U.S. Rep. Barney Frank said yesterday he has “no regrets” about his role in helping a troubled Boston bank qualify for a $12 million federal bailout now at the center of ethics charges against California Rep. Maxine Waters.
In fact, Frank – chairman of the powerful House Financial Services Committee – says he never helped OneUnited at the behest of Waters, whose husband had served on the bank’s board.
Instead, the Bay State congressman said he worked to promote the bailout at the request of scandal-plagued then-state Sen. Dianne Wilkerson.
“I was already working on behalf of OneUnited, I was called by Senator Wilkerson and others, I don’t remember who. I was out in California doing a hearing and got a call from Wilkerson,” he told the Herald yesterday.
At the time Frank said he acted on Wilkerson’s behalf, the senator was one month away from federal bribery charges to which she recently pleaded guilty. She had previously pleaded guilty to failure to pay federal income taxes and been cited for unreported campaign donations and expenditures.
In 2001, she was fined as a sitting senator by the State Ethics Commission for failing to report consulting fees from OneUnited’s predecessor, the Boston Bank of Commerce, for which she had lobbied.
Wilkerson did not return a call seeking comment, but Frank said he felt “vindication” from a federal ethics panel report released yesterday as charges against Waters were leveled by the U.S. House.
Frank said he advised Waters to “stay out of it” because of her potential conflict of interest in pushing OneUnited’s bailout under the $700 billion Troubled Asset Relief Program.
Here is where it gets Juicy:
Coming in at # 3 (“Ten Most Wanted Corrupt Politicians” for 2009
Rep. Barney Frank (D-MA): Judicial Watch is investigating a $12 million TARP cash injection provided to the Boston-based OneUnited Bank at the urging of Massachusetts Rep. Barney Frank. As reported in the January 22, 2009, edition of the Wall Street Journal, the Treasury Department indicated it would only provide funds to healthy banks to jump-start lending. Not only was OneUnited Bank in massive financial turmoil, but it was also “under attack from its regulators for allegations of poor lending practices and executive-pay abuses, including owning a Porsche for its executives’ use.” Rep. Frank admitted he spoke to a “federal regulator,” and Treasury granted the funds. (The bank continues to flounder despite Frank’s intervention for federal dollars.) Moreover, Judicial Watch uncovered documents in 2009 that showed that members of Congress for years were aware that Fannie Mae and Freddie Mac were playing fast and loose with accounting issues, risk assessment issues and executive compensation issues, even as liberals led by Rep. Frank continued to block attempts to rein in the two Government Sponsored Enterprises (GSEs). For example, during a hearing on September 10, 2003, before the House Committee on Financial Services considering a Bush administration proposal to further regulate Fannie and Freddie, Rep. Frank stated: “I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two Government Sponsored Enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury.” Frank received $42,350 in campaign contributions from Fannie Mae and Freddie Mac between 1989 and 2008. Frank also engaged in a relationship with a Fannie Mae Executive while serving on the House Banking Committee, which has jurisdiction over Fannie Mae and Freddie Mac.
Chairman, House Financial Services Committee- A socialist is in charge of a US Financial Committee. What’s wrong with this picture?
Lies through his wahoo constantly Maxine, Barney, Freddy & Fanny
Liberty Central has received a copy of what we are told is the final text of the Dodd-Frank financial overhaul conference report. We at Liberty Central are reading through the bill and will post new material as soon as possible but please read below for what we already know about the bill.
MEDICAL TERRORISM: Gay Socialist Congress Members, Jared Polis, Barney Frank and Tammy Baldwin Working to Get Potentially HIV/AIDS-Contaminated Blood into US Blood Banks. On Top Magazine noted a letter written to a Health & Human Services advisory committee considering the policy this week was signed by openly gay representatives Barney Frank of Massachusetts and Tammy Baldwin of Wisconsin but not Polis.
Frank on his own ability to deal with “things.”
“I’m pretty good with words but I’m not so good with things. I’ve had a lifelong struggle with things. And the less I am responsible dealing with them the better off everybody is.”
Tell us something we didn’t already know.
Barney is a card carrying member of American Socialist Voter – Dem Soc of America
“Specifically, ACORN strong-armed banks and worked with members of Congress, such as Barney Frank, to weaken credit standards in order for banks, as well as Fannie Mae and Freddie Mac, to fund risky mortgages. Mortgages, of course, that stood little chance of ever being paid, as we witnessed last year.
Henry Paulson’s finance meltdown tome all right with liberal rep, Barney Frank sees vindication
Congressman Bernie Sanders has been charging that these bail-outs to regimes which violate worker and
civil rights are illegal under a law passed last year by Sanders and Representative Barney Frank, both leaders of the Progressive Caucus in Congress which DSA has helped to organize.
Six years ago, Rep. Barney Frank, now chairman of the House Financial Services Committee, declared: “I want to roll the dice a little bit more in this situation towards subsidized housing.”
Barney Frank: Plenty of rich people that we can tax
Congressman Barney Frank’s scandalous tolerance of a gay prostitution business operating out of his house, uncovered by the Washington Times in 1989, drew from ABC nowhere near the dramatic amount of attention ABC gave Mark Foley. On the August 25, 1989 World News Tonight, Sam Donaldson noted it just once in passing, a mere 67 words:
“Massachusetts Representative Barney Frank, an acknowledged homosexual, today confirmed that his Washington apartment had been used as a callboy headquarters by a male prostitute for a year and a half until late 1987. Responding to a story in today’s Washington Times, Frank said he had hired the prostitute out of his own funds as a personal aide and fired him when he found out what was going on.”
Wednesday’s delayed vote on Barney Frank’s HR2267 bill seeking to legalise online gambling in the United States proved to be worth the wait, with members of the House Financial Services Committee voting it forward by 41 to 22 in a bipartisan approach. The vote was taken after a number of amendments were accepted.
“My primary goal is Americans ought to be free to do what they wish without this kind of intrusion,” said Frank, referring to the UIGEA which was implemented on June 1 2010 to disrupt financial transactions with online gambling companies. “The intrusive regulation is a problem for the financial institutions,” he added.
~In closing, as with Maxine, there is so much to cover on this poor excuse for a human being, it would take tomes to cover, so I leave you with one last video…