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Frank to Bank: Give Back the Jack

2/24/2009 12:50 PM PST BY TMZ STAFF

Congressman Barney FrankCongressman Barney Frank just told TMZ he is sending a letter to Northern Trust, demanding that the bank pay the government the equivalent of what it spent last week on lavish parties and concerts in L.A.

Frank, Chairman of the House Committee on Financial Services, is sending the letter on behalf of the Committee.

Frank is also asking Northern Trust to return the $1.6 billion in bailout money to the government. Northern Trust didn't ask for the money when Former Treasury Secretary Henry Paulson doled it out. The new law actually allows banks that didn't need the money to return it.

Frank also scoffed at the boondoggle, saying Northern Trust should have spent that money making loans and stimulating the economy. He called the Northern Trust Open an "ego thing" that has nothing to do with good business.

Senator John Kerry also weighed in on TMZ's story, calling Northern Trust's L.A. extravaganza "disgusting and stupid
and pathetic."

UPDATE: Congressman Brad Sherman said, "Wall Street is laughing at us saying, 'we got to keep your money and our lifestyle is unchanged.'"

Senator Sherrod Brown said, "A lot of banks seem to be talking out of both sides of their mouths. When we ask what they are doing with taxpayer funds, they claim it's impossible to track the money because it is fungible. But when it comes to paying for parties, all of a sudden an enormous wall divides the TARP money from everything else. They cannot have it both ways."

See what other congresspeople have to say... after the jump.

Congressman Walter Jones said, "This personifies exactly why I voted against the bank bailout bill."

Congressman Stephen F. Lynch has just agreed to sign Barney Frank's letter.

Congressman Bill Foster says he's "appalled and angered at the behavior of Northern Trust executives," adding "the bank should return what they spent on this junket..."

Congressman Steve Driehaus just contacted TMZ and said he will be signing Barney Frank's letter to Northern Trust.

We love this one. Congressman Ed Royce took a stand by saying he was "swamped" with the State of the Union so he had no comment.

How's this for taking a stand. Congressman J. Gresham Barrett said no comment. And Congressman William "Lacy" Clay said he was preparing for the President's address tonight -- we thought the Prez was giving the address.

Congressman Paul Hodes says "Northern Trust demonstrated a lack of understanding of the economic times we face with their extravagance...this should never happen again."
116 COMMENTS

No Avatar
16.

Bex    

You all sound so intelligent with the name calling.

2013 days ago
17.

Get over yourselves!!!    

My thoughts exactly Reine. I couldnt have said it better!!

2013 days ago
18.

Get over yourselves!!!    

"You all sound so intelligent with the name calling. "

Posted by clueless people----


Do you actually have an opinion on the subject matter?

2013 days ago
19.

Lord Xenu    

Barney Frank had his hand in this mess - hes no hero.

Just a month before, Frank had aggressively thwarted reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated,” a gross miscalculation some five years later with costs estimated to be in the hundreds of billions.

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


2013 days ago
20.

toofastforyou    

Bout time we crack down and take control!!!!

2013 days ago
21.

TT    

Man, you people have no clue. Get the facts straight. This economy crisis is b/c of both Dems and Reb, but mostly b/c of DEMS. It started in the Clinton era when the DEM congress decided to deregulate the banks so that "poor" people could by homes. They made banks pump over 1 billion $$$ into bad mortages, what is now called "sub-prime". That in itself is moronic and detramental. People are poor b/c of bad social/economic habits. This shows how clueless congress really is, do they actually think that these people will change their tune b/c you allow them to buy a house they cant afford.
Bush didn't help things by being one of the most "spending" REB prez. He hemoraged $$$ into a pointless war.
And now all you idiots are backing the DEMS. These idiots passed an 1100 page stimulus bill worth 800 bill and no one read the damn thing. What a joke. I can tell you US is on a serious decline. I have already cashed out my 401K's and invested overseas. These idiots will not get my $$$.

2013 days ago
22.

rebulicans made this mess    

Paulson and Bush gave this money to them. This is just another mess that Republicans made the Democrats now need to fix.

2013 days ago
23.

Tiger's Help Sucks Too    

You go, Barney Frank! Now there's a congressman with the courage and ethics to do what's necessary.
Northern Trust managers should all be FIRED ON THE SPOT.

2013 days ago
24.

TM    

HAHAHAHAHAA!!! Frank is a joke!!! You idiots that fall for his crap deserve his crap!!!
Good Lord Liberals are going to make us all so fricken poor! except for folks like Frank.
Frank is a joke! Read a real website and check it out! PLEASE!!!!!!!!!!!!!!!!

2013 days ago
25.

an yone    

Do you think that the powers that be will give back their raises....People need to open their eyes.....The Congress and Senate are still having parties on our dime.....

We really need to "Clean house"..Starting at the top wouldn't hurt...The Messiah hasn't helped us yet...He is throwing money at all the wrong places... Oh that's right he will make our house payments for us....I would really like a new car....

2013 days ago
26.

tdeck7    

GOTTA LOVE THESE MORONS IN CONGRESS.. AND JUST SO YOU KNOW, THE DEMOCRATS HAVE CONTROLLED CONGRESS FOR THE LAST FOUR, I REPEAT, FOUR YEARS. SO WHO IS AT FAULT FOR ALL THIS CRAP?? CONGRESS IS AS GREEDY AS ANYONE ON WALL STREET! SOME CHANGE, EH?? NANCY P. LOUSEY, AND BARNEY DA FRANK ARE JUST THE TIP OF THE YELLOW ICEBERG. OH YEAH, GIVE THE MONEY BACK YA MORONS!!!! AND WHAT'S THIS CRAP ABOUT 50 MILLION DOLLARS OF STIMULUS THAT WENT TO THE NATIONAL ENDOWMENT FOR THE ARTS?? NOW THERE'S SOME STIMULATION!!

2013 days ago
27.

HOLLYWOOD STANDARD    

Lets see..Thousands of people are losing jobs and losing their homes while big business is frivously blowing money right in fron the the working class faces..hmmm They can do what they want, but they must remember that there are more working class people in this country and at some point EVERYONE of them will reach their tolerance level and react..who knows what form that will be, but a united reaction from the "little guy" can be very scary for the government and big business..It is inevitable esp with behavior like this!

Great job tmz

2013 days ago
28.

mimi    

hey ,you banking queen give the american people back our 401k's and all the money you ,Dodd and maxine waters robbed from us when you ordered the banks to give non-workers and losers homes,in the name of diversity and fairness,you might think you can fool alarge part of the american society ,but remember ,almost half of the electorate did'nt vote for your savior,and by the way barney,tell your president that every time he goes on the tv the market goes down 250 points please tell him to shutup!

2013 days ago
29.

Obama is Gay    

#19 perfectly said

2013 days ago
30.

david    

1. The foolish profligacy of these banks IN SPITE OF having taken in billions of our hard earned dollars - is obscene.
2. The spectacle of an economically illiterate buffoon like Barney Frank - who helped engineer this mess - "stepping up" to defend the taxpayer is obscene.

2013 days ago
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