So we got NO OVERSIGHT and NO LIMITS on EXEC COMP, etc, etc -- you know, the things Barney said they had in the leg -- but he had time to monkey around with this?
"His bank has been profitable in all but one quarter in the last 10 years .... he wanted to help while the bailout bill was being considered.... At the time, OneUnited was dealing with an investigation by bank regulators.... citing problems with inadequate capital, a failure to provide adequate supervision, and the bank's "excessive compensation, fees, and benefits to its senior executive officers." The bank, for example, was required to stop paying expenses related to a California beach home and to stop providing a bank-owned
Frank said he took two steps that he believed would help OneUnited and other small banks in a similar situation. First, without naming OneUnited, he inserted general language into the financial rescue legislation designed to help banks that suffered from holding the Fannie Mae and Freddie Mae stock to be eligible for the bailout money. Second, Frank said, he mentioned the general plight of minority-owned banks to then-Treasury Secretary Henry Paulson...."
Are you EFFIN' kidding me?
Actually, I should be happy the guy is where he is; he provides plenty of fodder for the blog.
Also see: Frank Lets Bailout Executives Fly the Friendly Skies
"Frank tried to get Hub bank a bailot; Sought to protect minority lender" by Michael Kranish and Ross Kerber, Globe Staff | January 23, 2009
WASHINGTON - House Financial Services Committee chairman Barney Frank yesterday confirmed a report that he asked a Treasury Department official to consider giving bailout money to Boston's troubled OneUnited Bank - which ended up getting a $12 million federal loan - but Frank said the action was a legitimate effort to protect the only minority-owned bank in Massachusetts.
OneUnited's chief executive officer, Kevin Cohee, said in an interview last night that the bank received no special help and applied for the federal money like any other institution.
"We think it is wonderful, and we truly appreciate that anyone steps up to try to help minority banks," Cohee said, when asked about Frank's involvement. But Cohee said his bank wound up applying for money from the Troubled Asset Relief Program "just like anybody else."
"There was no special program for us, no special pot of money," Cohee said, adding that his bank has been profitable in all but one quarter in the last 10 years and qualified for support on its merits.
Then WHY would they need "help?"
Frank, a Newton Democrat, said Cohee came to Washington last fall as Congress was discussing the $700 billion financial rescue package. OneUnited's problems, Frank said, stemmed from its stock holdings in
Oh, he had to SALVAGE THEIR LOST INVESTMENTS!!
So WHERE'S MY SLAVAGE JOB, Barn?
Frank said that the loss was "through no fault" of OneUnited, and that he wanted to help while the bailout bill was being considered last September. At the time, OneUnited was dealing with an investigation by bank regulators. In October, federal and state regulators entered into a "cease and desist" order with the bank, citing problems with inadequate capital, a failure to provide adequate supervision, and the bank's "excessive compensation, fees, and benefits to its senior executive officers." The bank, for example, was required to stop paying expenses related to a California beach home and to stop providing a bank-owned
Cohee said that while the bank signed the order and is abiding by it, he denies all of the charges in it. "We don't admit guilt," he said.
Two months later, OneUnited was awarded $12 million under the government's financial rescue program. Federal regulators said a cease and desist would not prevent a bank from receiving the bailout money.
OneUnited underwent a "safety and soundness" review during its Troubled Asset Relief Program application. "The same regulators that did the cease and desist recommended us for the TARP," Cohee said....
OH, STINK STENCH!!!!
Frank's effort on behalf of OneUnited was first reported yesterday by The Wall Street Journal, under a headline that raised questions of "political interference." Frank said in the interview that he was proud of having tried to help OneUnited Bank and saw nothing wrong with his action.
WSJ reported it first and NOT the HOMETOWN Boston Globe that likes him so much? SHAME on YOU, Globe!!!
"To help a minority bank stay in business - that is what democracy means," Frank said. Frank and Cohee both stressed in separate interviews that the decision was up to the Treasury Department and banking regulators.
