Thread: Barney Frank’s hypocrisy

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  1. #1 Barney Frank’s hypocrisy 
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    By Boston Herald Editorial Staff | Saturday, January 24, 2009 | http://www.bostonherald.com | Editorials
    Ah, the dirty little secret is out. That $700 billion TARP (Troubled Asset Relief Program) bill was in part simply a variation on congressional pork - except this time the recipients were banks with friends in high places.
    One of those powerful friends was Rep. Barney Frank (D-Newton), chairman of the House Financial Services Committee. And one of the recipients of a $12 million infusion of federal cash was the troubled OneUnited Bank in Boston - a bank that had already been accused of “unsafe and unsound banking practices.” Its CEO, Kevin Cohee had also been criticized by regulators for “excessive” pay that included a Porsche.
    Frank admits he included language in the TARP legislation specifically designed to bail out OneUnited. He also acknowledges contacting officials at the Treasury Department about the bank’s bailout application.
    “I believe it would have been a very big mistake to put the only black bank (in Massachusetts) out of business,” Frank said. Besides, he insists, “It was a case of the federal government causing the problem.”
    Causing the bad loans OneUnited made? Or would that go back to Fannie Mae and Freddie Mac, which Frank so staunchly defended earlier on?
    Frank has never failed to amaze us with his ability to defend the indefensible and to staunchly uphold the double standard. It’s his special talent.
    Article URL: http://www.bostonherald.com/news/opi...icleid=1147407
    Why would it be a mistake to allow a black business to fail? He's right about one thing, it was the federal government that caused this whole financial mess, and we peasants get screwed while Barney takes care of his 'friends'. Since the federal government caused my IRA saving to decline, how about sending me the $$$ as part of that bailout? :mad:
    "If every poor man is to come here and start requesting money for all his children, the applicants will never be satisfied and the nation's finances will collapse." Emperor Tiberius: Tacitus:Annals




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    The first $350 billion dollars of the TARP money was pissed away. Billions went to Merrill Lynch. BOA took this failing outfit over. However, John Thain, CEO of M.L., resigned two days ago and walked away with a $161 million dollar retirement package even though the company was getting ready to go under. The real kicker is that he doled out billions in bonuses in December which are usually given out in January.

    These outfits took $350 billion and will not tell us where the money went. It was supposed to go to freeing up credit rather than salaries or bonuses. The media broke the story that Thain used $1.2 million dollars to remodel his office with luxurious furniture and rugs.

    I don''t see Barney Frank dragging assholes like Thain, Rubin and others requiring them to tell us where the money went. The claw-back provision is a joke. These fat cats greased the palms of politicians like Frank and Dodd, and their little outbursts in the media is a dog and pony show. No one will have to pay the government back a dime on these golden parachutes packages. Pretty f. ing sad when these assholes piss away all that money and the liberal Demo-craps are going to give them more billions without accountability for the first pile of dough.
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    Quote Originally Posted by lacarnut View Post
    The first $350 billion dollars of the TARP money was pissed away. Billions went to Merrill Lynch. BOA took this failing outfit over. However, John Thain, CEO of M.L., resigned two days ago and walked away with a $161 million dollar retirement package even though the company was getting ready to go under. The real kicker is that he doled out billions in bonuses in December which are usually given out in January.

    These outfits took $350 billion and will not tell us where the money went. It was supposed to go to freeing up credit rather than salaries or bonuses. The media broke the story that Thain used $1.2 million dollars to remodel his office with luxurious furniture and rugs.

    I don''t see Barney Frank dragging assholes like Thain, Rubin and others requiring them to tell us where the money went. The claw-back provision is a joke. These fat cats greased the palms of politicians like Frank and Dodd, and their little outbursts in the media is a dog and pony show. No one will have to pay the government back a dime on these golden parachutes packages. Pretty f. ing sad when these assholes piss away all that money and the liberal Demo-craps are going to give them more billions without accountability for the first pile of dough.
    shout it from the roof tops but watch your back.Obama's about to windup his internet squad of thought police to track down all of the disenters who write against him.

    As we write they are reading with the help of Google's retooled search engines all opposition to his,obama's ,rule ! Big Brother is here .

    Google has the tools and digital storage to keep track of every dissenting American on the web and they and all of their resources are in the liberal/Progressive camp .I'm sure if they can log pm's but I don't see why not !
    Last edited by megimoo; 01-24-2009 at 10:26 PM.
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    Quote Originally Posted by megimoo View Post
    shout it from the roof tops but watch your back.Obama's about to windup his internet squad of thought police to track down all of the disenters who write against him.

    As we write they are reading with the help of Google's retooled search engines all opposition to his,obama's ,rule ! Big Brother is here .

    Google has the tools and digital storage to keep track of every dissenting American on the web and they and all of their resources are in the liberal/Progressive camp .I'm sure if they can log pm's but I don't see why not !
    I would like to see them try. I am retired; I can pack my shit up and move to Panama and live very well.
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    Quote Originally Posted by lacarnut View Post
    I would like to see them try. I am retired; I can pack my shit up and move to Panama and live very well.
    Thailand is nice too. Basically anywhere in Southeast Asia you could live super comfortable on very little coin.
    "Don't vote. It only encourages the bastards." -PJ O'Roarke
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    Quote Originally Posted by marinejcksn View Post
    Thailand is nice too. Basically anywhere in Southeast Asia you could live super comfortable on very little coin.
    I worked with a lady from Panama and she has got me interested in moving there. The cost of living is cheaper and the country offers more benefits to foreigners than any place in the world. No property taxes for 20 years or income tax on your investments or retirement income from the USA. Americans get all kinds of discounts from health insurance to restaruants. They use our currency and have many American banks and doctors there. It is also the most modern and stable country in South America.
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    Quote Originally Posted by lacarnut View Post
    I worked with a lady from Panama and she has got me interested in moving there. The cost of living is cheaper and the country offers more benefits to foreigners than any place in the world. No property taxes for 20 years or income tax on your investments or retirement income from the USA. Americans get all kinds of discounts from health insurance to restaruants. They use our currency and have many American banks and doctors there. It is also the most modern and stable country in South America.
    Sounds lovely really. I'll have to look into that too; after living in Hawaii the last 6 years there's no way I can retire anywhere cold, even as much as I love Pennsylvania.
    "Don't vote. It only encourages the bastards." -PJ O'Roarke
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    Quote Originally Posted by marinejcksn View Post
    Sounds lovely really. I'll have to look into that too; after living in Hawaii the last 6 years there's no way I can retire anywhere cold, even as much as I love Pennsylvania.
    Another benefit is that their banks do not report any income to the US. In fact, it is against the law and anyone that violates that can go to jail under Panamanian law. Many countries abroad do not have this tax haven. Americans can invest in their banks with offshore accounts and the IRS can not gain that information. The only catch is that you have to pay a Panamanian attorney to set up a corporation or foundation as it is illegal to set up an individual account. Also, Panama is not subject to hurricanes.
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