# Barney Frank



## SgtAndySipowicz (Mar 17, 2008)

*Hey Barney, weren't you behind the failings of Fannie Mae and Freddie Mac??? Aren't you one of our Reps (with CT Rep Chris Dodd) that felt that "everyone" deserves to OWN a home? Aren't you one of our Reps that believed financing should be given to those who cannot ever repay the loans? I agree in principal that some of the Execs shouldn't be paid bonuses if they received our tax monies. On the other hand I have no problem with Execs getting bonuses if they are a private company and there was no assistance from the Govt. It's called free enterprise and capitalism. What you stand for is socialism. Maybe you, Barney Frank, should concentrate on your own mistakes (Fannie and Freddie) rather than throw blame around and act as if you are somehow competant. You are just another corrupt MA politician in the mold of Ted Kennedy etc. Your policies on housing are the reason we almost have had a 2nd GREAT DEPRESSION. I hope the taxpayers/voters wake up someday and stop electing fools/diddlers like Barney Frank..........*

*Barney Frank assails bonuses paid to executives at AIG*

*By Associated Press
*Monday, March 16, 2009 



WASHINGTON - Rep. Barney Frank charged Monday that a decision by financially-strapped insurance giant AIG to pay millions in executive bonuses amounts to "rewarding incompetence."
Echoing outrage expressed on both sides of the political aisle in the wake of revelations that American International Group will pay roughly $165 million in bonuses, Frank said he believes it's time to shake up the company.
"These people may have a right to their bonuses. They don't have a right to their jobs forever," said Frank, a Massachusetts Democrat who is chairman of the House Financial Services Committee.
Appearing on NBC's "Today" show, Frank noted that the Federal Reserve Board, using a Depression-era statute, was the institution that gave AIG its initial government bailout, before Congress passed legislation providing for additional assistance. He said he did not think sufficient safeguards were built into that initial bailout by the Fed.
The $165 million was payable to executives by Sunday and was part of a larger total payout reportedly valued at $450 million. The company has benefited from more than $170 billion in a federal rescue.
Said Frank: "These people may have a right to their bonuses. They don't have a right to their jobs forever." He added on NBC's "Today" show that "it does appear to be that we're rewarding incompetence."
AIG reported this month that it had lost $61.7 billion for the fourth quarter of last year, the largest corporate loss in history. The bulk of the payments at issue cover AIG Financial Products, the unit of the company that sold credit default swaps, the risky contracts that caused massive losses for the insurer.
On ABC's "Good Morning America" Monday, Sen. Richard Shelby said Congress must do everything it can to make sure the government money going to AIG is handled appropriately. The Alabama Republican, who is the ranking member of his party on the Banking Committee, also said he was angry.
"We ought to explore everything that we can through the government to make sure that this money is not wasted," Shelby said. "These people brought this on themselves. Now you're rewarding failure. A lot of these people should be fired, not awarded bonuses. This is horrible. It's outrageous."
Frank said he was disgusted, asserting that "these bonuses are going to people who screwed this thing up enormously."
"Maybe it's time to fire some people," he said. "We can't keep them from getting bonuses but we can keep them from having their jobs. ... In high school, they wouldn't have gotten retention (bonuses), they would have gotten detention."
Frank said Congress intends to make very clear that it will not stand for "any more abuses of this nature."
AIG has agreed to Obama administration requests to restrain future payments. Treasury Secretary Timothy Geithner pressed the president's case with AIG's chairman, Edward Liddy, last week.
"He stepped in and berated them, got them to reduce the bonuses following every legal means he has to do this," said Austan Goolsbee, staff director of President Barack Obama's Economic Recovery Advisory Board.
"I don't know why they would follow a policy that's really not sensible, is obviously going to ignite the ire of millions of people, and we've done exactly what we can do to prevent this kind of thing from happening again," Goolsbee said.
Lawrence Summers, a leading Obama economic adviser, said Sunday: "The easy thing would be to just say ... off with their heads, violate the contracts. But you have to think about the consequences of breaking contracts for the overall system of law, for the overall financial system." Summers said that Geithner used all his power, "both legal and moral, to reduce the level of these bonus payments."
The Democratic administration's argument about the sanctity of contracts didn't sell very well with Senate Republican leader Mitch McConnell of Kentucky.
"For them to simply sit there and blame it on the previous administration or claim contract - we all know that contracts are valid in this country, but they need to be looked at," McConnell said. "Did they enter into these contracts knowing full well that, as a practical matter, the taxpayers of the United States were going to be reimbursing their employees? Particularly employees who got them into this mess in the first place? I think it's an outrage."
In an interview that aired Sunday on CBS' "60 Minutes," Federal Reserve Chairman Ben Bernanke did not address the bonuses but expressed his frustration with the AIG intervention.
"It makes me angry. I slammed the phone more than a few times on discussing AIG," Bernanke said. "It's - it's just absolutely - I understand why the American people are angry. It's absolutely unfair that taxpayer dollars are going to prop up a company that made these terrible bets - that was operating out of the sight of regulators, but which we have no choice but to stabilize, or else risk enormous impact, not just in the financial system, but on the whole U.S. economy."
In a letter to Geithner dated Saturday, Liddy said outside lawyers had informed the company that AIG had contractual obligations to make the bonus payments and could face lawsuits if it did not do so.
Liddy said in his letter that "quite frankly, AIG's hands are tied," although he said that in light of the company's current situation he found it "distasteful and difficult" to recommend going forward with the payments.
Liddy said the company had entered into the bonus agreements in early 2008 before AIG got into severe financial straits and was forced to obtain a government bailout last fall.

© Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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## rg1283 (Sep 14, 2005)

If only the media would educate the public that Fannie Mae and Freddie Mac are *government sponsored organizations*.

These organizations failed because of this.

WHY?

If I were to become Police Chief of a town, and ignore everything and screw up the books and mess up everything. Would I still have a job!??

People do not understand their is alot of news out there. Most of the Networks spew out propaganda. Just report the news.

BTW I will not miss the Boston Globe when it goes. I feel bad for the union workers.


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## CJIS (Mar 12, 2005)

Everything boils down to one word GREED


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## caesar (Nov 15, 2003)

He's the "Banking Queen".


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## MCADPD24 (Nov 7, 2008)

_"In any other area of American life, this track record would get a man run out of town. In Washington, he's hailed as a sage whose history of willful error will be forgotten faster than taxpayers can write a check for $200 billion." - The Wall Street Journal on Rep. Barney Frank, Sept. 9, 2008_
The only thing more painful than watching 180 billion tax dollars swirl down the AIG drainpipe is listening to Barney Frank bloviate about it.
I don't know The World's Most Expensive Legislator personally, but I hear he's quite a cut-up at cocktail parties. However, as legislator and politician, he is an unmitigated disaster. Frank combines the economic success of AIG, the business ethics of Enron and the personal accountability of Ruth Madoff.

Frank began his career opposing Reaganomics, an opposition that stubbornly resisted 25 years of nearly constant economic growth. In the 1990s, Frank sat on the Banking Committee regulating Fannie Mae, even as his then-partner, Herb Moses, worked as a Fannie exec.
Is it a coincidence that Frank has been a die-hard advocate for expanding Freddie/Fannie at any cost?
Since at least 2002, Frank fought an ever-growing drumbeat of calls to slow down the Fannie Mae/Freddie Mac train wreck.
In 2003, he famously said that Freddie and Fannie were "not in a crisis," that they were "fundamentally sound financially." He repeated that expert testimony in 2005, all the while rejecting the argument that the taxpayers were responsible for Freddie and Fannie's bills.
And in 2007, he actually proposed raising the caps on Fannie/Freddie's portfolios - exposing taxpayers to even more risk - and then dumping the new money into (drum roll, please) even more subprime mortgages.
Less than a year later, the Fannie/subprime/derivatives catastrophe was upon us. And the cheerleader for all three? Our Barney.
Which is why it so astonishes that anyone takes him seriously as the self-declared watchdog of Wall Street. Please, Barney, just shut up.
Frank is great at blustering his way past reporters and his Econ 101 liberal constituency out in Newton. But watching him yesterday afternoon questioning AIG chief Ed Liddy, Frank was revealed as the picayune partisan he truly is.
Where was the "grilling" of this AIG fat cat we were all promised? Where was the "A-ha!" moment as Frank revealed the private-sector greed and corruption behind the bailout mess?
Nothing. "Pitchfork Barney" curled up like a kitten at Liddy's feet, purred a few inconsequential comments and then slinked away.
If there's anyone in Massachusetts with the street cred - make that "cash cred" - to lecture the execs of AIG, it's Joe Petrucelli of East Bridgewater Savings Bank.
Under his leadership, East Bridgewater has no delinquent loans, no homes in foreclosure and even made a profit during the last quarter. And not one thin dime in bailouts, either.
And what did Petrucelli get for his trouble? Slapped with a citation from the FDIC for not making enough "Community Reinvestment Act" loans - also known as "Barney Frank" loans.

