Barney Frank the enabler

(By Boston Herald Editorial Staff) - The House ethics committee officially charged California Rep. Maxine Waters yesterday with improperly seeking a federal bailout for a Boston bank. But for the bank’s chief enabler - Rep. Barney Frank - it was just another instance of constituent services at taxpayers’ expense.

The statement of alleged violations, also just made public, documented Frank’s involvement, which made possible a $12.1 million bailout for the bank.

The bill passed on Oct. 8, 2008, contained a provision urging the Treasury secretary to “take into consideration . . . providing financial assistance to financial institutions, including those serving low and moderate-income populations and other underserved communities, and that have assets less than $1 billion . . . and that as a result of the devaluation of the preferred government-sponsored enterprises stock will drop one or more capital levels . . .”