Boston Business Journal:

Boston’s OneUnited Bank received $12 million in federal rescue funds last month just weeks after regulators issued a cease-and-desist order to overhaul some of its lending and executive compensation practices.
Details of the Federal Deposit Insurance Corp.’s official enforcement action against OneUnited and the bank’s pending $12 million infusion were first reported Dec. 5 in a Page 1 article in the Boston Business Journal. The Wall Street Journal reported Thursday that the tiny bank received the bailout money after gaining influential support from Massachusetts congressman and House Financial Services Committee Chairman Barney Frank.
The funds came from the U.S. Treasury’s Troubled Asset Relief Program.
The FDIC’s cease-and-desist order said OneUnited must cut financial ties to a California-based limited liability company that owns a beachfront home in Santa Monica. OneUnited Chairman and CEO Kevin Cohee and his wife, Teri Williams, who also is the bank’s president, control the LLC, according to records with the California Secretary of State’s office.
The bank also pays for a Porsche for Cohee’s personal use.

It seems like this whole financial ragnarok is six degrees of Barney Frank.