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Frank to Bank -- You're a Fritterer

2/24/2009 5:51 PM PST BY TMZ STAFF

TMZ just obtained this letter that Congressman Barney Frank wrote to the president of Northern Trust:

Barney Frank

102 COMMENTS

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61.

ZiBoM    

At the moment this is all talk. The government can't seem to get it right and yes, the banks are all crooks. The money should have gone into the hands of the people who are losing their jobs and their homes. WHY CAN'T ANYONE GET IT RIGHT! Instead the government gave the money to the crooks. Sure is all about that bottom dolor and little about the people who produced it.

Stand up for yourselves America because the banks and the government aren't looking out for you. Actions speak louder than words and so far Actions have only been irresponsible. Banks think they run the world and it is time for a new revolution. Otherwise keep bending over like good little peasants.

2035 days ago
62.

Archangel    

Debi - actually it shows your ignorance if you believe a single word that falls out of Barney Frank's mouth. The rollercoaster economy over the last decade and a half was directly caused by the idiocy of Clinton and Greenspan and then later compounded by stupid regulations and insane spending by scores of wonks on the Hill and in the White House solely interested in themselves. Clinton/Greenspan destroyed the fundamental physics of the economy by taking the reserves regs off the banks and started flooding cheap capital into the money supply with nothing behind it in 94/95 - that allowed banks to put money into the system while only having less than 1% of it in reserves and could also get an almost unlimited amount of cheap funding from the Fed in addition - that's when the stock market ratched 90 degrees completely outside it's historic path because they effectively allowed unrestricted creation of money. That precipitated the Nasdaq bubble that finally exploded taking trillions of individual's funds with it (while the politicians and all the specious tech bubble frauds made out like bandits). But the geniouses in Washington kept pumping more capital into to system to try to regain from the bubble and fostered the housing bubble - housing prices went nuts and decoupled from reality because almost any idiot could qualify for almost any amount with cheap short term funds regardless of whether they could ever repay them. Until they restore the basic laws of economic dynamics, they won't fix anything - unfortunately with pinheads like Barney Frank, Nancy Pelosi, Harry Reid, Chris Dodd, and let's not forget Obama and his financial brain trust - they can only manage to keep putting temporary bandages on things until the patient finally lethally hemorrages.

2035 days ago
63.

Archangel    

To those condemning the bank - this isn't AIG or Merrill Lynch folks - this is Barney Frank shooting his mouth off about something else he knows nothing about - anyone taking Barney Frank's comments as fact needs to turn off their PCs and climb into a box - you're too dumb to be walking around in public and are probably a danger to others

2035 days ago
64.

HMS Valkyrie    

Thank you for blowing the lid on bloated bankers bashing with our bucks. B#@&*"%!!! them.


2035 days ago
65.

razzledazzle    

Way to go, Barney!

2035 days ago
66.

AnyPublicityisGoodPublicity    

Barney Frank is a disgrace. He has "represented" my Congressional district in MA for the last several years despite my best efforts to vote him OUT of office every election. He is , I'm sure, enjoying every minute of his newfound celebrity as the champion of the little people against the big bad banks. Too bad he doesn't take a look at his own colleagues in Congress, who after rstringing up the bank CEO's for their questionable judgment, apparently decided it was time for them to have an all expense paid vacation in Italy courtesy of the taxpayers money. Why isn't TMZ reporting on THAT disgusting display of waste and extravagance? It's so easy to blame the nameless faceless banks for all of our woes, but please don't forget that not everyone who works at these institutions is some fat cat executive. There are many rank and file employees who struggle to ake ends meet just like the rest of you. And some of them live in Barney's district, although I guess he couldn't give a rat's ass about them Shame on you Mr. Frank for being such a hypocrite.

2035 days ago
67.

someone who was there    

Okay, I was a consultant at Northern Trust at the time they received the bailout money. They did not need it, they did not ask for it. They basically took it from the government because it was "free money." The government was going around asking everyone to take their money - and Northern Trust could not turn down money that was "free" - that would be financially irresponsible. Blame Congress for forcing people who don't need it to take money. Barney Frank should shut up - Congress created this mess - they don't understand how much a billion dollars is - thow they throw around $800 billion like they are giving out candy. Yes, Northern could and should pay back the $1.5 billion tomorrow - but not because they sponsored this event - because THEY DID NOT NEED THE MONEY IN THE FIRST PLACE - THEY WERE FORCED TO TAKE IT BUY THE DUMBASSES IN CONGRESS AND AT THE TREASURY. Now, if you use that same $1.5 billion, and go around and give every homeowner an interest-free loan so they could have some debt relief, you would have solved the damn foreclosure mess, kept people in their homes, and done it for a hell of a lot cheaper than the $1.5 TRILLION our government has thrown at the mess - a figure which does not include the bailout of AIG, the extra assistance to Citigroup, the extra assistance to Bank of America, the interest on the debt, etc. Who ran up the $78k in taxes each one of us taxpayers owes to pay off the federal deficit? MR FRANK AND HIS COHORTS IN CONGRESS - the very people who actually control federal spending!!!

Enough of my rant, however.

Bottom line, nobody passes up 0% money, which is what the government was handing out. Troubled Asset Relief Program? HARDLY. Northern Trust has NO EXPOSURE TO SUBPRIME ASSETS AND THEY HAVE FREQUENTLY SAID THAT.

It was nothing more than a government handout to corporate executives so they can continue their lavish lifestyles.

BTW, 80% of IRS revenues are from individuals, not corporations. It is easy to pay back principal + interest when your INTEREST RATE IS ZERO.

Isn't what caused the subprime mess that interest rates skyrocketed? Give everyone zero percent loans and you will get your money back - unlike throwing it at Corporate America who is going to use it to party and dole out executive bonuses...

2035 days ago
68.

Bruce    

Take a listen to the band CUBICLE from Los Angeles, CA! They can play the next Northern Trust event and teach those execs a lesson in business ethics.

2035 days ago
69.

Liz    

It is beyond any realm of belief that this ignorant man is continued to be re-elected!


Everyone needs to take a good look at this man. He is one of the MAIN resons this country is in the mess it is in.

2035 days ago
70.

joey    

It about damn time the friggen DEMS start standing up and growing a little back bone and standing up for the little man. Keep it up.

2035 days ago
71.

jw    

Now if Barney would only refund the billions of taxpayer dollars that he is responsible for by backing Fannie Mae.

2035 days ago
72.

Carrys F.    

No letterhead? I have to say, tmz, I am not so sure this is the real deal . . . .

2035 days ago
73.

SP    

Frank and his band of theives can't even run our Government without wasting billions, why should he even open his mouth. And the Government is who got us into this mess. Now they are going to take over companies and tax us to death to pay for all this debt.

2035 days ago
74.

amealea    

Uhh...Barney Frank is one of the main reasons we're in this financial crisis. Hypocrite. You're about 10 yrs too late!

2035 days ago
75.

ejhickey    

Is this the real letter sent to Northern Trust? First, it is not dated. Second, it is not on Congressional Stationary. I doubt that this letter is authentic. In other words, I think it is a fake.

2035 days ago
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