Posted on 02/11/2009 9:18:10 AM PST by Sub-Driver
Barney Frank Tells Banks: Pay Up, or Shut Up @ 12:00 pm by Michael O'Brien
House Financial Services Chairman Barney Frank (D-Mass.) said Wednesday that if bailed-out banks do not like conditions such as pay caps and restrictions on corporate extravagances placed on their companies, they can give the money right back.
"I'm prepared to say this: if they really feel this way now, and they can't live with the restrictions, and they feel, 'Oh, how dare you ask me how I spent the money,' then give it back," Frank told CNBC during an interview ahead of hearings featuring the CEOs of major banks.
"If they want to pay it back right away, I'd accept it," the chairman, a principal author of the bailouts, added, noting that most companies are too involved with the funds at this point.
Frank insisted he shares Americans' anger over the way the first half of the Wall Street bailout Frank helped author in Congress was administered by the Bush administration.
"I think a lot of people in this country, probably an overwhelming majority, would like to scrap the current system…and start a new one," Frank told CNBC in an interview ahead of today's hearings in which leaders of large banks will be summoned to testify. "The goal is to figure out what to do going forward."
Frank said that the reality is that Congress will likely have to commit more resources to the system, but that he did not like it: "That makes people angry, and I share that anger."
Watch a video of Frank's appearance here:
Barney, America wants you in prison!
Never too early in the election cycle to do fundraising.
Frank is so full of crap, but he is right about one thing. As long as the banks have gov money, the gov owns their fanny.
“then give it back,”
Dims taking us beyond the absurd to the surreal.
That new 'system' started yesterday. It's called communism.
Welcome to the USSA.
Barney is correct...banks should stop whining and give the money back if the don’t like the restrictions...it’s not their money. It’s taxpayer money, so live with it or return the money.
Barney Frank getting us out of the mess that he in part caused?
Don’t hold your breath.
Barney Frank is the biggest horse’s ass in the House.
You're right, they should give the money back, declare insolvency and take down the entire banking system with them. It would ruin a lot of people but probably stop the stimulus bill dead in its tracks. It would also make Barney look even stupider than he already does.
And that was the leftists' plan from the start.
Too bad organizations and individuals aren't concerned about selling their souls to the government until after they make the deal and take the money.
At that point, all of the bank execs should have got up, and walked out.
They’ve got the money.
Barney no longer does.
Screw him.
Barney Fwank is weally, weally angwy with the bankers.
Agreed...
I just hate its Bawney Fwank saying it...I hate to agree with anything he says.
And the Bankers should just stfu. Quit whining give it back.
Problem solved.
Hey Barny, give the bailout money back to the taxpayers. You have no right to take our money and pretend it’s yours for you to disburse as you personally please.
Lord Byron's lament that
"The fault was mine;
nor do I seek to screenMy errors with defensive paradox;
I have been cunning in mine overthrow,
The careful pilot of my proper woe."
...is apparently lost on Mr Fathead.
Where is Dali when we really need him?
Having lived, worked and done business in countries where the banks were controlled or owned by the Govt, I can attest to the fact it is a source of curruption. Soon the only companies that get loans are those that make payoffs to bank managers and pols. Money for small companies dries up.
It is a source of endless curruption. People default and pay off bank execs to rewrite the loan..etc.etc. I have seen it all in action. Korea, Taiwan, Philippines, India, Indonesia..Italy. Some of those countries have cleaned up the situation by PRIVATIZING and DEREGULATING banks.
I'm for this as a standard. How about we hold Congress to the same one, Bawney? How about YOU tell the taxpapers what you're doing with our money, or give it back?
Hmmmm. I think that's true, but a very strong argument could be made that Pelosi, or Dingell, or Charlie Rangell are the biggest horse's ass.
Is he soliciting bribes there?
"If they want to pay it back right away, I'd accept it," the chairman,
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