful Republican congressman's wife is hired by a bank, and the bank gets a federal taxpayer bailout worth hundreds of millions, what does it mean? That will probably shake itself out. The congressman: House Republican Whip Eric Cantor (R-VA). The wife: Diana Cantor, managing director of the Virginia subsidiary of New York Private Bank and Trust.

Paul Kiel and I just broke the story at Propublica and you can read the whole story here:
http://www.propublica.org/article/bank-employing-gop-house-leaders-wife-got-bailout-bucks-090123
In brief:
Rep. Cantor played a key role in getting bipartisan approval for the controversial $700 billion bank bailout bill in September, although since then he has been a vocal opponent of the surprising way the money is being spent: buying up stock in banks.

Still, it is one of those strange quirks in politics that $267 million of the money is going straight to a privately owned bank where Cantor's wife, Diana, is the managing director at a subsidiary. It's a job she apparently started early last year, after years in finance.

Cantor's people maintain that his wife and he did not even know that her employer was applying for a federal taxpayer bailout.

The parent company is called "New York Private Bank and Trust," and it's run by New York real estate tycoon Howard Milstein.

The Treasury Department sent the money to the bank on January 9th, a little more than a week before the Bush administration left office.

Diana Cantor works for a private bank subsidiary that bills itself as a "haven for wealthy individuals and families."

Comments

[hobojoe]

This guy Howard Milstein, owns Emigrant Mortgage Company. Him and his employees are ruthless. I'm about to loose my home within 30 days. Google him and complaints against Emigrant. Their attorney told the Judge that they want the house because their is plenty of equity $400,000+. The judge was shocked, tried talking them to work things out, refused. One of their hang-man is James A Raborn. He has done everything possible to take the house. I had a politican go to bat for me. Then did and about face, because Milstein contributed to his campaign. I need some LUCK.

[cmjohnson]

I cannot say that this is unbelievable, because it is extremely believable. The guy who is leading the opposition charge against Barack's stimulus package, is married to someone whose bank received hundreds of millions from the Bush's bailout.

Wow! You cannot make this stuff up. Let us shine the lights on these people and watch them scatter.

[bajdog]

The only way to stop these crooks from stealing from the citizens of this country is to put the death penalty for defruding the American people and our Government. People like this that put our Country at risk or in financial crissis should be treated as non combatens against our national security. Put in gitmo untill their trial and the death penalty when found guilty. This includes Canier, Madoff, Paulson and the rest. We who served our Country in the time of Wars did not do it for these Draft Dodgeing Bastards to rob from us.

[envyme]

Wow. Tell us how you really feel...Isn't the death penalty a tad bit too extreme?

[Hoosierbrad]

I"m shocked, shocked there is gambling in this establishment!

[Craig Wilson]

Unbelievable.This just keeps getting better,and better.

[amessenger]

It's a synch that "New York Private Bank and Trust" -- a haven for wealthy individuals and familes" needs the bailout bucks. After all, they are lead by New York Real Estate Tycoon Howard Milstein --- emphasize the R.E. handle. There was probably a serious touch of liquidity problems with NYPB&T, after Howard directed all their money into 20th "Gold Mine" DOT's (that would be those 3rd and 4th Gen Financial Instruments --- secured by some colorful loans). Howie and friends surely got their "commish" off of setting-up their friends who got a little uneasy during devaluation.
Enter Diana, with Goldman-Sachs Ethical experience and someone who could spruce up the cash value of those spiraling 'assets', (plus get yet another commission in their reestablishment) with the help of hubby Eric, "Repugnantcan Whip" with 267 million UncleSugarBucks from the B.O. fund, tarping his way to re-election. This guy also gives me "the creeps", having that "good of the people" facade that covers his real motives.

[JessWonderin]

Maybe if Diana had been working on a GM assembly line THEY would not have had the probelms getting the less than 5% of the "BANK Bailout Hog Fed" . . . .

But like in any war . . . those with the power lose the least.

[SCVADem]

Diana Cantor was Vice President at Goldman Sachs from 1985 to 1990.

Henry Paulson led the Investment Management division of the Midwest region from 1983 to 1988 and then managing partner of the Chicago office from 1988 to 1990.

What are the chances that Paulson and Mrs. Cantor never met?

[sueinmn]

Name recognition (Goldman Sachs) is all that's needed.

Good 'ole boys syndrom...­..........­!

[Mnemanth]

Conflict of interest, anyone?
Surely no one is really surprised. And to think, it's tax time! Time to pool our resources to give away to the next round of crooks.

[sugarfree]

Yes i agree, at least Conflict of interest !!!!!!!!!.
Its unbelievable that the Media is not running this story, Bill Oreilly and Sean Hannity were asking what happen to the rest of Bailout money.
But when i email them this story FIXNEWS never mention Eric Cantor name.
Last night Orielly were naming all the corrupt Politicans but Cantor was not name.
Fair and Balance, YA!!!!!!!!!!..

[hobojoe]

I did the same. Sent info to Fox and Oreilly never responded. I had been a big fan of Orielly. Did you know Emigrant Savings Bank had advertised on Orielly's radio program? Who owns Emigrant? Howard Milstein.

[Donnat]

And in what has become the tradition of Congress, not one thing will be done to him and his GOP pals won't lift a finger of criticism toward him. Crooks look out for their crook peers.

[escrow7]

Of course he's opposed now that his wife has the job and her bank has the federal money. Don't let what you say come back and bite you in the a$$.

http://www.thirdeyechronicles.com

[montecarlo408]

There is something really sinister about Eric Cantor. He looks like he's on 24 hour simmer, ready to explode into a rage at any moment. He, quite frankly, looks really evil to me. He gives me the creeps.

Boehner, on the other hand, just looks like a broke arse George Hamilton.

[BushBites]

This is good.

Cantor's the kind of lying weasel who could become the next Tom DeLay if he's not kneecapped in the mean time.

[chulanow]

We're tired of all the RICH Democrats and Republicans helping each other to our hard earned tax money.

Enough is Enough!

[sueinmn]

These lying politicians needs to be cleaned out of office! American's can no longer remain quiet and keep their heads buried in the sands. Every direction you turn, are more criminal politicians that are so self serving, they need to go. This country needs to remove all top Executives, lobbyiest's and crooked politicians before the healing can begin or their will be no true healing, we will be taken to the cleaners again and again!