Barney Frank takes hedge fund manager to the bank - Now with more progressive antics!

[PeshakJang]

The offshore bank, that is.

http://www.bostonherald.com/news/politics/view.bg?articleid=1288443

U.S. Rep. Barney Frank, immersed in one of the toughest political fights of his career, took a free private jet to the Virgin Islands courtesy of a Maine congresswoman’s billionaire fiance — whose company received a $200 million federal bailout, the Herald has learned.

Frank, who’s facing feisty Republican challenger Sean Bielat, flew to the tropical paradise for a vacation in 2009 on a $25 million jet owned by Paloma Partners honcho S. Donald Sussman, the fiance of U.S. Rep. Chellie Pingree (D-Maine). Paloma Securities — a subsidiary of Sussman’s Greenwich, Conn.-based hedge fund — received $200 million in 2009 as part of the $180 billion federal bailout of troubled insurance giant AIG, records show.

...

Frank, who voted for the bailout in October 2008, took the trip around Christmas 2009. He reported the trip in required House financial filings and valued the flight at $1,500. He originally listed the trip vaguely as “first class round trip travel by private aircraft” in a congressional filing in May. In July, he amended the report to show he traveled from Portland, Maine, to the Virgin Islands. He called the discrepancy a “clerical error.”


Sussman, a huge Democratic campaign donor with homes in Maine and Connecticut, lives in St. John, Virgin Islands. Spokespersons for Sussman and Pingree declined to comment. Pingree also is facing criticism from the Maine GOP for using Sussman’s jet.

If he's not already the most corrupt congressman serving today, he's making a good run at it.

Just another example of how the bailouts/stimulus were mostly handouts to the well-connected amongst us.

S. Donald Sussman has contributed over $300,000 to Democrat-connected 572 organizations in 2010.

In the 2008 cycle, it was over $1.1 million in 527 contributions to solidly Democrat organizations.

http://www.opensecrets.org/527s/527indivs.php?cycle=2010

 

[IndyColtsFan]

Don't worry, I'm sure the usual suspects will be here any moment to defend him. I can almost predict the dialog.

 

[Gonad the Barbarian]

These old-timers are used to the good old days when you could keep shit like this on the down-low. May the information age continue to out corrupt and stupid politicians no matter their party affiliation.

 

[Generator]

This piece of shit needs to go.

 

[techs]

tldr:

However, I agree with almost every Barney Frank position on the issue:

He authored a Medical Marijauna law.

He and Ron Paul strongly opposed the ban on internet gambling

He was one of only three Representives to oppose the "Fallen Heroes Act"(which was aimed at the Westboro nuts, Frank said it was against the Constitution and would lead to other restrictions on free speech)

He supported and wrote much of the new legislation to prevent another banking collapse.

Oh, and he lives in a freakin' studio apartment and doesn't have much money. In other words he's not a greedy Republican.

 

[MooseNSquirrel]

U.S. Rep. Barney Frank, immersed in one of the toughest political fights of his career, took a free private jet to the Virgin Islands courtesy of a Maine congresswoman’s billionaire fiance — who likes to wear plaid pants, the Herald has learned.

 

[trenchfoot]

I came in here to defend Barney Franks on the grounds that he was brainwashed by Karl Rove's Propaganda Ministry into believing he was actually a republican and that he should behave like one.

 

[Fear No Evil]

tldr:

However, I agree with almost every Barney Frank position on the issue:

He authored a Medical Marijauna law.

He and Ron Paul strongly opposed the ban on internet gambling

He was one of only three Representives to oppose the "Fallen Heroes Act"(which was aimed at the Westboro nuts, Frank said it was against the Constitution and would lead to other restrictions on free speech)

He supported and wrote much of the new legislation to prevent another banking collapse.

Oh, and he lives in a freakin' studio apartment and doesn't have much money. In other words he's not a greedy Republican.

He was also a big part of the reason for the housing collapse. His partner was running a prostitution ring out of his apartment.. Also one of the most powerful members in congress who looked the other way while banks did these shady practices... then claims to fix it.

Yeah, great guy. But its good you'll continue to vote for this corrupt asshole because you are a pothead.

 

[MooseNSquirrel]

Ok, Ill bite.

How did Mr Franks cause the housing collapse?

This should be good.

 

[IndyColtsFan]

tldr:

However, I agree with almost every Barney Frank position on the issue:

He authored a Medical Marijauna law.

He and Ron Paul strongly opposed the ban on internet gambling

He was one of only three Representives to oppose the "Fallen Heroes Act"(which was aimed at the Westboro nuts, Frank said it was against the Constitution and would lead to other restrictions on free speech)

He supported and wrote much of the new legislation to prevent another banking collapse.

Oh, and he lives in a freakin' studio apartment and doesn't have much money. In other words he's not a greedy Republican.

Almost on cue.

 

[swerus]

Ok, Ill bite.

How did Mr Franks cause the housing collapse?

This should be good.

