Barney Bombs Obama's Bank (Wizbang)

House Financial Services Committee Chairman Barney "I'm the boss of you" Frank (D-MA) worked himself into a serious snit yesterday when he demanded that Northern Trust (President Obama's bank and mortgage holder), arguably one of the most well capitalized and profitable of the TARP funded banks, return to the government the money the bank spent on entertaining clients at the Northern Trust Open last week.

Frank, along with several other similarly obtuse congressmen, sent a letter to Northern President Frederick H. Waddell scolding and shaming him for spending tax payer funds on business development. (Never mind that Northern actually makes a profit or that the bank was brow beaten into taking the TARP funds. Never mind that the Northern sponsorship of the tournament, which they contracturally agreed to two years ago, has resulted in millions of charitable donations to Los Angeles inner city outreach programs).

This is the new face of Government for businesses that choose to take on Congress as a financial partner. If there were any doubts as to how federal intervention in the private markets would play out they should be gone now. Barney and his buddies are the boss now. Not satisfied with scolding bankers about private jets, the massive egos of Frank & Co. want to micromanage every aspect of these banks.

This incident should be submitted as Exhibit A when taxpayers start complaining about the types of cars Detroit produces after their new Congressional masters finish with that bailout.

Comments (10)

This will come up again whe... (Below threshold)

1. Posted by Pretzel Logic | February 25, 2009 2:52 PM | Score: 6 (6 votes cast)

Pretzel Logic:

This will come up again when Rezko has to talk under oath about all the wonderful things he did for Barry and Michelle.

Posted on February 25, 2009 14:52

And the left wants these cl... (Below threshold)

2. Posted by WildWillie | February 25, 2009 3:12 PM | Score: 7 (7 votes cast)

WildWillie:

And the left wants these clowns to manage health care. What loons. ww

Posted on February 25, 2009 15:12

Of course, Barney wouldn't ... (Below threshold)

3. Posted by hermie | February 25, 2009 3:45 PM | Score: 5 (5 votes cast)

hermie:

Of course, Barney wouldn't be so nasty if a few of those TARP dollars made their way into his campaign coffers.

That's how he did it with Fannie Mae and Freddie Mac and there were no financial problems with them ... Barney said so!

Posted on February 25, 2009 15:45

Hey Barney, we are the boss... (Below threshold)

4. Posted by Franklins Locke | February 25, 2009 3:47 PM | Score: 5 (5 votes cast)

Franklins Locke:

Hey Barney, we are the boss of you!

Why don't you give us back some of OUR money.

What about he special loans you got? What about the junkets? What about all the money you stole as a salary that you did not earn?

What a maroon!

http://franklinslocke.blogspot.com/

Posted on February 25, 2009 15:47

This incident shou... (Below threshold)

5. Posted by Mac Lorry | February 25, 2009 4:06 PM | Score: 6 (6 votes cast)

Mac Lorry:

No need to wait, here's a preview of the 2011 Chevy Trabant with optional rally package.

Posted on February 25, 2009 16:06

Thank GOD I'm a Ford man, a... (Below threshold)

6. Posted by ExSubNuke | February 25, 2009 4:16 PM | Score: 6 (6 votes cast)

ExSubNuke:

Thank GOD I'm a Ford man, and they didn't need the bailout.

Posted on February 25, 2009 16:16

"And the left wants these c... (Below threshold)

7. Posted by JLawson | February 25, 2009 4:30 PM | Score: 6 (6 votes cast)

JLawson:

"And the left wants these clowns to manage health care."

LOL. What could POSSIBLY go wrong?

Posted on February 25, 2009 16:30

"Hey Barney, we are the bos... (Below threshold)

8. Posted by Jason | February 25, 2009 4:36 PM | Score: 4 (4 votes cast)

Jason:

"Hey Barney, we are the boss of you!

What a maroon!"

Great comment.

This is the problem with politicians. They are very generous with other people's money, and they use it to garner more power for themselves. They complain about corporate greed, but politicians are the greediest guys around. Their greed for power is unparalleled.
http://www.rightklik.net/