Here is a fascinating podcast by New York Times on Barney Frank’s role on the recent banking crisis. Not any Frank but the one who led the creation of Dodd-Frank Act that bears his name.
He went to serve on the board of one of the regional banks after he retired from congress mainly for money. He was so honest to admit it. He didn’t have a pension because he elected to do so. The pension of a congressman should be generous compared to the regular ones. I guessed someone didn’t advise him properly or he simply lacked financial literacy when he made the decision. 😊
He defended himself that his fellow classmates from Harvard Law Schools mostly made millions and millions during their career. He worked in the public sector so he sacrificed a lot of personal financial gains for the greater good of the country. He deserved to be paid in the end of his golden years.
If he has a pension from Congress, would he still serve on the board of a regional bank and advocate to roll back the exact regulations he enacted himself? Who knows?
The regional bank who hired him really made their money worth, but it is a misfortunate disguised as a blessing actually? When he lobbied against his own legislation, he was quoted widely. People would say that even Barney Frank agreed that the regulations on the regional banks are not necessary. That was a powerful argument.
Even in the recent interview by NYT amid the banking crisis, Barney Frank insisted he did no wrong. I am not surprised. Only very small percentage of the population could have true self-reflection and admit one’s mistakes because it could be devastating emotionally.
Not sur what he was thinking when he decided to become a congressman. Perhaps, he wants power and influence? He knows that power and influence can bring money eventually. Who knows?
One thing we do know that retirement planning is very important. If your employer offer pension, please do sign up. Do not make the same mistake as Barney Frank. 😊
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