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

[Darwin333]

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.

Could you please find me a similar ride on a private jet to the BVIs for $1,500? I am probably 500 miles closer too so it should be cheaper.

 

[DesiPower]

another burn on stake candidate

 

[PeshakJang]

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.

The counterparty risk assumed by these hedge funds was in the form of CDS's going short the housing market, via other large banks. So basically, they took bets on the housing market through other banks, which purchased insurance from AIG. The taxpayers then paid off on those bets 100 cents on the dollar.

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...

Go ahead and find the context then. You'll be pretty disappointed though.

 

[PeshakJang]

More interesting info relating to this story:

http://www.asmainegoes.com/content/pingree-parties-bailout-tax-loophole-funds

September 26, 2010

Maine Congresswoman using hedge fund largess for personal chef, trips to Virgin Islands on private jet


ST. JOHN USVI –Maine Congresswoman Chellie Pingree, who built her career railing against private jets and corporate loopholes, appears to be caught in a web of hypocrisy. After admitting to using a $25 million luxury jet to commute from Maine to DC, new details are emerging that show her leading a shocking, opulent lifestyle.


Pingree and her fiancée, hedge fund billionaire S. Donald Sussman, enjoy multiple high-end homes, in Maine, Connecticut, Washington, DC, and the US Virgin Islands. Pingree and Sussman are able to live this lifestyle thanks, in part, to a $200 million bailout from the US taxpayers and an offshore tax loophole.


Sussman manages Paloma Partners, a hedge fund whose employees have donated over $200,000 to Pingree’s congressional campaigns. According to BusinessInsider.com, Paloma Partners received $200 million in US taxpayer funds between September 18 and December 31, 2008, as part of the AIG bailout.


Pingree’s opulent lifestyle is no doubt aided by the fact that Sussman saves millions each year through an offshore tax loophole for hedge fund managers. Pingree and Sussman enjoy multiple palatial homes in the US Virgin Islands (photos included). ussman’s tax shelter on the island of St. John allows him to take a 90% tax break on his hedge fund billions.


Pingree’s luxurious lifestyle includes a personal chef that travels with her on her Virgin Islands getaways. The chef is apparently so well-paid that she was able to donate $1,000 to Pingree’s re-election campaign.


Though her fiancee saves millions through the Virgin Islands tax shelter, Pingree had the audacity to speak against such hedge fund loopholes on the floor of the US House of Representatives earlier this year.
“I am proud to say this bill also cracks down on tax loopholes that allow hedge fund managers to avoid paying income tax on much of their salaries, and the bill makes sure that multi-national corporations don’t avoid paying taxes by shifting their profits to offshore tax havens.”


http://www.youtube.com/watch?v=5CIENtkIahE


Sussman is a hedge fund manager, and has set up an ‘offshore tax haven’ through a company called Trust Asset Management in the Virgin Islands.
Pingree and Sussman recently announced that they had been engaged since the spring of 2009, but, according to a spokesman, "they didn't feel like this was something they needed to tell the public about until this story came up."

Can somebody find me *one* Democrat that actually believes in something they say?

 

[trenchfoot]

Hmmmm, seems to beg the question of not what party is corrupt but what party is MORE corrupt....if that really matters anymore.

Based on what happened during the Bush years, it seems like the Dems have some catching up to do....lem'me see....where did that Hall of Shame list go that someone was tallying up in ATPN?

 

[PeshakJang]

The plot thickens

S Donald Sussman is on the board of directors for Democracy Alliance, http://www.democracyalliance.org/home

Launched in 2005, the Democracy Alliance (DA) was created to build progressive infrastructure that could help counter the well-funded and sophisticated conservative apparatus in the areas of civic engagement, leadership, media, and ideas.

Which is the parent of New Media Ventures, http://www.newmediaventures.org/about/

It is a pilot project of the Democracy Alliance, a partnership of changemakers committed to strengthening democracy by investing in and fostering collaboration among progressive leaders and institutions. Launched in 2005, the Democracy Alliance has emerged as one of the largest drivers of progressive activist funding in the country.

