Secret loans to banks revealed, Barney Frank retires

Sordid dots easy to connect

First read this Bloomberg report, disclosing that the Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. At the top of the article is a fascinating interactive graph allowing readers to compare the banks’ net incomes or losses over the time frames.

The Fed didn’t tell anyone which banks were in trouble — so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates.

A spokesman for Treasury Secretary Timothy Geithner declined to comment.

Barney Frank, 71, a 16-term Massachusetts Democrat who chaired the House Financial Services Committee, has accumulated more than $760,000 in campaign funds in the third quarter of this year and had $389,606 in cash on hand. He’s obviously well-funded for yet another term.  It’s the scrutiny, not redistricting as he‘ll claim during his afternoon press conference, forcing him to make this retirement decision. Watch as Frank lies about his actual motives with Fannie Mae and Freddie Mac, pushing home loans to those who had no hope of repaying their debt.

Judicial Watch (JW) has actively pursued documents regarding the unprecedented explosion in the size and reach of the government through its use of $24 trillion for “TARP” (Troubled Asset Relief Program) bailouts, “bank rescues” and the Obama administration’s economic “stimulus” plan. The $200 billion taxpayer bailout of Fannie Mae and Freddie Mac is arguably the biggest government corruption scandal in our nation’s history.

The watchdog group’s efforts have revealed documents showing Congress’ awareness of the poor business practices of Fannie and Freddie at the same time key members of Congress continued to block attempts to regulate the two Government Sponsored Enterprises.  A Freedom of Information Act lawsuit that JW filed against the Department of the Treasury resulted in documents that revealed details of how the government coerced the CEOs of several major banks to accept TARP funds.

So far this year, sixteen House Democrats have announced their plans to retire; half are running for higher office.

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14 Responses to Secret loans to banks revealed, Barney Frank retires

  1. Vince says:

    As a defense Barney Frank could claim he’s been smoking some of that weed he and Ron Paul are working together to try to legalize.

    • garvan says:

      Guess how many border ranchers and their families would be safer if marijuana were legal?

      Guess how much drug gang violence would disappear if marijuana were legal?

      Guess how many illegal border-crossing “mules” will no longer be making the trip up from Mexico if marijuana were legal?

      Guess how many border guards would no longer be shot at if marijuana were legal?

      • PA in Phx says:

        Guess how many kids will be high in school, not learn and screw up their lives. Guess how many marijuana users want bigger and better highs and become junkies? Guess what a depraved society we will be to legalize this, in effect telling our youngsters that aiming for an altered reality is just swell? You live in a dream world that you obviously think sounds hip and intellectual. I see the other side day in and day out. You’re a fool.

      • garvan says:

        PA in Phx calls me a fool (thanks for the ad hominem, BTW) for advocating the legalization of marijuana because, he says, users will go on to “bigger and better highs.”

        News flash for PA: kids in high school are ALREADY using marijuana. They’re ALREADY going on to these “bigger and better highs.”

        Using PA’s logic, it’s time to ban whiskey, rum, gin, vodka, scotch and all the rest of the alcoholic beverages because users of these drugs are aiming for an “altered reality.”

        So how about it, PA. Are YOU ready to swear off using these drugs to set a good example for our youth?

  2. LD 7 PC says:

    Barney Frank is a liar, a cheat and a pervert, who has taken the American taxpayers for fools. Sadly the voters in Massachusetts have reelected him to congress, just as they did with Gerry Studds, another pervert who pursued sexual relationships with teenage congressional pages and Ted Kennedy who allowed Mary Jo Kopechne to drown as he saved his career. Barney Frank’s former live-in boyfriend was running a homosexual brothel out of the townhouse they shared. These are the Democrats those swell folks returned to office in a state that once had a proud history.

    None of them had princples or comprehend the meaning of the word “honor.” Finally Franks is leaving because he has no choice. His departure is interestingly timed to this damning news.

    • Another LD 20 PC says:

      They are a bunch of crony commies who fatten their own pockets and tell us we need to revolt against capitalism. I think it is the CommieCrats we need to revolt against, vote anybody but a D.

  3. TeaPartyPatriot says:

    Based on the Penn State disclosures, buffoon-barney (chief architect of America’s financial collapse) has decided to leave congress and become a college football coach.

    ABOLISH THE FED and put bailout bernanke in the unemployment line.

  4. truth or consequences says:

    Once again Judicial Watch finds the truth. They deserve our financial support, not just for this but for the great work they have done exposing our lack of border protection by the feds. Good guys to have on our side, http://www.judicialwatch.org.

  5. VinoAZ says:

    We are fools as touched on above. Look at who and what was elected president and and has collected a one billion dollar war chest. Liberalism is a mental and moral disorder.

    • American Patriot says:

      Hope you don’t mind, VinoAZ, but I intend to “borrow” your sage description of liberalism. It couldn’t be more correct and will drive the lefties I know to distraction!!

      • Phil says:

        “Liberalism is a mental disorder” is the title of a Michael Savage book. I believe the thanks should go to him. Though I love to see it used in forums because it is so undeniably true.

  6. Kathy says:

    It’s about time – barney has done so much damage to this economy – Freddie & Fannie, dodd-franks bank bill & many, many others. He must be proud or worried that more damaging info will be forthcoming, follow the money!

  7. Maggie says:

    Question: What happens to all of that campaign cash Barney Frank has accumulated? I hope it goes back to donors. If this sleazy creep gets to keep it, the law need to be changed ASAP!!

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