Let's recall what the magical bonus number was that caused Barney Frank to almost get a lynch mob armed and ready to march on Wall Street: $165 million in retention bonuses.
In yet another piece of revisionist brilliance, the pillar of intellectual fortitude formerly known as Barney Frank has passed legislation that will.... lower credit card interest rates.
Yes, ladies and gentlemen, this horrific deja vu is truly a massive glitch in the administration's matrix. Let's recap:
1) ZIRP (that's Zero Interest Rate Policy for you lucky souls who do not know this acronym)... yes, not even Greenspan sunk so low
2) Promotion of rampant TALFage, aka securitization
This one is looney tunes prime time material. Populist champion for the people, Barney Frank who earlier started war on mark-to-market and republicans, has added a new front to his offensive: Moody's rating agency.
Earlier Barney started war on Mark To Market. Now he is expanding to two fronts, crossing the Volga river deep into republican territory. Just want to pointed out that the whole two-front thing did not work out too well for Germany.
A letter sent out by the House Committee on Financial Services. Presented without comment.
Frank Statement on FASB Ruling on Mark-to-Market
Washington, DC – House Financial Services Committee Chairman Barney Frank (D-MA) today issued the following statement on the Financial Accounting Standards Board’s ruling on mark-to-market accounting:
Or such is the title of the letter just sent out by the House Committee on Financial Services in which the Democrat-GOP squabbles take on a new and heated flair, compliments of Barney. Seems the purpose for the letter is borne out of criticisms of Frank that he personally did not pass any legislation to regulate Fannie and Freddie until 2007, his claims in 2003 that FNM and FRE were not in crisis, and his lack of attempts to restrict subprime lending between 1994 and 2007.
Northern Trust is the latest bank to suffer populist anger, choreographed courtesy of Barney Frank, after it was disclosed that they had some serious fun at the taxpayer's expense last week. TMZ via Dealbreaker gave a blow by blow of the festivities that Northern Trust Employees partook in, which included: