Barney Frank sent a very long e-mail to constituents recently explaining the bailout bill and the process that led to its passage. To read it, you’d think the Dems had gotten pretty tough between Paulson’s infamous initial 3-page proposal and the final version. Here’s an excerpt from Frank’s e-mail (word emphasis is mine):
Specifically, the bill subjects companies participating in the program to limits on executive compensation, including loss of certain tax benefits and restrictions on “golden parachutes.” The bill also protects taxpayers by requiring participating companies to provide warrants to the government so that taxpayers will benefit from any future growth of these companies. It provides relief to homeowners by requiring Treasury to modify troubled loans – many the result of predatory lending practices – whenever possible to help American families keep their homes. And, the bill ensures strong oversight of the program by establishing an Oversight Board as well as a Congressional Oversight Panel so that Treasury cannot act in an arbitrary manner. It also establishes a special inspector general to protect against waste, fraud and abuse.
But check this article by Dean Baker on commondreams.org for a rather different version (again, word emphasis is mine):
However, if Congress only wanted to preserve the financial system and not reward the people responsible for the financial crisis, it would have been a simple matter to impose safeguards to ensure that the bank executives were forced to take large pay cuts. While many members of Congress implied that the bill would rein in executive pay, almost all the experts who have examined the provisions on executive pay have concluded that they are largely toothless.
The bailout also did not prevent the banks from paying out dividends to shareholders, as was done in the United Kingdom when they injected capital into their banks.
He’s one of the sacred cows here. I think Barney should go to jail or at the very least step down from his congressional seat for his lackluster performance. I wish I lived in his district so I could vote against him but I don’t. I’m sure he will get reelected by all the sheep who put him there in the first place but the record will show in the future that Barney’s DNA (gross) is all over this financial mess. Much condemnation goes to politicians like Bush for things that happen when he was at the wheel and Barney has been chairing that committee for a few years now. He screwed up and WE will be paying for it for decades.
welcome to the generic JohnD post:
<
p>1) Slam on BMGers
2) Gratuitous, unsubstantiated, attack on Dems and liberals
3) Snarky attack on people that support said Dem
4) Reference to excreta, vomit, or sperm
5) Unsubstantiated defense of the glorious and morally pure GOP
<
p>He left out how much smarter he is than everyone else, but I’m sure he’s saving that for a follow-up.
<
p>
1) Slam on BMGers
– Do you need to go to counceling after my egregious and viscious slam? What exactly did I say that was a slam (that you won’t critique Barney)?
<
p>2) Gratuitous, unsubstantiated, attack on Dems and liberals
-Was this my inference about the flock of sheep that reelect BF every term? Another over the top blow?
<
p>3) Snarky attack on people that support said Dem
– Oh wait, this was my remark about the SHEEP who reelect BF, right?
<
p>4) Reference to excreta, vomit, or sperm
– Isn’t this a common vernacular to mean “evidence”. My mistake… replace DNA with evidence. Feel better?
<
p>5) Unsubstantiated defense of the glorious and morally pure GOP
– Can you point to the “defense” of the GOP in my comments?
<
p>He left out how much smarter he is than everyone else, but I’m sure he’s saving that for a follow-up.
<
p>- Not this time huh, but I will say you need to grow some thicker skin. No wonder you liberals want the fairness doctrine to be made law. THen you can silence ANY opposing viewpoint or which doesn’t reach your intellectual level. Wealth redistribution, silencing of opposing views, home ownership for all, healthcare for all, mediocrity as a goal, punish the rich, big government… sounds like a wonderful path for America, unless you happen to one of the energetic, intelligent, success-driven go-getter that made America what it is. Could you educate me on one thing, who is the great Socialist Icon that you look up to who wasn’t/isn’t a communist?
I did forgot the completely pointless “have you stopped beating your wife” question at the end. And the whining about how persecuted you are. Boo fucking hoo, especially coming from a member of the party of Ann Coulter.
And thanks for bringing up Ann Coulter, she’s great and great looking.
<
p>Baa Baa… hey it must be reelect Barney Frank time. Get in line with all the other Sheep huh. Go vote for Barney since he’s done such a magnificent job as chairmen of the House Financial Services Committee. I wonder how he’s going to fuck things up over the next few years. Funny how people keep complaining about CEO golden parachutes when these guys totally screw up a company saying instead they should be fired! Now we have Barney leading the country to ruin and where is he, right where he has always been running the House Financial Services Committee. You all deserve what you are getting.
<
p>Like I said, my money is safe and the “bear” funds are making me even more money. I just have to figure out how to hide all my capital gains before Obama’s socialistic taxes kick in. Maybe invest it overseas or the Caymen Islands like Charlie Rangel. Or just not pay like Wesley Snipes. The good news is unemployment is going to skyrocket so there should be plenty of cheap labor to mow my lawn, wash my cars… Republicans won’t survive these tough times, they will strive during them. Old man Potter had it right.
<
p>Keep the faith huh and smile… this too will pass. Life is too short for such anger.
<
p>BTW, all kidding aside, do you really support BF and think he is blameless over this banking crisis? I mean I support Republicans strongly but I also believe there are boatloads of Republicans who should be either jailed or removed from office… then lynched. Can’t you see through your partisanship enough to place blame on some Democrats? Didn’t you see the Congressional hearings from 2003-2004 where prominent Democrats were defending Frannie/Freddie as solid as gold? Let’s get the guilty parties out and start fixing this problem.