If I wasn't tired and lazy I would happily be the one to link the many videos of him flapping his jowls about home ownership for everyone in reference to Freddie and Frannie, and fighting regulation that GW wanted.

Gotta love cspan, and youtube.

He flipped sides faster than a hobo on a sammich after the collapse saying he wanted reform all along. Fat wanker..

 

[jackschmittusa]

So Frank signed the bailout check? Hand delivered it? Micro-managed the distribution of the funds as a reward mechanism?

Not too much to be outraged about here. Have anything else?

 

[PeshakJang]

Ok, Ill bite.

How did Mr Franks cause the housing collapse?

This should be good.

Here's an example of how he was responsible... from his own mouth.

Barney Frank on increased oversight of the housing industry:

"These two entities...are not facing any kind of financial crisis.... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

"I do not want the same kind of focus on safety and soundness [in the regulation of Fannie Mae and Freddie Mac] that we have in the Office of the Comptroller of the Currency and the Office of Thrift Supervision. I want to roll the dice a little bit more in this situation towards subsidised housing."

 

[werepossum]

tldr:

However, I agree with almost every Barney Frank position on the issue:

He authored a Medical Marijauna law.

He and Ron Paul strongly opposed the ban on internet gambling

He was one of only three Representives to oppose the "Fallen Heroes Act"(which was aimed at the Westboro nuts, Frank said it was against the Constitution and would lead to other restrictions on free speech)

He supported and wrote much of the new legislation to prevent another banking collapse.

Oh, and he lives in a freakin' studio apartment and doesn't have much money. In other words he's not a greedy Republican.

Call boys are expensive, child.

 

[PeshakJang]

So Frank signed the bailout check? Hand delivered it? Micro-managed the distribution of the funds as a reward mechanism?

He's the chairman of the house financial services committee, so I doubt you could name another congressperson with more influence over this industry. He basically wrote the bailout rules and regulations, and approved provisions allowing hedge funds to participate in it... a free vacation to the Virgin islands is not too much to ask in return I suppose.

Not too much to be outraged about here.

I'm sure he's happy that there are still people like you to help him get elected time and time again.

Maybe you should take some of your own advice:

What's sad is how you seem to miss the crazy, lying gibberish these candidates spew with regularity. You are willfully ignorant if you can't see it, and just as dangerous if you think it's OK to ignore it.

 

[lothar]

Don't worry, I'm sure the usual suspects will be here any moment to defend him. I can almost predict the dialog.

I expect Craig234 to march in here soon enough defending one of his "progressive" congressmen.

Either that or he'll conveniently skip over this thread pretending that he didn't see it.

 

[jackschmittusa]

PeshakJang

I oppose government corruption as much as anybody. Prove a clear case of of it and I'll help shout for the heads to roll.

On the other hand, the days of McCarthyism, when you could ruin a person with a simple accusation are long gone. A rational person requires facts that reveal a path from A to B. The OP simply suggests that he sold out for a $1500 ride. The accusation, as presented, is extremely weak, and devoid of any necessary information to draw such a conclusion.

It would seem prudent to reserve judgment until such time as sufficient, accurate information is presented to draw a valid conclusion. You would demand no less if it was your character being assassinated.

 

[Jhhnn]

He's the chairman of the house financial services committee, so I doubt you could name another congressperson with more influence over this industry. He basically wrote the bailout rules and regulations, and approved provisions allowing hedge funds to participate in it... a free vacation to the Virgin islands is not too much to ask in return I suppose.

The only participation by hedge funds was in them being counterparties to AIG's incredible over-exposure in derivatives.

Much as I'm no fan of hedge funds, the bailout of AIG dictated that all counterparties would be treated equally, rightfully so.

What work Frank did on the bailout bill actually strengthened oversight. Paulson wanted a free ride for banks and a free rein for how he handed out the money in the original proposal, with only vague promises of repayment...

Hell, Repubs were crowing about their "Ownership Society" right up to the point where it fell apart, when they quickly attempted to shift the blame away from their own ideology of idiocy and greed. Blaming the GSE's was a big part of that, even though it wasn't true at all-

http://www.mcclatchydc.com/2008/10/12/53802/private-sector-loans-not-fannie.html

Just because a lie is asserted over and over again, ad nauseum, doesn't really make it the truth...

 

[blackangst1]

LOL at Barney Frank.

House Financial Services Committee hearing, Sept. 25, 2003: "I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . . . I believe there has been more alarm raised about potential unsafety and unsoundness than, in fact, exists."

"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' "

''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''


Fast forward to 2010:

"They should be abolished," "Public policy has been too much to try to push people into home ownership."

:laugh:

 

[PeshakJang]

PeshakJang

I oppose government corruption as much as anybody. Prove a clear case of of it and I'll help shout for the heads to roll.

On the other hand, the days of McCarthyism, when you could ruin a person with a simple accusation are long gone. A rational person requires facts that reveal a path from A to B. The OP simply suggests that he sold out for a $1500 ride. The accusation, as presented, is extremely weak, and devoid of any necessary information to draw such a conclusion.

