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Do the fat cat criminals truly believe they're going to get away with it this time?
http://www.bloomberg.com/apps/news?p...d=aAC.4Sk5LB.8
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“We have got to empower some entities that don’t now have it to restrain risk-taking that is irresponsible,” Frank said, adding that the Federal Reserve is in the “best capacity” to serve this role.
The systemic-risk regulator should have authority to limit securitization, unwind failed institutions that aren’t insured banks, curtail excessive leverage and reform executive pay rules to curb “perverse” incentives that promote risk-taking.
“Too much executive compensation took the form of people making extra money if a bet paid off and losing nothing if the bet disastrously failed,” Frank said.
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http://thehill.com/leading-the-news/...009-03-05.html
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House Financial Services Committee Chairman Barney Frank (D-Mass.) will press state and federal authorities this month to ratchet up their criminal and civil investigations in the ongoing financial crisis.
Frank didn't give the name of who he wants to see prosecuted, but did call for a March 20 hearing with the FBI, the Securities and Exchange Commission (SEC), the Office of the Attorney General, bank regulators and state authorities to identify law enforcement's intentions to investigate those involved in the financial crisis.
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Last edited by ParkTwain; 03-05-2009 at 02:33 PM..
what a joke, this guy used to run around criticizing banks for not lending money to poor people with bad credit. Then banks lent to those people and now look what happend.
Frank is well known to be the most intelligent man in Congress. He represents two of the western inner suburbs of Boston (Newton and Brookline). Plenty of rich folks there, too.
I have heard Barney Frank described as 'terribly unimpressive'. I have listened to him for years on financial networks and if he is the smartest person in the congress...wow...anyway - he is and has always been a political hack - he cannot speak without bashing republicans - for every year he has been in office. I still think that term limits are a good thing...
If he would try to be a part of the solution and not the problem that would be a good thing...and that goes for republican hacks too.
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