Zach Roth at TPM Muckraker summarizes the presumed, alleged misdeeds that led to the Ethics Committee investigations:
Waters is likely under investigation for her role in securing TARP funds for the bank OneUnited. Her husband sat on the board of the bank and owned stock in the company.
Graves is under investigation for his failure to disclose financial ties that he and his wife have with a witness he invited to testify in a committee. According to Roth, "Graves invited his friend Brooks Hurst to testify at a hearing about renewable fuels, without mentioning that Graves’s wife and Hurst are co-investors in a renewable fuels plant in Missouri. Graves has also said in the past that he recruited “the Graves family” to invest in a different bio-diesel plant in Missouri."
In the case of Jackson, who is under investigation for his attempt to secure a Senate seat from Gov. Rod Blagojevich, the Ethics Committee is deferring its investigation in light of a Justice Department inquiry. Not good news for Jackson.
You can view the Ethics Committee statements on each investigation here.
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