That whole charade with this corrupt DC politicians gets beyond anything bearable. it is perfectly ok that he is a gay Jewish chairman of the banking committee if he would perform well. Although it starts to make me uncomfy to see that in all crucial posts are covered by Jews, does not make any sense to me FED Chairman, WORLDBANK, IMF presidents to the leading members of all Finance Committee's are solely in Jewish hands - that's a weird coincidence - but could be alright if we would not have such a severe financial crises. Bottom line is they do not make their job or is it that have a hidden agenda? With his lover at Fannie Mae, Frank was responsible for many of today's problems as he stopped necessary reforms at Fannie and Freddie.
Frank is a part of the problem and will never be part of the solution which is evident by this legislation for the people to create a law which will never have any effect on the systematic problems that Wallstreet can screw taxpayers again.
I know people will come up with this pathetic conspiracy theory stuff and antisemit nonsense - well first of all conspiracy is not a theory its a substantial factor of all times in all forms of societies and right now some Jewish families have gathered a lot of power which is a fact and some even admit it themselves like Rockefeller's.
This antisemit phrase is a very clever invention are we antiitalian because we know that there is the Mafia or are we antigerman because we clearly can admit that there were/are some Nazi's - and as a matter of fact that Frank got such a post after all those scandals shows how rotten DC in general is also true for catholics or black baptists - corruption does not know colour or religion.
This stockholder stuff sounds nice right? - but actually is a big fat dirty trick!! For a simple reason the big majority of all stockholder voting rights are with mutual funds who run the 401 or the stock funds approx. 80% are controlled by Wallstreet himself. Wallstreet will vote for their own interests - that's the most stupid thing one can imagine what this politicians are pulling off here. Obama is now in office for 5 months and no doubt is left anymore for whose interest he works but any other candidate would have made no difference ( do not have any illusions about that) - they choose him because he is the ideal candidate to cover up all the stuff they are doing now.
Conservative groups criticized Frank for campaign contributions totaling $42,350 between 1989 and 2008. They claim the donations from Fannie and Freddie influenced his support of their lending programs, and say that Frank did not play a strong enough role in reforming the institutions in the years leading up to the Economic crisis of 2008. Frank's former partner, Herb Moses, was an executive at Fannie from 1991 to 1998, where Moses helped develop many of Fannie’s housing and home improvement lending programs. In 1991, Frank pushed for reduced restrictions on two- and three-family home mortgages. During the time that Frank was in a relationship with Moses, he blocked tougher regulations on the banking companies while voting for the Government Sponsored Housing Enterprises Financial Safety and Soundness Act of 1991 and the Housing and Community Development Act of 1992. Frank and Moses' relationship ended around the same time Moses left the company.
Excerpt 2 (that was quite stupid as the Washington Post belongs to the Rockefeller gang)
A 1990 investigation by the House Ethics Committee was prompted by Steve Gobie, a male hustler Frank befriended and housed, who attempted to profit on his allegations that Frank knew he was using the home to see clients. Frank confirmed that he had once paid Gobie for sex, hired him with personal funds as an aide and wrote letters on congressional stationery on his behalf to Virginia probation officials, but Frank said he fired Gobie when he learned that prostitution clients were visiting his apartment. "Two years [after Frank fired Gobie], Gobie tried unsuccessfully to sell his story to the Washington Post. He then gave the story to the Washington Times for nothing, in hopes of getting a book contract for the male version of Mayflower Madam." After the investigation, the Committee found no evidence that Frank had known of or been involved in the alleged illegal activity and dismissed all of Gobie's more scandalous claims; they recommended a reprimand for Frank using his congressional office to fix 33 of Gobie's parking tickets. Attempts to expel or censure Frank, led by Republican member Larry Craig - who later was embroiled in his own gay sex scandal - failed. Instead the House voted 408-18 to reprimand Frank who later won re-election in 1990 with 66 percent of the vote, and has won by larger margins ever since.
By Alison Vekshin and Peter Cook
July 28 (Bloomberg) -- House Financial Services Committee Chairman Barney Frank said his legislation aimed at reining in pay incentives that lead executives to take excessive risks will probably reduce compensation “in bad times.”
“What it will mean is that the compensation is more likely to track the broad outlines in the economy,” Frank, a Massachusetts Democrat, said today in an interview with Bloomberg Television in Washington.
Frank’s panel is considering the legislation today and may vote on changes that would let shareowners hold non-binding votes on executive pay and direct regulators to write rules that will limit incentives that encourage excessive risk-taking.
Shareholders will help determine the compensation at their company, Frank said. “What we’re saying is however you pay the overall amount, don’t have a system that makes you take excessive risk,” Frank said.
The pay measure is part of an effort in Congress to overhaul rules that regulate Wall Street. Broad support has emerged for a regulator to monitor companies that pose a systemic risk to the economy, Frank said. Lawmakers are backing away from the Obama administration’s proposal to give such authority to the Federal Reserve, Frank said.
“There’s going to be some combination of existing regulators working together,” he said.