A banker does everything right, and he's a problem. Barney Frank gets the economics entirely wrong, and he's the solution?
We taxpayers have a lot bigger problem than AIG.


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## Johnny Law (Aug 8, 2008)

SgtAndySipowicz said:


> *Hey Barney, weren't you behind the Fannie?*


FIFY, and yes he was behind the fanny, pumping the American taxpayer up their chutes!


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## 8MORE (Nov 25, 2008)

With all the mess about AIG and the bonuses handed out, Why is Barney not similarly outraged at the bonuses of about four million at Freddie and Fanny? http://www.app.com/article/20090319/BUSINESS/90319029/1003/rss08


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## Deuce (Sep 27, 2003)

Barney's boyfriend is the head of Freddie Mac.. Ya don't really think anything's gonna happen to him do ya??


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## SgtAndySipowicz (Mar 17, 2008)

*Re: Barney Frank & Antonin Scalia*

*Mr Frank, I think the overwhelming majority of people, at least the people I associate with, prefer the values of Justice Scalia over your twisted ways. Antonin Scalia seems to be a person with values, something that is becoming less and less common in Washington DC. Why you keep getting elected you fuc*ing diddler is mindboggling to me....... Sgt Andy Sipowicz*

*Rep. Frank calls Scalia a 'homophobe' in interview*
Mar 23, 7:04 PM (ET) www.myway.com

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WASHINGTON (AP) - Massachusetts Rep. Barney Frank called Supreme Court Justice Antonin Scalia a "homophobe" in a recent interview with the gay news Web site 365gay.com. 
The Democratic lawmaker, who is gay, was discussing gay marriage and his expectation that the high court would some day be called upon to decide whether the Constitution allows the federal government to deny recognition to same-sex marriages. 
"I wouldn't want it to go to the United States Supreme Court now because that homophobe Antonin Scalia has too many votes on this current court," said Frank. The video of the interview is available online. 
Frank's office did not respond to a request Monday to expand on his remark. Scalia also had no comment. 
Scalia dissented from the court's ruling in 2003 that struck down state laws banning consensual sodomy. He has complained about judges, rather than elected officials, deciding questions of morality about which the Constitution is silent. Controversial topics like gay rights and abortion should not be in the hands of judges, he has said, calling on people to persuade their legislatures or amend the Constitution.


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## dave7336 (Mar 25, 2006)

Barney Frank.....the only guy that even Mayor Menino asks the question "what did he say?"

YouTube - ENDA: Barney Frank Gets Personal in Debate's Final Speech

YouTube - Barney Frank: Plenty of rich people that we can tax


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## NewEngland2007 (Dec 31, 2005)

Every time I see the title of this thread I get excited for a split second thinking Barney Frank is no longer with us.


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## REILEYDOG (Nov 5, 2005)

Scary thing is, Barney was re-elected in MA by a 72% margin.


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## 7costanza (Aug 29, 2006)

> Scary thing is, Barney was re-elected in MA by a 72% margin


Thats because MA is overwhelmingly populated by complete assholes.


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## rg1283 (Sep 14, 2005)

7costanza said:


> Thats because MA is overwhelmingly populated by complete assholes.


And old shits who vote. These are not your typical elderly nice people. Most of them have their heart in the right place. However they think its still the 1960s with JFK! Whats even scary is a lot of people under 45 buy this shit. The republicans are going to steal all your money and bust your unions. The democrats are for the working people.

Last time I checked I have a car in the driveway which requires gas and tolls (if I take the turnpike). IF you tax me more all your doing is buying more band aids for the wounds that need more care to heal!!!!!!!!!!!!!!!!!

Who has this great idea. MA's version of Obama Deveal Patrick and his gang of Democrats!!!!!!! I work that makes me a working person! Who in their right mind would want to tax the shit out of people who are barely making it by

Someone got a job where I worked with all these stupid gay ass deval and obama stickers all over their car. Needless to say the person didn't even last 2 weeks!

Cut out the BS social benefits and give them to those who need it. First RULE: Prove MA State Citizenship and Federal Citizenship.

If your here illegally KICK THEM OUT and send them a bill (to make a point) that this is not a free lunch!! Secondly send the State Police out to investigate assholes who are milking the system. Kick them out of the state even if they are legal citizens!

Meanwhile instead of doing surgery (closing recycling centers, and cutting back library hours, and cutting out the T and wasteful agencies) the Democrats are running around playing stupid and putting bandages (not even cleaning out!) infected wounds.

Like Jay Severin says Politics is alot like religion odds are if your parents were democrats so are you. Thankfully mine were not.

