Michael Undercover – finds the news that everyday Americans want to know more about and brings it to you in plain English
Are you as outraged as I am about the Bail Out bill? We sent Michael Undercover to get some facts for us on Barney Frank and why we have not seen an immediate investigation to his dealings as Chairman of the House Financial Services Committee. Would you keep a manager that just cost you billions of dollars? Would you leave him in charge to clean up his own mess? Why the hell would you ever trust such a person ever again?
Barney Frank governs your money. Barney Frank has received secret agreement by Nancy Pelosy to delay any Congressional Investigation into Congresses reponsibility of the Fannie Mae/Freddie Mac mess. Are these the people you want in office next year. Can either of them be involved in Congressional investigations without tainting the investigation? Barney Frank should remove himself as he has outwardly admitted that he is in a relationship with a Fannie Mae employee.
What is Barney Frank’s RECORD?
In 1992, Mr. Frank blocked efforts by Congress to rein in Fan and Fred.
In 2000, Rep. Richard Baker Proposed Bill to reform Fran and Fred Oversite. – Mr Frank said concerns about the two were “overblown” and there was “no federal liability there whatsoever.”
In 2002, Mr Frank opposed another reform push. “I do not regard Fannie Mae and Freddie Mac as problems. I regard them as great assets.”
In 2003, Mr Frank assured the public thqat “there is no federal guarantee” of Fan and Fred obligations. “I do not think we are facing any kind of a crisis.”
In 2004, Fannie announced a multibillion-dollar financial “misstatement” of its own. Mr. Frank defended them with a let them eat cake type of statement, “Wall Street will get over it” if the two collapsed. [Ed note: So how come he is pushing this bail out bill down our throats claiming the sky is falling?]
In 2007, Mr Frank once again blocked reform of Fannie Mae and Freddie Mac because he wanted a more watered down reform and not include any reduction in their MBS holdings.
But the biggest payoff for Mr. Frank is the “affordable housing” trust fund he managed to push through as one political price for the recent Fannie reform bill. This fund siphons off a portion of Fannie and Freddie profits — as much as $500 million a year each — to a fund that politicians can then disburse to their favorite special interests. –
Mr. Frank has had many accomplices from both parties in his protection of Fan and Fred. But he was and is among the most vociferous and powerful. 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 Opinion Journal
Mr Frank has been WRONG for over 16 years. Is that the leader you want governing your money? Mr. Frank has served his own interests and those of the Democratic Agenda at your expense. Is this the leader you want governing your money?
Who pays for Barney Franks Campaign?
Per opensecrets.org, Barney Frank contributes NO money out of his own pocket to his political campaigns. This election year som of his largest contributors include financial institutions and related businesses. Do you think it taints his integrity to take money from the very industry he is supposed to provide oversight for?
|Brown Brothers Harriman & Co||$29,300|
|Royal Bank of Scotland||$13,800|
|American Bankers Assn||$11,300|
|American Society of Appraisers||$11,000|
|Bernstein, Litowitz et al||$10,900|
|Ernst & Young||$10,900|
|Chicago Board Options Exchange||$10,000|
|Credit Union National Assn||$10,000|
|Grant Thornton LLP||$10,000|
|Independent Community Bankers of America||$10,000|
|National Assn of Home Builders||$10,000|
|New York Life Insurance||$10,000|
|Service Employees International Union||$10,000|
|National Assn of Federal Credit Unions||$9,999|
|Bernstein, Liebhard & Lifshitz||$9,200|
View More – Bill O’Reilly Blasts Barney Frank on Fannie Mae Mess
Read More – Fannie Mae’s Patron Saint
View More – House Financial Services Committee – Actual Video and Transcript 2003 “no crisis”
Read More (with Video) – Media Mum on Barney Frank’s Fannie Mae Love Connection
Read More – Campaign Contribution info on Barney Frank