January 24, 2009

BOSTON HERALD: Barney Frank’s Hypocrisy:

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 Rep. Barney Frank (D-Newton), chairman of the House Financial Services Committee. And one of the recipients of a $12 million infusion of federal cash was the troubled OneUnited Bank in Boston – a bank that had already been accused of “unsafe and unsound banking practices.” Its CEO, Kevin Cohee had also 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.

Transferring wealth from the politically unconnected to the politically connected. Hope and Change!

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