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Posts Tagged ‘House Financial Services Committee’

Barney Frank is in hot water again.

But this time he’s not taking the fall for “cooking the books” to help a friend’s bank qualify for a $12,000,000 taxpayer-funded bailout or trying to defend his staunch support for Fannie Mae and Freddie Mac.

The fifteen term congressman has been caught red-handed accepting a ride on a private jet and a villa vacation to the U.S. Virgin Islands from a billionaire hedge fund manager and possible tax evader, who received $200 million in bailout money.

The Boston Herald recently reported that Barney flew to the Virgin Islands on a $25 million private jet owned by a billionaire hedge fund manager. The Weekly Standard also revealed that a company owned by Barney’s billionaire travel buddy might be improperly taking tax breaks by basing the business in… the Virgin Islands. But don’t worry. Barney reported the gift, as required by House ethics rules, at a value of $1,500.

A $1,500 Virgin Islands holiday getaway on a $25 million private jet? I’d sure like to know which travel agency Barney uses!

As chairman of the House Financial Services Committee which oversees the hedge fund industry, Barney is in the process of writing “reform” that would attempt to regulate the hedge fund industry. So who does he think he’s fooling by gallivanting around the Caribbean on a hedge fund manager’s tab?

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