Ah, the dirty little secret is out. That $700 billion TARP (Troubled Asset Relief Program) bill was in part simply a variation on congressional pork - except this time the recipients were banks with friends in high places.
One of those powerful friends was Democratic Congressman Barney Frank (pictured), chairman of the House Financial Services Committee.
The report also points out that one of the recipients of a $12 million infusion of federal cash was the troubled OneUnited Bank in Boston that had already been accused of “unsafe and unsound banking practices.”
Kevin Cohee, CEO of OneUnited Bank had been criticized by regulators for “excessive” pay that included a Porsche.
Frank admits he included language in the TARP legislation specifically designed to bail out OneUnited. He also acknowledges contacting officials at the Treasury Department about the bank’s bailout application.
Frank has never failed to amaze us with his ability to defend the indefensible and to staunchly uphold the double standard. It’s his special talent.
Click on the comments link at the end of the Boston Herald report to read what some of the Boston area people think of Barney Frank.
The Boston Herald story is here. More on the involvement of Barney Frank in the subprime mortgage fiasco can be found here.
A picture of my cave
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