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Frank Blasts Treasury on Bailout

Rep. Barney Frank (D-Mass.), one of the chief architects of the $700 billion Wall Street rescue/bailout, blasted Treasury's execution of the plan, saying the agency is "perilously close to a breach of faith."

Frank's comments come following yesterday's report on the bailout by the Government Accountability Office, saying the administration is not adequately overseeing the plan.

“The bad news was confirmation by the GAO in its first report about the program that Treasury has no way to measure whether taxpayer funds invested in banks are being used in accordance with the purpose of the law -- to increase lending,” Frank said in a statement. “The much worse news is Treasury’s response that it does not even have the intention of doing so.”

Frank promised a hearing based on the GAO's findings.

Treasury said it "welcomes further discussions" on how well it's handling the bailout.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  December 3, 2008; 2:54 PM ET
Categories:  The Ticker  | Tags: Barney Frank, Treasury, bailout  
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Barney, Barney, Barney What the devil did you expect. All of the US government; financial institutions, health care, car manufactures, ceos, mortage holders, etc are driven by one thing GREED. And you were retarded enough to give them a blank check. I hate to say I told you so, but, the taxpayers in this country told you so!!! You have no right to whine; just take your money and go home. What the heck is a "breach of faith."

Posted by: linda_521 | December 3, 2008 5:10 PM | Report abuse

Frank in 2002:

-smart enough to vote against the Iraq War Resolution

Frank in 2008:

-dumb enough to believe the fear mongering from the Federal Reserve, Treasury, and Wall Street and vote for the $700 billion handout to the criminals that profited and brought us this economic debacle

Proof positive that too much time in Congress makes you stupid.

Posted by: millionea7 | December 3, 2008 5:20 PM | Report abuse

You can't tell the liars from the liars.
Congress is financially irresponsible.
The Congress through its self dealing and negligence has put this Great Nation
in harms way to the point of having no hope.

Under this Congress the financial systems were permitted to sell their toxic financial cancer through out the world and poison the well so to speak.

There has been no accountability. There has been no punishment. No atonement.

Truly the wealthy and powerful Congress is protecting their own kind.

The Congress has authorized almost 5 Trillion dollars to support the wealthy and the powerful.
The Congress has done absolutely nothing for its citizens.
I believe as the American public becomes aware they surely will feel the financial rape by the Congress.

And President elect Obama, appointed the same old tired, self serving politicians to his cabinet.

Yes the new President will produce change, and that change for the average American is to do with less.

What a frightening financial nightmare this has become.

Posted by: MichaelLittleBig | December 3, 2008 5:52 PM | Report abuse

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