I am no political expert but I don't think the Democrats had anything good going for them since the late 1960s. The Republicans lasted until Reagan and Bush I left.

I like what Glen Beck said yesterday "talk to the general Barney!"


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## Kilvinsky (Jan 15, 2007)

I'm still with the Republican Party and probably always will be, but man, it has disapointed me. With that said, I'd rather join the Green Party than be a Democrat*. At least the Green Party, as far out as they are, are pretty open about where they stand. The Dems will say whatever it takes to make people like them and do whatever they want, period. I'm sorry to say, the Republicans drift in that direction from time to time as well.

WHERE'S THE BULL MOOSE PARTY WHEN YOU NEED IT!?!?!?

And Barney, Frank-ly, just because so many of us think you're a blow hard, a gas bag and a douche it does NOT mean we are Homophobes.

*I believe I mentioned my one time affiliation with the Democratic Party. Mike Dukakis was running against Ed King. I found Ed King to be one awesome governor and wanted him back in, so, I took a couple of asprirn, some Kaopectate and switched parties to vote in the primary. Ed King lost (then switched parties himself) and I switched back, never to be a Democrat again.


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## justanotherparatrooper (Aug 27, 2006)

NewEngland2007 said:


> Every time I see the title of this thread I get excited for a split second thinking Barney Frank is no longer with us.


 Youre not alone NE...there are several names that do that to me. obama,Pelosi, Kennedy,Kerry, Shumer,Reid, Biden......


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## SgtAndySipowicz (Mar 17, 2008)

*Re: Conservative Republican*



Kilvinsky said:


> I'm still with the Republican Party and probably always will be, but man, it has disapointed me. With that said, I'd rather join the Green Party than be a Democrat*. At least the Green Party, as far out as they are, are pretty open about where they stand. The Dems will say whatever it takes to make people like them and do whatever they want, period. I'm sorry to say, the Republicans drift in that direction from time to time as well.
> 
> WHERE'S THE BULL MOOSE PARTY WHEN YOU NEED IT!?!?!?
> 
> ...


I see how the Republican party has "disappointed" you. However, don't be ashamed to be a Conservative Republican. The problem is that we (not us, but our elected reps) have abandoned our core values and become too "in the middle". A lot of Repubs have become RINOs (Republican in name only) and have chosen the path of POLITICAL CORRECTNESS. I hope and pray that a Conservative Republican, who isn't looking to please Democrats, comes along in 2012 and returns our country to CAPITALISM. It's time that the 1/2 of our population who lives off of the other half starts pitching in. End the fuc*ing entitlement programs in 2012. The question is will anyone step up and become the next Ronald Reagan???

PS: I am getting sick of President Obama telling us how RICH people are bad and non-rich just need a little more help etc. I understand that a select few of the rich have screwed up a few companies, but the overwhelming majority of those who get "rich" get there due to hard work and brains. I hope to be in the rich category someday, and do not want to be paying for some jackball in the housing project who smokes pot and "decides" not to work for a living. Will America wake up in 2012 or is it too late???


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## Kilvinsky (Jan 15, 2007)

I couldn't agree more. I've stated a number of times that my political beliefs are all over the place but essentially, I'm definately RIGHT of center and find it disheartening that, as you said, too many of "OUR" people looking to please the democrats. When have the democrats looked to please US?

There often has to be some compromise, I understand that, but to live by the compromise is wrong and a betrayal of those who put their trust in you.


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## Hawk19 (Jan 9, 2009)

Congressman Barney Frank is taking some major heat for making a serious accusation against Supreme Court Justice Antonin Scalia.
"I do think this argument that it is unconstitutional for the federal government to pick and choose as to which marriages it will accept is a good one. At some point that's going to have to go to the United States Supreme Court," Frank told the Web site 365gay.com on Friday.
"I wouldn't want it to go to the United States Supreme Court now because that homophobe Antonin Scalia's got too many votes on this current court."

Frank: Scalia's legal opinions reveal his homophobia - CNN.com


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## Kilvinsky (Jan 15, 2007)

A *phobia* indicates a fear of something. Maybe Antonin Scalia just doesn't like them. I have no problem with anyone, but I'm sure in Barney Frank's eyes, I'm a homophobe too.

Whatever that dipstick says, in my opinion is verbal diarrhea and nothing more and I've grown to TRY to ignore his mumbled, sloppy rants.

I'm not always successful and it irks me that this fool can get me angry.

I think Barney Frank is a heterophobe, or he just doesn't like us.


