Barney Frank Present During "Partner's" Arrest

Reports are coming out that Bawney Fwank was pwesent when his partner was awested for marijuana possession in 2007. Fwank stated he had no idea that his boyfwiend had a pot plants in the backyard because he is not a "gweat outdoowsman". Congwessman Fwank also didn't wecognize the dwug pawaphernalia that was lying awound the house.

You have to love when politicians just spew this complete nonsense to try and remain completely innocent. Why couldn't Bawney Fwank just man up and explain he knew that his boyfwiend was smoking pot all the time and argue it should be legalized? Perhaps because he's a democwat, and democwats don't know how to tell the twuth.

Read more...

Bawney Fwank Supports Internet Gambling

A Democratic congressman at the World Series of Poker to rally support for legalizing and regulating Internet gambling says he thinks he can get a bill passed by next year. Rep. Barney Frank of Massachusetts told nearly 1,700 players Sunday at the no-limit Texas Hold 'em main event that he viewed Internet gambling as a right that must be protected.

No word yet on whether Bawney Fwank wants to legalize the prostitution ring that his gay lover ran illegally out of Frwank's apartment, but you can bet that's coming.

Read more...

Bawney Fwank Lies About ACORN

House Financial Services Committee chairman Bawney Fwank (D-Massachusetts) lied to Lou Dobbs on national television the other night but no one seems to have noticed.

On the May 18 edition on CNN's Lou Dobbs Tonight, Rep. Michele Bachmann (R-Minnesota) said she was worried about the fact that ACORN and other organizations would "have access potentially to $8.5 billion" in federal funds.

ACORN, which Bachmann noted has received about $53 million in federal money since the early 1990s, has "a pattern of indictment for voter fraud," she said. "It's very concerning. No organization has a right to federal taxpayer money."

During the heated discussion that followed, longtime ACORN ally Fwank said, "the notion that they're eligible for $8 billion is nonsense." A moment later Frank, who appeared last year in one of the group'spromotional videos on YouTube called "ACORN Grassroots Democracy Campaign," repeated his mantra.

"But it's not $8 billion," he said.

Read the whole scoop here from the writer who came up with the $8 Billion figure.

Read more...

Freddie Mac Exec Commits Suicide

Not long ago, Iowa Senator Charles Grassley (R) suggested that executives in the financial industry take a Japanese approach toward accepting responsibility for the collapse of the American economy by killing themselves. "And in the case of the Japanese," Grassley said, "they usually commit suicide before they make any apology."

I thought this remark was in poor taste.  It is particularly in poor taste given the fact that Congress, itself, is equally responsible for the downfall of Wall Street and the financial sector, and Congress has thus far done everything they can to avoid taking responsibility.

While Grassley's comments were specifically aimed at AIG execs, it looks like he got his wish.

The acting chief financial officer of Freddie Mac was found dead in his home today of an apparent suicide.

David Kellerman, a 16 year veteran of the mortgage loan guarantor was discovered by his wife who found him in the basement.  The two have a young daughter.

Apparently, Kellerman was under investigation by the SEC regarding possible accounting violations. While this certainly doesn't make him a saint, nobody deserves this.

Isn't it about time for the SEC to investigate Bawney Fwank and others in congress who had over-sight over Freddie Mac and Fannie Mae?

Read more...

Remember When?

Remember when the Big 3 automakers were "too big to fail"?  Remember when they needed the bailouts, and the bailout mania that followed? 

Do you remember that the idea of bailing out anything "too big to fail" meant stepping away from the authority granted Congress for bankruptcy to other powers never granted to Congress or the federal government? 

Some of us (me included) insisted that companies that were "too big to fail" needed to fail and go through re-organization and get its act together.

Remember that?

Remember the politicians telling us that tens of billions, hundreds of billions and now trillions of dollars going to bailouts, handouts, bonuses and rewards to political brown-nosers and supports were necessary?

Remember the serial lies told about AIG, Fannie Mae, Freddie Mac and the faux outrage by politicians and regulators?  Remember Bawney Fwank chastising the Bush administration and McCain for suggesting we could be headed for a mortgage crisis.

Gee, I must be getting old.  

I remember all of that.

Read more...

White House to Grab More Power over Financial Companies

Pointing with dismay to the AIG debacle, the nation's top economic officials argued Tuesday for unprecedented powers to regulate and even take over financial goliaths whose collapse could imperil the entire economy. A Tele-prompter agreed and said he hoped "it doesn't take too long to convince Congress."

Treasury Secretary Timothy Turbo-TaxCheat Geithner and Federal Reserve Chairman Ben Bernanke, in a rare joint appearance before a House committee, said the messy federal intervention into American International Group, an insurance giant, demonstrated a need to regulate complex nonbank financial institutions just as banks are now regulated by the Federal Deposit Insurance Corp.

"AIG highlights broad failures of our financial system," Turbo-Tax Geithner told the House Financial Services Committee. "We must ensure that our country never faces this situation again."

But the two appeared divided over where the authority should reside. Geithner suggested his Treasury Department's powers be expanded. Bernanke was noncommittal, even suggesting the FDIC.

Both officials sought to channel the widespread public outrage over the millions of dollars AIG spent in post-bailout bonuses into support for regulatory overhaul. Geithner was expected to lay out more details on the administration's plan Thursday when he appears again before the committee.

Democrats in the Senate say the administration wants the proposal on taking over non-banks to move separately from the larger financial industry regulatory bill, to get it going more quickly.

At the White House, the Tele-Prompter In Chief told reporters, "We are already hard at work in putting forward a detailed proposal. We will work in consultation with members of Congress. That will be just one phase of a broader regulatory framework that we're going to have to put in place to prevent these kinds of crises from happening again."

Christianophobe Bawney Fwank, D-Mass., the committee chairman, said that "when nonbank major financial institutions need to be put out of their misery, we need to give somebody the authority to do what the FDIC can do with banks."  

... Especially since they have such a great track record.

Read more...

Barney Frank Announces Hearing

Barney Frank has gotten so full of himself that his memory isn't working as well as it should:

"House Financial Services Chairman Barney Frank (D-Mass) is pressing state and federal authorities to seek criminal and civil penalties on financial actors that helped cause the current crisis.

"Rules don't work if people have no fear of them," Frank said at a press conference Thursday.

He announced a hearing March 20 with Attorney General Eric Holder, bank regulators and the Securities and Exchange Commission as witnesses to discover what their plans are to prosecute irresponsible and in some cases criminal behaviors.

I wonder if he'd include this guy:

A September report from the Business and Media Institute suggests one possible target for investigation: a senior member of the House Banking Committee.  This congressman is "a recipient of more than $40,000 in campaign donations from Fannie since 1989" and "was once romantically involved with a Fannie Mae executive."  The same congressman "was and remains a stalwart defender of Fannie Mae."

In case you're not up to speed, that "senior member" mentioned is House Financial Services Chairman Barney Frank (D-Mass).

Read more...