Frank Calls Out GOP on Bonuses

Barney Frank points out the hypocrisy of John Culberson (R-Texas) complant on transparency on TARP and Alan Grayson's Pay For Performance Act. Culberson complained that more time to read the Troubled Assets Relief Program.

A few problems: TARP came from the Bush administartion. In Feb., Sec. Treasury Tim Geithner made a decision for what to do with $300 billion of TARP funds. That month, the Senate voted to ban bonuses. Republicans called for a voice vote. Republicans were unwilling to go on-record voting in support of executive bonuses Sen. Chris Dodd wrote a loophole into the bill.

Frank pointed out that it is illogical for Republicans to complain that the Febuary bill didn't allow enough time to rid of Dodd's loophole and be against Grayson's bill. Republicans can't be against excessive executive bonuses in TARP and for excessive executive bonueses in Grayson bill. Republicans either support TARP money being used for large bonuses or they don't.

Side note: Grayson did not acquit well by walking away from Culberson's question. I think Grayson's bill is poorly written. Republicans had a political opportunity with the AIG bonuses. The GOP decided to back excessive bonuses. Frank is right to call out Republicans on this.