So here we have a multi-billionaire progressive hedge fund manager funding 'grassroots' progressive politics media organizations, accepting hundreds of millions of dollars in taxpayer money to pay off on his bets against the housing market, flying congressmen to his home in the Virgin Islands for vacations, dodging millions of dollars in taxes through his off-shore haven......

Sounds pretty similar to Craig's "The Koch Brothers are the evil masterminds of the Tea Party" argument... just a lot more brazen and hypocritical.

 

[umbrella39]

Jebus Hanes stock must be going through the roof. A few more alt accounts pop up here and i'm in for a few shares of HBI.

 

[Darwin333]

Hmmmm, seems to beg the question of not what party is corrupt but what party is MORE corrupt....if that really matters anymore.

Based on what happened during the Bush years, it seems like the Dems have some catching up to do....lem'me see....where did that Hall of Shame list go that someone was tallying up in ATPN?

They always seem to be running pretty neck and neck... Hell, the current head of the IRS cheated on his taxes for fucks sake and then blamed it on turbotax! I am not sure which is worse, the cheating or that the head of the freaking IRS uses turbotax, even I am not that dumb. Oh yeah, he also just happened to be the head of the NY Fed, you know those guys who are supposed to oversee the capital markets/banks, during the time that the banks executed the largest looting spree/scam the world has ever seen. Matter of fact, doesn't the Feds charter state that they are to "to promote the safety and soundness of the banking system". For his outstanding job promoting the safety and soundness of the banking system from 2003-2008 he was given a promotion.....

In a May 15, 2007, speech to the Federal Reserve Bank of Atlanta, Mr. Geithner praised the strength of the nation’s top financial institutions, saying that innovations like derivatives had “improved the capacity to measure and manage risk” and declaring that “the larger global financial institutions are generally stronger in terms of capital relative to risk.”

Two days later, interviews and records show, he lobbied behind the scenes for a plan that a government study said could lead banks to reduce the amount of capital they kept on hand.

You can't make this kinda shit up.

To be fair I think the last asshole, Paulson, should be tried for treason and if found guilty hung on the White House lawn. It would be even better if, after being found guilty, his hanging was done at the exact moment they rang the bell to start the trading day and he was left swinging until the markets closed.

 

[PeshakJang]

Oh yeah, he also just happened to be the head of the NY Fed, you know those guys who are supposed to oversee the capital markets/banks, during the time that the banks executed the largest looting spree/scam the world has ever seen. Matter of fact, doesn't the Feds charter state that they are to "to promote the safety and soundness of the banking system". For his outstanding job promoting the safety and soundness of the banking system from 2003-2008 he was given a promotion.....

You'd think with such a big freak head he'd have something more than cottage cheese in there sloshing around.

 

[Sinsear]

Craig has yet to post. hence "progressive antics" not found.

 

[werepossum]

The counterparty risk assumed by these hedge funds was in the form of CDS's going short the housing market, via other large banks. So basically, they took bets on the housing market through other banks, which purchased insurance from AIG. The taxpayers then paid off on those bets 100 cents on the dollar.
SNIP

That's one of my biggest problems. Maybe these institutions were too big too fail, but they certainly weren't too big to not make a profit and not pay bonuses. Force them into structured bankruptcy protection and then pay whatever fraction it takes to avoid failure and massive layoffs, NOT 100%. And then break the bitches up into parts that aren't too big to fail.

Note that horrible as Geithner is, he also had majority support among the Pubbies. Both parties tend to regard themselves as above the laws they make for others - although granted, the Dems are much worse. At least when the Pubbies won Congress, they eliminated the Dems' practice of exempting themselves from the laws they passed for the rest of us.

And all the Democrats believe in what they are saying - just for other people.

 

[BoberFett]

But, but, but, but, the Koch brothers are evil!

 

[Linflas]

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.

Look I found a list of the top 10 richest "greedy Republicans" in 2009:

Sen. John Kerry (D-Mass.): $188.6 million
Rep. Darrel Issa (R-Calif.): $160.1 million
Rep. Jane Harman (D-Calif.): $152.3 million
Sen. Jay Rockefeller ( D-W.Va.): $83.7 million
Rep. Michael McCaul (R-Texas): $73.8 million
Sen. Mark Warner (D-Va.); $70.2 million
Rep. Jared Polis (D-Colo.): $56.5 million
Rep. Vern Buchanan (R-Fla.): $53.5 million
Sen. Frank Lautenberg (D-N.J.): $49.7 million
Sen. Diane Feinstein (D-Calif.): $46.1 million

Funny I only see 3 R's on that list. Poor Nancy is a piker, she only comes in at #12.

 

[werepossum]

Look I found a list of the top 10 richest "greedy Republicans" in 2009:

Sen. John Kerry (D-Mass.): $188.6 million
Rep. Darrel Issa (R-Calif.): $160.1 million
Rep. Jane Harman (D-Calif.): $152.3 million
Sen. Jay Rockefeller ( D-W.Va.): $83.7 million
Rep. Michael McCaul (R-Texas): $73.8 million
Sen. Mark Warner (D-Va.); $70.2 million
Rep. Jared Polis (D-Colo.): $56.5 million
Rep. Vern Buchanan (R-Fla.): $53.5 million
Sen. Frank Lautenberg (D-N.J.): $49.7 million
Sen. Diane Feinstein (D-Calif.): $46.1 million

Funny I only see 3 R's on that list. Poor Nancy is a piker, she only comes in at #12.

Sometimes politicians spend so much time acquiring power that it interferes with their looting and pillaging.

 

[PeshakJang]

Sometimes politicians spend so much time acquiring power that it interferes with their looting and pillaging.

The Republicans just do a better job in hiding their assets in offshore tax shelters in the Virgin Isla....... wait

 

[Pens1566]

2 of the dems on that list (Kerry and Rockefeller) have that $$$ from family/marriage. Just saying ...

 

[PeshakJang]

2 of the dems on that list (Kerry and Rockefeller) have that $$$ from family/marriage. Just saying ...

So they are part of the aristocratic wealthy that never really did a day of work in their life, as so many here like to rail against?

 

[Pens1566]

So they are part of the aristocratic wealthy that never really did a day of work in their life, as so many here like to rail against?

Hackish deflection. Good job.

 

[PeshakJang]

Hackish deflection. Good job.

It's not deflection if it's true ()

 

[ayabe]

Which came first, the circle or the jerk?

 

[Pens1566]

It's not deflection if it's true ()

Only if you consider tours in vietnam something that doesn't qualify as a "day of work". If so, why do you hate the troops?

 

[crownjules]

So they are part of the aristocratic wealthy that never really did a day of work in their life, as so many here like to rail against?

John Kerry served in the Navy during Vietnam, twice injured in combat ops for which he received the Purple Heart both times. He also received the Silver Star for successfully overcoming an enemy ambush. He didn't marry into his wealth until 1995, a full 10 years after he began serving in the Senate.

Not saying he's a saint, but your words are as blindly partisan as the people you decry in this thread.

 

[werepossum]

John Kerry served in the Navy during Vietnam, twice injured in combat ops for which he received the Purple Heart both times. He also received the Silver Star for successfully overcoming an enemy ambush. He didn't marry into his wealth until 1995, a full 10 years after he began serving in the Senate.

Not saying he's a saint, but your words are as blindly partisan as the people you decry in this thread.

Kerry was actually wounded three times, which is why he got out early. According to his medic, two of them bled only if he squeezed them, but it was three. He also married wealth twice; he married wealth, then divorced to marry BIG wealth.

 

[PeshakJang]

John Kerry served in the Navy during Vietnam, twice injured in combat ops for which he received the Purple Heart both times. He also received the Silver Star for successfully overcoming an enemy ambush. He didn't marry into his wealth until 1995, a full 10 years after he began serving in the Senate.

Not saying he's a saint, but your words are as blindly partisan as the people you decry in this thread.

My point was that whenever the issue of inheritance or family wealth is brought up, the liberal chant around here is that those people came into their money without doing anything, and as such they do not deserve it.

But I would hate to go off on a tangent... we're having a good look at one of the most corrupt progressives of the bunch in congress.

 

[PeshakJang]

Kerry was actually wounded three times, which is why he got out early. According to his medic, two of them bled only if he squeezed them, but it was three. He also married wealth twice; he married wealth, then divorced to marry BIG wealth.

True... by his standard I should have gotten at least half a dozen purple hearts.