It would seem prudent to reserve judgment until such time as sufficient, accurate information is presented to draw a valid conclusion. You would demand no less if it was your character being assassinated.

It's a case of extreme impropriety. If you are responsible for writing the rules, and you are given personal gifts and by one of the players who benefited greatly from your position, it would be pretty improper to accept them.

If the head of the energy committee just helped write legislation giving subsidies to oil companies, would it be proper for him to be accepting gifts like this from BP, if they received a massive amount of those subsidies?

The only participation by hedge funds was in them being counterparties to AIG's incredible over-exposure in derivatives.

Much as I'm no fan of hedge funds, the bailout of AIG dictated that all counterparties would be treated equally, rightfully so.

Yeah... that's the point... Frank *wrote* those provisions. Up until a few weeks before the bailout was finalized, it hadn't been decided if hedge funds would be able to receive bailout protection. You're using circular logic in saying that because the rules said they can get money, it isn't Frank's fault for writing those rules, because that's what they said.

Hell, Repubs were crowing about their "Ownership Society" right up to the point where it fell apart, when they quickly attempted to shift the blame away from their own ideology of idiocy and greed. Blaming the GSE's was a big part of that, even though it wasn't true at all-

The Republican ownership society? Even today, liberals still believe that everyone in America has a right to own a home, 2 cars, a flat-screen TV, and a cell phone... subsidized by the government if they can't/won't pay for it themselves.

 

[IndyColtsFan]

I expect Craig234 to march in here soon enough defending one of his "progressive" congressmen.

Either that or he'll conveniently skip over this thread pretending that he didn't see it.

I can hear the screams of "Idiots!" now. 😀

 

[PeshakJang]

I can hear the screams of "Idiots!" now. 😀

You see... there are the corporatist Dems, and the progressive Dems... except for the corporatist progressive Dems... we need more progressive corporatist progressive Dems and less corporatist progressive Dems! Idiot. Liar.

 

[Jhhnn]

Yeah... that's the point... Frank *wrote* those provisions. Up until a few weeks before the bailout was finalized, it hadn't been decided if hedge funds would be able to receive bailout protection. You're using circular logic in saying that because the rules said they can get money, it isn't Frank's fault for writing those rules, because that's what they said.

You're the one using circular logic and misdirection. The FRB acted first in bailing out AIG, independent of legislative action. It wasn't enough to create an orderly unwinding as had been done wrt LTCM in 1998. Paulson then begged the govt for more money to actually effect the bailout, and for additional funds for other over extended institutions. He got it, with conditions he hadn't wanted, some authored by Frank.

It would have been fundamentally dishonest to make some of AIG's counterparties whole while denying the same to others. Creditors are creditors, regardless of who they are. What you offer is truly unprincipled and an attempt to tar Frank with the onus of "hedge funds" in a dishonest way.

http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act#Political_negotiations

Your quotes and claims lack references, as well. I strongly suspect that your 2010 quote of Frank has been snipped out of context in an attempt to put words in his mouth...

 

[werepossum]

PeshakJang

I oppose government corruption as much as anybody. Prove a clear case of of it and I'll help shout for the heads to roll.

On the other hand, the days of McCarthyism, when you could ruin a person with a simple accusation are long gone. A rational person requires facts that reveal a path from A to B. The OP simply suggests that he sold out for a $1500 ride. The accusation, as presented, is extremely weak, and devoid of any necessary information to draw such a conclusion.

It would seem prudent to reserve judgment until such time as sufficient, accurate information is presented to draw a valid conclusion. You would demand no less if it was your character being assassinated.

If so, it's not because the Democrats aren't giving it the old college try. The President himself is baldly stating that the Chamber of Commerce is being funded by foreign governments interested in destroying his agenda. When asked for their evidence, his agents are instead demanding that the Chamber provide its innocence. Innocent until guilty only applies if you agree with the progressive agenda, otherwise it's guilty until proven.

As for Frank, we all know there will never be any sufficient, accurate information that can convince you that he or any other reliably far left politician is corrupt. You are always happy to assert that Republicans are corrupt, ignorant, religious nuts for the mere fact of being Republicans though. Your pretending to be waiting for all the evidence is merely amusing.

 

[Darwin333]

The offshore bank, that is.

http://www.bostonherald.com/news/politics/view.bg?articleid=1288443



If he's not already the most corrupt congressman serving today, he's making a good run at it.

Just another example of how the bailouts/stimulus were mostly handouts to the well-connected amongst us.

S. Donald Sussman has contributed over $300,000 to Democrat-connected 572 organizations in 2010.

In the 2008 cycle, it was over $1.1 million in 527 contributions to solidly Democrat organizations.

http://www.opensecrets.org/527s/527indivs.php?cycle=2010

Anyone got the number for those people? I would be more than willing to pay $1500 for a flight like that.