Barney Frank: Prosecute The Culprits in the Financial Crisis

http://www.politico.com/news/stories/0309/19666.html

Frank pushes for punishment for crisis
By VICTORIA MCGRANE | 3/5/09 2:12 PM EST

Frank is pressing state and federal authorities to seek criminal and civil penalties on financial actors.

Photo: AP


House Financial Services Chairman Barney Frank (D-Mass.) is pressing state and federal authorities to seek criminal and civil penalties on financial actors that helped cause the current crisis.

"Rules don't work if people have no fear of them," Frank said at a press conference Thursday.

He announced a hearing March 20 with Attorney General Eric Holder, bank regulators and the Securities and Exchange Commission as witnesses to discover what their plans are to prosecute irresponsible and in some cases criminal behaviors.

He isn't looking for names, Frank said, but "I do want all the people with enforcement power, state and federal, in that room."

Frank also announced that two financial entities have returned or are planning to return a total of $7.6 billion worth of Troubled Asset Relief Program funds.

One of these is Northern Trust, which returned $1.6 billion after Frank and other Democrats on his panel publicly slammed the bank for sponsoring a PGA golf tournament and other lavish perks.

Send the robber barons to jail.

His watch. Sorry, it's a little late for him to start squawking. He's #16 on the list of Congresspeople greased by Fannie.

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

2003. Representative Barney Frank of Massachusetts, ranking Democrat on the Financial Services Committee.

There are a boatload of crooked motherf*ckers that have been operating continuing criminal enterprises for a long time. And they think they're gonna walk - not just walk, but walk with obscene wealth. Stay on it, Barney!

Pass the popcorn

Hell yes the people responsible need to be prosecuted! They also should have their possessions seized, and auctioned off to repay their debt to society.

If a corporation is too big to fail, it's too big to be privately owned, and should be diversified.

Diversity, in most things, is a good thing.

k and r.

and allowed this to happen should be punished as well. It is insane to bitch a moan about Obamas budget or his stimulus plan when they are the ones who created the atmosphere that allowed these companies to run themselves into the ground.

:dem:

-Laelth