Franks’ net worth had soared to between $1.9 million and $4.6 million, with nary a down year in between. In 2006 he reported assets valued between $525,020 and $1.6 million by 2010 Mr. Frank’s personal finances sailed right through the downturn. Frank may not have succeeded, but he did quite well personally. The top two individual entities are FMR Corporation, a huge money manager, and the American Bankers Association.Īs a steward of the nation’s purse during the financial crisis Mr. The top five contributors to his political career have been securities and investment firms, real estate, insurance, lawyers and commercial banks. Frank may have overreached in order to obscure the uncomfortable fact that he has routinely received enormous funds from the very sectors he considers in need of reform. There are some important and good measures buried in Dodd-Frank, but the grandiosity of its author is reflected in its thousands of pages more legislation is not necessarily better legislation. households, would have to contained by guarantor FDIC, which currently has reserves of $3.9 billion. The unlikely collapse of Bank of America, for instance, with deposits exceeding $1,038 billion and ties to fully half U.S. This responsibility would devolve to the FDIC, an organization most observers think barely capable of handling small bank problems. The much-ballyhooed ability to provide an “orderly resolution” of the failure of a giant organization is just as much spun sugar. Written by Bill O'Sullivan Published on Tweet Share Drawings by Eric Orner. This is not the only shortcoming of Dodd-Frank. LGBTQ Pioneer Barney Frank’s Story Is Now a Graphic Novel The author explains why the ex-congressman makes a good comic. But, is it likely that these encounters will prevent another investment bubble? Barney Frank served as a Massachusetts congressman for 32 years before retiring in 2013. These are busy folks, and it’s doubtless hard to get them all together, even by phone. Still, taxpayers should be reassured the prior meeting, held August 8 – also by teleconference – was only fifteen minutes long. Barney Frank (D-MA), who famously co-authored the 2010 Dodd-Frank financial reform law in response to the 2008 financial crisis, served as a director of Signature Bank, which failed. This, in the teeth of the EU crisis, which one might think warranted at least a half-hour. (Note: the energetic council’s website was last updated on October 11.) The last reported meeting was held by teleconference, and lasted 20 minutes. Photographer: Al Drago/Bloomberg By Max Reyes Maat 9:32 AM EDT Listen 2:04 It was a seemingly unthinkable scene: Barney Frank, co-author of. The council has been meeting monthly to take soundings – most recently on September 15, according to the website.
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