Political Interference? By Politicians? Nooooo!

Posted by Marc Hodak on January 22, 2009 under Politics | Be the First to Comment

Apparently, a small Internet bank from Boston wanted to get hold of some of those sweet TARP funds.  They approached Massachusetts Congressman Barney Frank, and asked for his assistance.  Congressman Frank happens to be Chairman of the House Financial Services Committee.  When he was approached by the bank, he told them, “Hey, I wish I could help you, but there are lots of firms like you in Wisconson and California and, well, I really can’t use my position to play favorites.  Besides, I am dealing with trying to oversee a few hundred b-b-billion in disbursements, and you really can’t expect me to spend any mind space pushing for a $12 million loan, right?”

Pause.

Hahahahahahahahahahahaahahahahahahahahahahahahahaahhaaahh.

Ha.

OK, now that we’ve got that out of our system, you can read the real story, here.

At least someone is writing the story, because I think the story that businessmen are greedy isn’t really any more interesting, at least to me, than the story that politicians are political.  Businessmen at least have to convince the people providing them money to voluntarily part with it, even if they’re lying and scheming to do so.  Politicians don’t have that particular funding problem–they simply “ask” the taxpayers.  The fundraising problem for politicians is getting support for their elections so they can keep their power.  And if you’re the head of the Financial Services Committee, guess where that support is likely to come from?

All this, by the way, is not meant to blame Congressman Frank.  He’s being rational, too.  And legal.