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## dcs2244 (Jan 29, 2004)

Barney ought to shut his c&ck-holster and maintain a low profile...but he won't, heck, he CAN'T! There will be plenty of fodder for ads next election...

The Cure.


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## SgtAndySipowicz (Mar 17, 2008)

Home - BostonHerald.com

U.S. Rep. Barney Frank, one of the nation's leading gay rights champions, blasted President Obama yesterday over a controversial anti-gay marriage court filing and is calling on the commander in chief to explain himself. "I think the administration made a big mistake. The wording they used was inappropriate," Frank (D-Newton) said of a brief filed by Obama's Department of Justice that supported the Defense of Marriage Act.
The DOJ brief, which has touched off a firestorm of anger in the gay community, *argued that states should not have to recognize same-sex marriages from other states, just as states don't have to recognize incestuous marriages or unions involving underage girls*.

"I've been in touch with the White House and I'm hoping the president will make clear these were not his views," Frank said.
The controversy has prompted some prominent gay political donors and activists to boycott a gay/lesbian Democratic National Committee fund-raiser being co-hosted by Frank next week in Washington, D.C., Vice President Biden is slated to be the keynote speaker, but protests could mar the $1,000-a-head event.
Among those who've already pulled out of the fund-raiser are noted gay bloggers Andrew Towle and David Mixner, a former adviser to President Clinton.
Mixner called the DOJ brief "a sickening document that could have been written by the Rev. Pat Robertson."
"Using the worst of stereotypes, it intimates that we don't have constitutional guarantees, invokes scenarios of incest, of children and advocates that we don't have the same rights as others," Mixner wrote on his blog.
Frank said he understands the rage but vowed that the fund-raiser - one of the gay community's biggest of the year - will go on.
"There are a lot of people who aren't boycotting," he said. "I think it's a mistake to deny money to the DNC."
DNC Treasurer Andrew Tobias, a staunch gay rights advocate, defended Obama, telling Politico, "If this debacle of a brief represented the president's views, I'd boycott too. I totally understand all the hurt and anger . . . (but I) still personally totally believe in the president."


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## dcs2244 (Jan 29, 2004)

"...$1,000-a-head event."

"...Among those who've already pulled out of ..."

Coincidence? I'll let you decide. 

"...Using the worst of stereotypes, it intimates that we don't have constitutional guarantees, invokes scenarios of incest, *of children*..."

Because all of those children 'molested' by Catholic priests were such innocent little girls...oh, wait..."


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## 21 Bravo (Feb 2, 2009)

Passing Free Market Economics 101 be a requirment for being elected to congress. As for the state of the parties, I have been "Independent" since I registered to vote. I think members of parties tow the party the line instead of using common sense.


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## SgtAndySipowicz (Mar 17, 2008)

*Re: some never learn........*

(Reuters) - Two U.S. Democratic lawmakers want *Fannie Mae and Freddie Mac* to *relax* *recently tightened standards for mortgages* on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery, the Wall Street Journal said.
In March, Fannie Mae (FNM.N)(FNM.P) said it would no longer guarantee mortgages on condos in buildings where fewer than 70 percent of the units have been sold, up from 51 percent, the paper said. Freddie Mac (FRE.P)(FRE.N) is due to implement similar policies next month, the paper said.
In a letter to the CEO's of both companies, *Representatives Barney Frank*, the chairman of the House Financial Services Committee, and Anthony Weiner warned that a 70 percent sales threshold "may be too onerous" and could lead condo buyers to shun new developments, according to the paper.
The legislators asked the companies to "make appropriate adjustments" to their underwriting standards for condos, the paper added.
In an interview with the paper, Weiner said the rules have "had a real chill on the ability to get these condos sold," at a time when prices of condos have fallen enough to attract potential buyers.
In addition to the 70 percent sales threshold, Fannie Mae will also not purchase mortgages in buildings where 15 percent of owners are delinquent on condo association dues or where one owner has more than 10 percent of units, as the firm sees these as signals that a building could run into financial trouble, the paper added.
Both Fannie and Freddie are preparing a response to the lawmakers, according to the paper.
Fannie Mae and Freddie Mac could not be immediately reached for comment by Reuters.
(Reporting by Chakradhar Adusumilli in Bangalore; editing by Simon Jessop)


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## justanotherparatrooper (Aug 27, 2006)

IF they manage to force states to recognize gay marriage under "full faith and credit" of the Constitution then that should also apply to CCW.

Yeah, Bwarney...I tink youves helped housing enough.


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## Big.G (Nov 28, 2006)




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