Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, has decided today to engineer a public flogging of top bankers: call it the “banking Spanking.”
But Franks also wants the bad guys to cooperate and behave.
“I urge you going forward to be ungrudgingly cooperative. There has to be a sense of the American people that you understand their anger … and that you’re willing to make some sacrifices to get this working, ” Franks said.
Franks also said he was angry that the TARP wasn’t executed better by the bankers.
But wasn’t he there in the Financial Services Committee, crafting the provisions of the TARP?
Franks also said the administration was taking “too much time” developing a foreclosure plan and called on companies that hold or service mortgages to suspend foreclosure proceedings until it is released.
He took shots at Treasury Secretary Tim Geithner’s bank bailout plan along the way.
Franks has criticism for everyone all around but hasn’t taken any responsibility himself….
John E. Carey
Wakefield Chapel, Virginia
Related from the AP:
Bankers Vow To Work Toward Financial Reform