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In reply to the discussion: Barney Frank drops a bombshell: How a shocking anecdote explains the financial crisis [View all]sabrina 1
(62,325 posts)funds and how ANGRY he got when she insisted that he explain why they were not being used for homeowners as intended.
She stated that out of 50 billion, only about $200 million had been allocated.
She wanted to know why.
He angrily told her, and maybe this was a slip on his part, that those funds 'were never meant to help everyone'.
What happened to them, do we even know?
Reading this OP from Barney Frank, who is rightfully angry imo, that we blamed Congress for not caring about homeowners, when in fact it was CONGRESS who insisted that help for homeowners be part of any agreement to bail out the Banks.
Now I'm wondering if they just allowed that allocation of funds to Homeowners just to get the billions they so desperately needed but it was 'never intended to help everyone' as Geithner stated.
No wonder the Banks hate Warren. She may have come close to exposing the plot to hold on to those funds which would explain Geithner's extreme anger at her pressing him for answers as to WHY they were doing that.
At the time of her questioning of Geithner, I believe time was running out for homeowners to get some of that relief. Many who tried told of being tricked into long delays which Warren was concerned about.
This from Frank confirms what many people thought after witnessing Geithner's extreme anger and attempts to not answer Warren's questions.
Seems it was never intended to go to homeowners. So what happened to those billions?