Posted on 07/09/2004 8:13:43 AM PDT by benkilgore
When Sergio Pombo, a Latin American banker, approaches his contacts in the Latin American banking and investment worlds, seeking campaign financing support for U.S. Representative Barney Frank, is it really to position Frank as better equipped to prod financial institutions to serve the poor?
Ponder that while I prepare your deed for alligator-infested waterfront property in the Everglades.
In February, the Latin American Private Equity conference was held in Miami, and there was serious networking for Barney Frank going on, led by his good friend Pombo, chief investment officer in Private Equity and Investment Funds for Stratus Investments.
Mr. Pombo travels a lot in this job, and, of course, it is comforting to know that he is helping Barney prod banks to invest in the poor not only in New Bedford and Fall River, but in Miami and other hotspots around the globe.
It is possible to wonder how effective this great outpouring of concern has been, given the extraordinarily generous payments to be awarded executives and directors of Seacoast Financial Services Corp. if the impending acquisition by Sovereign Bank is approved.
As the Standard-Times reported recently, 28 Seacoast officials will be granted golden parachute payouts worth $47 million to $57 million in bonuses and severance pay, while 350 rank-and-file Seacoast employees will lose their jobs. In downtown New Bedford, the vast majority of employees will be terminated.
The deals for these privileged few are so enriching that they are characterized as "excessive parachute payments" by federal tax law, and a 20-percent tax will be collected. It is reassuring to know that Seacoast shareholders are obliged to reimburse these lucky 28 for the money the government will secure up front.
SouthCoast readers may also rest easier knowing that Prudential Financial, Fidelity Investments, Merrill Lynch, State Street Bank, Met Life, Credit Suisse and other financial interests are holding a big party in Congressman Frank's honor July 27 in Boston during the Democratic National Convention.
For those who have never dined at the Bay Tower Club, overlooking Boston harbor from the 33rd floor at 60 State Street, it is unlikely the poor will be admitted to these lofty environs, outfitted with tuxes, and wined and dined by lobbyists of these socially-concerned financial behemoths.
Given all his rhetorical concern for bank observance of the Community Reinvestment Act, however, perhaps Congressman Frank will insist upon personally serving them the foie gras, and bank functionaries will announce free checking for all.
Incredibly, there are those who would question the do-gooding aspect of honors accorded sitting congressmen by groups regulated by their committee. Don't think for a minute that Congressman Frank's position as senior Democrat on the House Financial Services Committee prompts these high-powered bankers to honor him.
But listen to Fred Wertheimer, president of Democracy 21, a non-profit advocacy group that monitors government ethics: "These big parties in honor of chairman x or chairman y are a particular problem and should not be going on," he was quoted recently in an interview. "They allow a federal officeholder to throw a big party at the convention, paid for by a corporation, industry or interest group that may have very important business pending before the member's committee." I find it improbable that influence peddling in this great country of ours could be so transparent, and even the political beneficiary of the largesse of these kingpins of finance is miffed that the motivations of his hosts could be so misunderstood.
"He thinks I owe these groups because they make me come to their party?" Congressman Frank asked incredulously.
"I think Fred Wertheimer has a serious confusion between a favor and a pain in the tuchus." (that's posterior for the uninitiated).
Now I realize there's absolutely no connection between the Bay Tower event and Congressman Frank's political war chest, but let me get this straight: If John Kerry is elected President, and the Democrats regain control of the House, then Barney Frank becomes the chairman of the Congressional committee that supervises the Federal Reserve, the World Bank, the International Monetary Fund, and the nation's banking and securities industries.
And Congressman Frank, well, he is raising money extensively for some purpose.
I flatter myself, I suppose, thinking that he fears the prospect of getting his tuchus kicked by political neophyte Chuck Morse in the Fourth District Congressional election this fall. By running as an Independent, my candidacy becomes more competitive, and he knows it.
But I gather that Barney has his heart set on Kerry's Senate seat, which, according to Governor Romney and other prominent Republicans, has no occupant 87 per cent of the time that crucial votes are cast in the U.S. Senate. "There's a chance that I will run for the Senate if John Kerry is elected, and I will use the money for that," Frank told Congressional Quarterly in an interview published May 21.
Yet he actually had the temerity in a more recent interview to suggest the convergence of corporate special interests July 27 at the Bay Tower club is a way to ensure that he can continue to fight the good fight on behalf of the poor. "It's very flattering when people want to do things in your honor," he said modestly.
After nearly a quarter-century in office, Congressman Frank has stayed too long in the corridors of power. He cannot tell the difference anymore between the public interest and his self interest, and it is clearly time for him, given the disingenuous opportunism of his Bay Tower honor/fundraiser, to move onward and upward, or simply out.
Chuck Morse, an Independent from Brookline, is running for Congress this year against Democratic Rep. Barney Frank.
"I think Fred Wertheimer has a serious confusion between a favor and a pain in the tuchus."
Anally-fixated, twenty-four hours a day.
" I have a vewy gweat fwiend in Wome called 'Biggus Dickus'."
Biggus Pingus
use spell check, "Bowney" not Barney
Is that what you young people call it these days?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.