Barney Frank, a True Democrat

Discussion in 'Politics' started by carpro, Jan 24, 2009.

  1. carpro

    carpro
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    http://online.wsj.com/article/SB123258284337504295.html

    Political Interference Seen in Bank Bailout Decisions

    Barney Frank Goes to Bat for Lender, and It Gets an InfusionArticle

    By DAMIAN PALETTA and DAVID ENRICH

    Troubled OneUnited Bank in Boston didn't look much like a candidate for aid from the Treasury Department's bank bailout fund last fall.

    The Treasury had said it would give money only to healthy banks, to jump-start lending. But OneUnited had seen most of its capital evaporate. Moreover, 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.

    Nonetheless, in December OneUnited got a $12 million injection from the Treasury's Troubled Asset Relief Program, or TARP. One apparent factor: the intercession of Rep. Barney Frank, the powerful head of the House Financial Services Committee.

    Mr. Frank, by his own account, wrote into the TARP bill a provision specifically aimed at helping this particular home-state bank. And later, he acknowledges, he spoke to regulators urging that OneUnited be considered for a cash injection.

    SNIP

    Rep. Waters heads the House Financial Services subcommittee on housing, and until last spring her husband, Sidney Williams, was a OneUnited director. Rep. Frank, besides heading the Financial Services Committee, has longstanding ties to OneUnited, and recalls having had a deposit account at a predecessor bank in the 1960s.

    Later that month, Rep. Frank was intimately involved in crafting the legislation that created the $700 billion financial-system rescue plan. Mr. Frank says that in order to protect OneUnited bank, he inserted into the bill a provision to give special consideration to banks that had less than $1 billion of assets, had been well-capitalized as of June 30, served low- and moderate-income areas, and had taken a capital hit in the federal seizure of Fannie Mae and Freddie Mac.
     
  2. Bro. Curtis

    Bro. Curtis
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    Why is that man NOT in jail ? He literally makes me sick.
     
  3. LeBuick

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    Yep, I have to agree with you on that guy. I didn't like what he did to McCain when he kept saying they didn't need his help with the bailout. I thought that was rude.

    Question... Does he have teeth? It always looks like he is not wearing his teeth?
     
  4. Aaron

    Aaron
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    Never mind!!! :eek:
     
  5. Bro. Curtis

    Bro. Curtis
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    Not to mention the underage boys sold out of his DC apartment.
     
  6. carpro

    carpro
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    Democrats love him.
     
  7. Bro. Curtis

    Bro. Curtis
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    Yeah. They want Rush Limbaugh off the air, but have no problem with B.F..
     

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