“Believe It or Not,” Barney Frank Hired by Bank

Barney Frank has been given a position on a bank board and the media is acting like this is a surprise.

How do you cover the most blatant signs of corruption in our banking regime? You simply report on them as surprising and inexplicable events. So when Barney Frank gets his payoff, you pretend it is a weird event that makes no sense. Thus, the Housing Wire blog: “Believe it or not…Barney Frank set to join a bank board.” And then the subhead: “Dogs and cats living together. Mass hysteria!” Yes, the corruptocracy we live under is so hysterical.

Quick, everyone check outside and make sure pigs aren’t flying! They’re not? Okay, good. Because based on a headline in the Wall Street Journal, it looked like the world may be turning upside down right before our very eyes.

Here’s the WSJ headline – “Barney Frank – Yes, THAT Barney Frank – Joins a Bank Board.”

Yes, you read that correctly. Barney Frank, co-author of a bill which many in the industry vociferously loathe, the Dodd-Frank Wall Street Reform Act, is going to serve on a bank board.

If you want evidence that the media’s mission is to cover for the corruptocracy, this story along with the Wall Street Journal article should give you plenty.

I agree with Timothy P. Carney at the Washington Examiner, who wrote,

“Believe it or not,” declares the headline at a financial news website Housing Wire, “Barney Frank set to join a bank board.”

I believe it. The only surprising thing about Frank’s election this week to the board of New York-based Signature Bank is that it took this long for the former Financial Services Committee chairman to land a job in banking.

Under the standard view of government’s relationship to business, it’s shocking that Frank, a big-government pragmatic liberal politician, would wind up in bed with corporate America. Specifically, it’s supposed to be surprising that a leading advocate of bank regulations would land at a bank.

[See also, “Banks Demonstrate They Are Our Government.”]

Could anything in United States government and business be more obvious? Carney goes on:

The premise behind this shock is not merely simplistic, it’s almost 180 degrees from the truth.

Frank has never said there are too many banks in the world. He never said he hated bankers. Instead, Frank was consistent in advocating greater government involvement in the banking industry. Any shock at an economic interventionist joining a bank is grounded in (a) the false notion that what banks want is simply to be left alone, (b) an ignorance of how government growth fuels the revolving door.

Rather than being a surprise, Frank’s hire was foreshadowed in 2010 just after he passed the Dodd-Frank financial regulation bill into law.

“What I think bothers businesspeople,” Signature chairman Scott Shay told Politico’s Ben White back in 2010, “is they feel like they have a multitude of new regulations to comply with, and now they have to hire compliance experts and lawyers and other cost-generating personnel rather than revenue-generating workers.”

In other words, laws that force companies to deal more with government encourage them to hire up the meddling politicians and regulators when they choose to enter the private sector. 

Carney also points out several other people who have left government to be hired by banks. It is simply the normal way we are ruled by oligarchs and their hirelings. All these mantras of surprise—“Yes, THAT Barney Frank,” “believe it or not,” “dogs and cats living together,” etc—are all simply trying to psych you out. It is an incredibly simplistic and obvious strategy to distract you from seeing exactly what kind of regime you are ruled by.

Signature Bank, which is the bank that has hired Barney Frank for their board, actually mentioned his important role in implementing the 2008 bank bailout in their announcement of his new job. They might as well have said, “We have to pay him back for saving our business.” They must think readers are too dumb to understand what they are saying.

I’m not at all surprised that Barney Frank is working for a bank. I am surprised that the media is still trying to pretend it is a weird happenstance. They must think that the gullibility of the public has not reached its limit yet.

Prove them wrong!