Amazon.com Widgets

Friday, October 31, 2008

Wrong according to this guy: Heh Barney Fife!

Barney Frank (D, if you didn't know) opined:

"WASHINGTON (Reuters) - Companies receiving public money under a U.S. government financial rescue program must use it for lending or they will be violating the law, the chairman of the U.S. House of Representatives Financial Services Committee said on Friday.

"I am deeply disappointed that a number of financial institutions are distorting the legislation that Congress passed at the president's request to respond to the credit crisis by making funds available for increased lending," Rep. Barney Frank said in a statement.

"Any use of the these funds for any purpose other than lending -- for bonuses, for severance pay, for dividends, for acquisitions of other institutions, etc. -- is a violation of the terms of the Act," he added."

Liar.

The EESA says nothing about the uses to which the funds may (or may not) be put. If you claim that such a restriction exists, show me the language where it is stated in the legislation that the funds provided must be used for lending.

You can't, because such language does not exist...

Read the rest.

[an error occurred while processing this directive]

[an error occurred while processing this directive]

Search


Archives
[an error occurred while processing this directive] [an error occurred while processing this directive]