RUSH: Breaking news, from of all places, TMZ, the gossip TV network. I told you last hour, Northern Trust of Chicago, who holds the mortgage to Barack Obama’s mansion purchased with help from Tony Rezko held a big party at the LA Open, Riviera Country Club, all last week. Northern Trust took $1.6 billion in federal bailout money. They did not ask for it; it was forced upon them. They threw a party for their customers, trying to expand their customer base, keeping their customer base happy. It didn’t sit well with Barney Frank, the Banking Queen. He just told TMZ he’s sending a letter to Northern Trust demanding the bank pay the government the equivalent of what it spent last week on lavish parties and lavish concerts in Los Angeles.
The Banking Queen is also asking Northern Trust to give back the $1.6 billion in bailout money that it did not want.
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Barney Frank said that Northern Trust shoulda spent that money making loans and stimulating the economy. Stop the tape a second. This is one of the problems. They were stimulating the economy! They paid Chicago, the group; they paid Sheryl Crow; they paid Tiffany; they paid hotels; they paid all kinds of people. They were stimulating the economy. But only loans to people Barney Frank thinks are acceptable will do, otherwise no spending of the money stimulates anything. He said this Northern Trust Open was just an ego thing, had nothing to do with good business. A guy that’s never run a business is now in charge of them, and this, ladies and gentlemen, is statism, authoritarianism, it is dangerously close to Stalinism. It is going to paralyze all of these banks and industries from taking any initiative on their own. They’re going to get into further trouble, and then Barney Frank and the boys are going to come along and say, ‘See, the market doesn’t work.’ Here’s the rest of the tune.
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Of course there’s no ego thing going on with the Congress, right?
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Barney Frank and Banking Queen portrayed by white comedian Paul Shanklin.