Oh, HE is REALLY SOMETHING, isn't he?
This PROPAGANDA PUSS-BAG doesn't have a damn glue, the glib sack of shit!
However, Steve Ellis, vice president of the nonpartisan Taxpayers for Common Sense, which has been critical of the bailout provisions, said Frank's effort underscored the problem with the program. "We are talking about trying to save the nation's financial system, not about saving my hometown bank," Ellis said. "It creates an opportunity to favoritism and power plays in the corridors of the nation's capital."
Like that's a surprise.
OneUnited says in its news releases that its mission is to be the "premier bank serving urban communities." Much of its lending appears to be for large apartment buildings or to community organizations. It has repeatedly received annual grants from the US Treasury Department for housing production under a special community development program. OneUnited makes few direct loans to homebuyers, and its business loan portfolio is small, too, according to federal financial records.
So they can blow all the proceeds on luxurious splurges, huh?
In 2005, OneUnited received poor grades for its lending under the Community Reinvestment Act. The Federal Deposit Insurance Corp. gave it "substantial noncompliance" for its Community Reinvestment Act lending in Florida and a "needs to improve" grade for its work in Massachusetts. It got an overall score of "satisfactory" that year and improved grades in a similar review two years later.
Meanwhile, federal mortgage data show that OneUnited made only eight residential mortgages for one- to four-family properties in 2007, none of them in Boston. Cohee said the bank wasn't an active lender to homebuyers because too many borrowers were seduced by the easy terms offered by subprime lenders, such as no-money-down mortgages, while it stuck to traditional loans that require 20 percent down. He said that he and other bank officials warned members of the community about the dangers lurking in those loans, but that the warnings went unheeded.
Moreover, Cohee said, OneUnited avoided making many homeowner loans because it sensed the real estate market was overheated and due for a correction that would damage the value of those mortgages. He said the reason the bank received the low marks on community lending in 2005 was precisely because of its reluctance to issue mortgages in an overheated market.
"And we believe without a question we've been proven right," he said.
I guess I agree with him there. So that's why the Feds came down, huh? They were looking to blow up that housing bubble by any and all means.
Frank said he took two steps that he believed would help OneUnited and other small banks in a similar situation. First, without naming OneUnited, he inserted general language into the financial rescue legislation designed to help banks that suffered from holding the Fannie Mae and Freddie Mae stock to be eligible for the bailout money.
Second, Frank said, he mentioned the general plight of minority-owned banks to then-Treasury Secretary Henry Paulson. He also mentioned the OneUnited case to Paulson's assistant for legislative affairs, Kevin Fromer, he said.
Yup, there were NO OVERSIGHTS or ANYTHING on the damn money, but Barn here could be troubled enough to do all that leg-work for one little bank in his district -- a HEALTHY BANK that had LOST MONEY on Fannie and Freddie INVESTMENTS while its executives partied!!!!
Paulson and Fromer, both of whom left the government during the transition to the administration of President Obama, could not be reached for comment. However, a Paulson spokeswoman, Michele Davis, said that the Treasury Department would not have given OneUnited the $12 million unless the government's bank regulators approved the deal. A spokesman for the regulator, the Federal Deposit Insurance Corporation, said he was not allowed to comment on a specific case.
OneUnited executives have not contributed to Frank's congressional campaigns, according to the database of Center for Responsive Politics.
Whatever, the WHOLE THING STINKS to HIGH HEAVEN as it is!!!
--more--"
Want MORE STENCH?
"$1.5b distributed to 39 more banks" by Globe Wire Services | January 23, 2009
WASHINGTON - The government said yesterday it has distributed an additional $1.5 billion to 39 banks nationwide as part of the $700 billion financial rescue program. The latest capital infusions bring the total amount used to buy bank stock to $193.8 billion. Nearly 300 banks in 43 states and Puerto Rico have received support through the program.
