Nothing I Could Write Would Be Funnier Than What You Said Barney Frank

by Johnny Debacle

From a WSJ article on Madoff’s fraud:

Barney Frank, chairman of the House Financial Services Committee, which will have influence over how Congress writes financial market oversight this year, offered a more sympathetic posture toward SEC staff, saying he had spoken with enforcement officials in Boston and elsewhere. “There’s no suggestion that any of them were less than diligent; there were some structural flaws here, but in my experience, it would not be appropriate to blame any of them.”

Really? You mean receiving a letter saying “The World’s Largest Hedge Fund is a Fraud” about the fact that the world’s largest hedge fund actually WAS a fraud, and not being able to figure that out, that is not less than diligent???? The hardest part about due diligence remains actually doing it.

Recommendation: There is every suggestion that Barney Frank is less than diligent. And no, I don’t think it’s just some structural flaws.

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  1. Mr Juggles
    January 7th, 2009 | 4:59 pm

    Barney Frank is well versed in not doing due diligence. Such as when he claimed to have no knowledge that his boyfriend (whom he had paid for sex in the past) was running a gay prostitution ring out of Frank’s apartment.

    I’m sure that overlooking the ring was also a structural issue rather than a lack of due diligence on Frank’s part.

  2. Platinumfinger
    January 7th, 2009 | 5:14 pm

    come on – only because his boyfriend is a sporty surfer and about 30 years than him doesn’t necessary mean that he’s paying for sex. You forgot other possible reasons (mental disability or wanting to inherit something)

  3. Pleb
    January 7th, 2009 | 5:22 pm

    >>>was running a gay prostitution ring out of Frank’s apartment.

    Oh, come on now. Don’t you think you’re being just a bit unfair? Who hasn’t had this very same thing happen to them?

  4. PolRBear
    January 7th, 2009 | 10:33 pm

    Has anyone actually read the linked report?! The writing and spelling is horrible!

  5. OGMac
    January 8th, 2009 | 12:46 pm

    Because blame would imply someone really expected them to be responsible or to have some kind of obligation to investigate the claim, wouldn’t it?

    In fact, I think the Mass Mugabe is well within the bounds of reason to think that expecting SEC staff to actually be responsible or to investigate this is, itself, an unreasonable expectation.

    When we start expecting employees of the federal government to do their jobs (or any job), I think the terrorists will have finally won.

  6. Size
    January 9th, 2009 | 12:48 pm

    [Edited for content that was too inappropriate and not funny enough!]

  7. Size
    January 12th, 2009 | 1:25 pm

    [Edited for content that was too inappropriate and not funny enough!]

    Careful, now. If you’re implying that having a certain appendage in your mouth while making public statements is “inappropriate”, Barney Frank will have his buddies harass you into your grave for being anti-gay.

  8. January 15th, 2009 | 11:54 am

    Obama said about ten times in December: “There is only one President at a time”.

    B. Frank replied to C-Span: “I think Mr. Obama is overestimating the number of Presidents we have right now.”

    I instantly forgave him for all his past mistakes, including the obvious mistake of being Barney Frank in the first place.