Frank Statement on Citigroup

[DogPoundPup]

Source: House Financial Services Committee Chairman Barney Frank

Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA), today released the following statement regarding Citigroup:



“The decision by the Secretary of the Treasury to use TARP funds for Citigroup underlines the contrast between the administration’s activity in this area and its failure to take similarly decisive action to reduce mortgage foreclosures. As I told Secretary Paulson when he informed me this morning of his decision to provide funds for Citigroup, I believe it is essential that TARP funds be used immediately to fund mortgage foreclosure relief. While most of the first $350 billion has now been committed, tens of billions remain available for immediate use to reduce foreclosures even before drawing on the second $350 billion. I wrote to the Secretary last week specifying several very promising approaches to diminish foreclosures that could be significantly advanced by the use of these funds. There is no good reason for further delay.”



The full text of the letter as follows.

Read more: http://www.house.gov/apps/list/press/financialsvcs_dem/press112408.shtml

[msongs]

1. funds have been squandered, not committed. maybe citibank didnt pony up to barney's election fund n

[Dr.Phool]

2. Thank God it passed!

Fuck you Barney.
Fuck you Nancy.
Fuck you Harry.
Fuck you Schumie.

You've all fucked the nation and the economy as a whole for two solid generations. There's not going to be any money left to do anything. I'll never see universal healthcare in my lifetime. I suppose I could eat out of dumpsters, if I can find one with anything left in it.

The Treasury has become the Baghdad National Bank. Open it up and throw all of it to your cronies and the military.

It was a good country, while it lasted.

[sarcasmo]

8. Another residual for operationmindcrime.

You know he should have copyrighted that phrase.

[closeupready]

3. Most of Congress doesn't care about the American people.

I think that should be clear to any observer over the last 20 years or so.

[Pale Blue Dot]

4. It's the perfect way to solve the problem of too much debt.

More debt!! :woohoo::party::puke:

[snappyturtle]

5. As I see it these payouts, bailouts,whatever you want to label them, are actually

part and parcel the gang raping of the treasury of the lame-duck administration. It happens easily when no one is in charge and the president has removed himself from any concern for the citizens suffering the consequences of the incompetance of Wall Street. I am more than disappointed in our elected representatives in Washington too. THEY passed the bills that gave Wall Street, carte blanche, the right to manipulate the financial markets. What's the plan for Citigroup? They gotta know about the auto industry's plans, why not the banks? Screwed up beyond belief.

They don't know how deep the problems are and once again they are throwing money, on a wing and a prayer, to solve the problems. Heads should be rolling plus assets seized and CEO's jobless.

I agree with Barney Frank: address the mortgage foreclosures!

[Eric J in MN]

6. Barney Frank could have provided leadership towards a completely different bill.

I'm not impressed by his after-the-fact concern over the bill he helped pass.

[Metta]

7. they don't care. how many disasters does it take to understand that?

It's all collateral damage as far as their hard, pea sized hearts are concerned.

[Mudoria]

9. Frank should resign from the House... he's worthless these days

[BrklynLiberal]

10. This is all part of the biggest con game the world has ever seen.

They are all running away with the Treasury, and there will be NOTHING left to finance any of the programs that the
Obama administration is supposed to enact.

The repukes have done it again.

[unkachuck]

11. barney, barney, barney....

"I wrote to the Secretary last week specifying several very promising approaches to diminish foreclosures..."

....the way to stop a thief is before he steals your wallet not after you've given him your wallet....you and the Dem congress had 8 years to determine the veracity and trustworthiness of the bush administration....you and the Dem congress apparently found bushco veracious and trustworthy....if you and the Dem congress had any doubts, you could have asked us....

....no amount of back-pedaling is going to separate you and the Dem congress from this fraudulent 'tarp' legislation the full extent of which will be known in 2 years....see you at the polls....