As YOU WAIT for MORTGAGE RELIEF, 'murkns!
The Bush administration also spent $20 billion last week to provide support to Bank of America Corp. and $1.5 billion to bolster Chrysler's auto financing arm. The latest injections of money ranged from $400 million provided to First BanCorp of San Juan to $1.75 million for the Community Bank of the Bay in Oakland, Calif.
Gee, pretty soon we'll be talking real money here.
Meanwhile, the special inspector overseeing the financial rescue fund plans an audit of participating banks to find out how they're using the money and how they're complying with executive pay restrictions. Banks' use of funds from Treasury's Troubled Asset Relief Program "remains almost entirely opaque," Special Inspector General Neil Barofsky wrote to Senator Charles Grassley of Iowa, the ranking Republican on the Finance Committee.
Yup, but WE HAVE OVERSIGHT and WE HAVE TRANSPARENCY, blah, blah, blah. That's what BARNEY and his friends said as they rammed this up your ass, folks!! $700 billion, AND PROBABLY MORE, worth of it!!!
"If the American taxpayer is to be expected to fund this extraordinary effort to stabilize the financial system, it is not unreasonable that the public and its representatives in Congress have some understanding as to how those funds have been used," Barofsky wrote.
Little late, ain't it? Barn doors a-swingin'!
In a reply, Grassley encouraged Barofsky "to be as aggressive as possible in achieving full disclosure of how TARP dollars have been spent."
Doesn't that make you mad, 'murkn?
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No? Maybe this will:
"More bailout money going to pay bonuses...
Oh, yeah, that really makes me feel good about this next item:
WASHINGTON - .... Obama also addressed public anger about reports of poor oversight and malfeasance surrounding the $700 billion financial rescue plan passed last year, which was also supposed to help halt the nation's economic slide.
Yeah, he's escaped criticism for being all in favor and pushing its passage, notice that?
Taxpayers are justifiably angry, he said, about "some of the reports that we've seen over the last couple of days about companies that have received taxpayer assistance then going out and renovating bathrooms or offices or in other ways not managing those dollars appropriately, the lack of accountability and transparency in how we are managing some of these programs to stabilize the financial system."
A) I thought we HAD THAT (that's what Congressliars said), and B) WHY should we have to WORRY ABOUT IT?
Obama seemed to be referring to John Thain, the ousted chief executive of
These elites fucks have NOT a CLUE as to what MONEY and WORK is WORTH!
--more--"
Yeah, yeah, whatever, fart-mister:
"Freddie needs another $35b" by Bloomberg News | January 24, 2009
WASHINGTON - Freddie Mac, the mortgage-finance company under federal control, said it will ask the Treasury Department for as much as $35 billion more in aid. Freddie, which took $13.8 billion from Treasury in November, said in a securities filing yesterday that its fourth-quarter operating losses will again drive its net worth below zero....
So BARNEY can SAVE his FRIEND'S BANKS investments!!!
The request comes as Freddie and Fannie Mae, the other government-sponsored enterprise, cope with a slumping housing market that's spurred a jump in delinquencies. The Treasury has pledged as much as $100 billion to each to ensure solvency.
The PRICE TAG just keeps getting bigger.
The companies need aid if the value of their assets drops below the amount they owe on obligations. "Their losses are going to be much higher than anyone anticipated," said Paul Miller, an analyst with FBR Capital Markets in Arlington, Va.
Fannie, which hasn't yet drawn on the Treasury backup funds, said in November it may have to do so after reporting results for the 2008 fourth quarter. Fannie also said at that time that $100 billion may not be enough to keep it afloat.
Then CUT 'EM LOOSE!!!
--more--"
YAnd what will the totla come to, 'murkn suckers?
Bank Bailout Failed; Geithner Says TRILLIONS Needed
AmeriKa, this was the GREATEST LOOTING JOB EVER -- and YOU GOT TOOK!!!!!
MSM sure is keeping it QUIET, too, didja notice?
