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

[bfdd]

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?

But he didn't do anything to earn the money he has besides marry someone with it.

 

[MooseNSquirrel]

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

That doesn't prove anything, its merely a distraction from my question.

Right wing talking points from 2008 and 2009 are not the way to back bold claims of who is responsible for the housing mess.

Its as if Bush never signed the American Dream Downpayment Act or that the Republican Controlled congress couldn't pass its own reform bill for Freddy and Fanny.

I could go on.

 

[Jhhnn]

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.

Which is what I said in the first place, that hedge funds were just like any other counterparty to AIG's promises, either directly with AIG or indirectly thru other entities. You demonstrate no reason they should be treated any differently than other counterparties, but raved on about it nonetheless.

WRT your "quote" of Frank, you offer-

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

Quotes are meaningless w/o linking to the source. You could be making it up for all I or anybody else can tell. Attempting to dodge your responsibility to do so is dishonest.

 

[BoberFett]

Haha, Democrats are so inconsistent and intellectually (to use the term VERY loosely) dishonest it's pathetic.

 

[blackangst1]

Which is what I said in the first place, that hedge funds were just like any other counterparty to AIG's promises, either directly with AIG or indirectly thru other entities. You demonstrate no reason they should be treated any differently than other counterparties, but raved on about it nonetheless.

WRT your "quote" of Frank, you offer-



Quotes are meaningless w/o linking to the source. You could be making it up for all I or anybody else can tell. Attempting to dodge your responsibility to do so is dishonest.

Damn youre lazy. There's a cool search engine called Google (www.google.com) where you can cut and paste a quote, and it will return results with sources! Its pretty cool-

http://www.google.com/search?q=%22I+do+not+want+the+same+kind+of+focus+on+safety+and+soundness+%5Bin+the+regulation+of+Fannie+Mae+and+Freddie+Mac%5D+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.%22+&sourceid=ie7&rls=com.microsoft:en-us:IE-ContextMenu&ie=&oe=

 

[PeshakJang]

Which is what I said in the first place, that hedge funds were just like any other counterparty to AIG's promises, either directly with AIG or indirectly thru other entities. You demonstrate no reason they should be treated any differently than other counterparties, but raved on about it nonetheless.

During any other sort of bankruptcy in a normal world, you'll almost never see bold holders get 100 cents on the dollar for their risks when the company goes down. With all of Barney's (and liberals in general) raving against the rich and big hedge funds, you don't think they could have stipulated some rules to this respect?

Either way... whether he could or couldn't...can you see no impropriety in Barney jet-setting down to the islands with somebody who got $200 million dollars largely due to rules that Barney was in charge of overseeing?

 

[lothar]

Craig234 is still yet to post in the thread...So much for being a "Progressive".

 

[Jhhnn]

Damn youre lazy. There's a cool search engine called Google (www.google.com) where you can cut and paste a quote, and it will return results with sources! Its pretty cool-

http://www.google.com/search?q=%22I+do+not+want+the+same+kind+of+focus+on+safety+and+soundness+%5Bin+the+regulation+of+Fannie+Mae+and+Freddie+Mac%5D+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.%22+&sourceid=ie7&rls=com.microsoft:en-us:IE-ContextMenu&ie=&oe=

Sigh. Sourcing quotes is the obligation of those quoting, always. I noticed that you only offered one, for obvious reasons, the other definitely having been snipped out of context, which was what I figured. It's not that I'm lazy, but that you're evasively dishonest-

http://www.therightperspective.org/2010/08/19/abolish-freddie-and-fannie-barney-frank/

That's the most honest and complete source I could find, and it's not really complete. What Frank clearly references is the Bush Admin's "Ownership Society" and the Investment Houses' deceptive and dishonest exploitation of the GSE's under the regulatory non-oversight by that same Admin...

Yeh, I know you were really trying to avoid revealing that...

 

[lothar]

Sigh. Sourcing quotes is the obligation of those quoting, always. I noticed that you only offered one, for obvious reasons, the other definitely having been snipped out of context, which was what I figured. It's not that I'm lazy, but that you're evasively dishonest-

http://www.therightperspective.org/2010/08/19/abolish-freddie-and-fannie-barney-frank/

That's the most honest and complete source I could find, and it's not really complete. What Frank clearly references is the Bush Admin's "Ownership Society" and the Investment Houses' deceptive and dishonest exploitation of the GSE's under the regulatory non-oversight by that same Admin...

Yeh, I know you were really trying to avoid revealing that...

Ownership society began well before the Bush Administration.

 

[Jhhnn]

Ownership society began well before the Bush Administration.

Heh. Maybe so, but the looting didn't, something the Bushistas obviously cheered on to new heights...

Nero may have fiddled while Rome burned, but Dubya apparently cut brush at his ranch so that the bankstas could use it to burn the housing market at the stake...

 

[Zebo]

Thing about Frank and Schumer (he's the guy who made it so hedge fund managers income is taxed at 15% instead of income tax) is they both act with righteous indignation when grilled by reporters about being bought. It's really disgusting to watch.

 

[Jhhnn]

Thing about Frank and Schumer (he's the guy who made it so hedge fund managers income is taxed at 15% instead of income tax) is they both act with righteous indignation when grilled by reporters about being bought. It's really disgusting to watch.

Oh, please. If Frank is being bought, he sure has hell doesn't have much to show for it. A junket to the Virgin Islands hardly qualifies in the rarified realms of finance, and we both know it.