This morming there is some really over-exaggerated hullaballo over US rep Barney Frank’s vacation with a hedge fund manager in 2009.
From the Boston Herald:
Frank flew to the tropical paradise for a vacation in 2009 on a $25 million jet owned by Paloma Partners honcho S. Donald Sussman, [who is also] the fiance of U.S. Rep. Chellie Pingree (D-Maine).
Oh my, no! Not plane-pooling!
Apparently Frank’s hitching a ride is a big deal because Paloma Securities benefitted from the bailout.
Paloma Securities — a subsidiary of Sussman’s Greenwich, Conn.-based hedge fund — received $200 million in 2009 as part of the $180 billion federal bailout of troubled insurance giant AIG, records show.
And riding with a hedge fund manager, aka political enemy #1, Frank shows he’s incapable of unbiased hedge fund regulation. Clearly, if he wanted a fair point of view, he would just take the other side.
Here’s what his critics are saying about the outrage:
Republican National Committee spokesman Parish Braden says: “Barney Frank’s acceptance of a lavish gift from a hedge fund manager, an industry he is responsible for regulating, is a troubling conflict of interest that raises serious questions about his judgment.”
“Typical. Barney keeps showing how career politicians work — they use our dollars for their favours. It may be legal, but it’s wrong and that’s why we need a change,” said his challenger, Republican Sean Bielat.
This is almost as good as Hollywood. Speaking of which, see who’s going to play Barney Frank in the upcoming movie, Too Big To Fail >
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