This morning, Rep. Barney Frank, D-Mass., will demand answers from chief executives of eight banks receiving government funds as part of the Troubled Asset Relief Program (TARP)
Thurgy: Rep. Barney Frank needs to be answering of questions before stepping down as the Chair of the House Financial Service Committee. It was Frank that was front and center authoring this bill in record speed. Then there is the conflict of interest below.
Thurgy: ShockerIn the 2008 election cycle, House Financial Services Committee members received more than $26 million in campaign donations from the finance, insurance, and real estate sector, including $5.3 million from the securities and investment industry and $3.3 million from commercial banking, according to the non-partisan Center for Responsive Politics.
Part of that $26 million is $984,148 that Frank received, including $224,000 from the securities and investment industry and $110,000 from commercial banks. Almost $2 million that the committee members received came from the very eight banks represented at the hearing, the center states.
Lawmakers have expressed outrage that the funds are not fulfilling their purpose of increasing the flow of credit to consumers. They point to a report released last month by the New York state comptroller that said Wall Street firms had handed out $18 billion in bonuses last year.
Thurgy: Lawmakers were warned by thousands of calls,faxes and emails. We told you so.
