Barney Frank's Porsches for bad bankers

Boston Herald:

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.

...

“I believe it would have been a very big mistake to put the only black bank (in Massachusetts) out of business,” Frank said. Besides, he insists, “It was a case of the federal government causing the problem.”

Causing the bad loans OneUnited made? Or would that go back to Fannie Mae and Freddie Mac, which Frank so staunchly defended earlier on?

...

I am against bad bankers getting fine automobiles as part of their compensation. I think they need to ride public transportation and mix with the people who are funding their folly. As for Barney Frank, he continues to be a disgrace who has done more to allow the financial crisis than anyone else in government. All this shows is that he is completely shameless.

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