September 22nd, 2008
09:10 AM ET
14 years ago

Rep. Frank: Paulson and Bernanke shouldn't be only ones in charge

CNN

Watch: Rep. Barney Frank says Paulson and Bernanke shouldn't be the only ones in charge.

(CNN)—Congressman Barney Frank urged greater oversight on the proposed $700 billion federal government bailout of the banking Industry Monday, saying “people who made bad decisions” shouldn’t be rewarded.

“The notion that while they are getting this help from the federal government we can’t tell them not to have golden parachutes, not to pay millions to some of the very people who made bad decisions as a retirement gift, is unacceptable to us,” Frank told CNN’s John Roberts.

Frank said he admired Secretary Henry Paulson and Chairman Ben Bernanke as capable men, but said “no one two or six individuals ought to have this power.”

Watch: Congressman Barney Frank’s entire interview.


Filed under: Congress
soundoff (59 Responses)
  1. John

    I'd like to know who is going to jail for what I consider to be criminal behavior on Wall Street. It seems the taxpayers have been conned out of a trillion dollars. Where's the justice or is it only the common man who goes to jail.

    Haven't I heard "Let them eat cake" once before? History tells me it is time for the guillotine.

    September 22, 2008 02:03 pm at 2:03 pm |
  2. REELAMERICAN

    WHATS THE MATTER BARNEY ..............THEY WONT LET YOU STEAL ANYMORE OF OUR MONEY...................WAAA...WAA...WAAAAAAAAAAAAAA....FRAKING DEM ..............HE IS A DEM...........HAAAAAAAAAAAA

    September 22, 2008 02:04 pm at 2:04 pm |
  3. Bob Indianapolis, IN

    Funny how Goldman Sachs is going to be "the holding company." Who made THAT decision? This whole bailout is starting to stink!

    September 22, 2008 02:04 pm at 2:04 pm |
  4. thomas

    Barney Franks and his Senate Colleague Senator Dodd are part of the problem not part of the solution.

    September 22, 2008 02:08 pm at 2:08 pm |
  5. bill

    OVERSIGTR OVERSIGHT yes for godsake use it caint BUSHIES STEAL ANOTHER TRILLION WITHOUT SOMEONE LOOKING OUT FOR THE TAX PAYERS OVERSIGHT THEN THROW THE BUMS OUT

    September 22, 2008 02:08 pm at 2:08 pm |
  6. proud army and navy mom

    Don't give the republicans they keys to the safe so they can have the last and biggest payoff before Bush slithers out of office.

    I don't know about you all, but to me this is the biggest robbery of bush's administration.

    He has started a war on lies and deceit. Gotten away with killing and injuring thousands upon thousands of people. Made America less safe. wiped away a large surplus and lost the respect of this country and now the greatest heist of them all. Take the rest of the money and run.

    Who in their right mind believes Bush or anyone in his administration?

    September 22, 2008 02:09 pm at 2:09 pm |
  7. DMAC in ID/ Independent thinker NOOBAMA

    these things don't happen over night with out outside help. "Short Sells".is one . Then it has been reported that some f the companies have been running on a shoestring and kind of "cooking the books" for the investors. The people that were told
    about this in Washington a couple yrs ago got no response from the New Dems that were going to clean up everything They just helped with the cover up. There should be a huge ethics investigation into this whole mess and many heads should roll and people put in prison and loose all the ill gotten gains ( golden parachutes and huge obscene severance packages) to put back into the companies..

    September 22, 2008 02:09 pm at 2:09 pm |
  8. Ron from Baltimore

    Congressman Frank,

    Thank you for helping us take a step back from the abyss. Upon reflection, it does seem totally implausible that "we only now discovered the deep hole we're in, and have to act within hours or we all fail.

    Dr. Paulson,

    Here's what we hear you say: Give me the keys to the American vault, shield me from any oversight, any laws, any responsibility. I have no idea how things got so out of order-but I will fix it IF YOU GIVE ME THE POWERS WHILE BUSH IS STILL IN OFFICE."

    Thanks, but no thanks.

    September 22, 2008 02:10 pm at 2:10 pm |
  9. Dr. Mimi De La Cruz for OBAMA

    HE IS RIGHT.

    LETTING THE SAME SCUM BAGS THAT

    CAUSED THE WHOLE THING IS LIKE LETTING

    A CHILD MOLESTER BABYSIT YOUR CHILDREN.

    September 22, 2008 02:11 pm at 2:11 pm |
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