Barney Frank must go

slobbering barney

One of the untold stories of our fiscal crisis is the role played by Slobbering Barney Frank in the mortgage meltdown. He routinely blocked efforts by the Bush administration and other members of congress to reform and properly regulate Fannie & Freddie. (more here) He has also somehow avoided the scrutiny of the House Ethics (an oxymoron if ever there was) Committee, as this story (from FoxNews) points out.

The Obama administration has made clear that it’s setting its sights on another rush job, propaganda exercise to advancing the ruling class: financial regulatory reform. While there is no question that some smart and independent regulation is needed for Wall Street, giving more spending and power to a government that already has a too-big-to-fail mentality will only put lawmakers in the driver’s seat and U.S. taxpayers on the hook.

At the helm of this ship of legislative action in the House is Financial Services Chairman Barney Frank, a man who already has a cloud of unanswered questions hanging over his head about his involvement in the Freddie Mae and Fannie Mac fiasco, and the Troubled Asset Relief Fund.

Why should he be allowed to play a key role in determining how banks will operate in the future?
According to Judicial Watch, a public interest group that investigates and prosecutes government corruption, Frank lobbied regulators to shell out a $12 million TARP grant for a hometown bank located in Boston.

They reported that “on November 25, 2008, following Frank’s intervention, the Treasury Department awarded $12,063,000 in bailout funds to OneUnited.”

On the surface, this doesn’t sound too serious – members of congress do this sort of thing all the time. The problem is that this bank wouldn’t have qualified for TARP relief under normal circumstances. They probably would have gone belly up if not for the intervention of Slobbering Barney and Rep. Maxine Waters (D-CA), whose husband was once a board member.

TARP was crafted to assist healthy banks who maintained above board practices. OneUnited was neither of those things. It was “under attack from its regulators for allegations of poor lending practices and executive pay abuses, including owning a Porsche for its executives’ use.”
Yes, you read that correctly. A Porsche. Bank officials used taxpayer money to buy themselves a flashy sports car. One that many of us will never own.If this is just one incident related to the misuse of TARP funds, imagine the abuse associated with the stimulus money and beyond. Where is the accountability? The transparency? Where’s the most ethical Congress ever that we were all promised?

So Frank and Waters got the federal regulators to call off the dogs plus $12M in TARP money. Nice. Do we really need a scandalous congressman who was one of the chief architects of our fiscal disaster in charge of making fiscal policy?

It’s time to give congress an enema and a good place to start is with Slobbering Barney.

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One Response to “Barney Frank must go”

  1. […] political hacks who looted these two GSEs and drove them to FAIL reaped big rewards. Slobbering Barney Frank protected them from oversight for years, famously claiming that they were not in any danger of […]

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