See it’s unfortunate, really. We sometimes give Barney Frank a hard time, but we really want to like him, because he’s scary smart and has a great wit.
He was at his best just now, in his opening remarks to the Bernanke hearing on Capitol Hill, pointing out the hypocrisy of those who would slam Ken Lewis for not necessarily putting his shareholder interests first (when buying Merrill) but who, in other circumstances, slam the idea of narrowly putting shareholder interests above all societal values.
He’s totally right, of course. If Ken Lewis had really invoked the MAC, he’d still be getting pilloried by evryone for risking the financial system for his shareholders own benefit.
And Frank was also right in saying that he can’t find any villains in the crisis. Granted, you can point fingers at everyone, but pointing fingers at everyone is basically the same is pointing fingers at nobody. A perfect storm is a perfect storm.
He sounds so reasonable.
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