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$6 billion payoff: Barney Frank gives in to Congressional Black Caucus shakedown crew

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By Michelle Malkin  •  December 10, 2009 10:22 PM

Cue up “Do the Hustle.” Looks like the extortionists of the Congressional Black Caucus got their way.

Last week, I noted the CBC’s efforts to squeeze bailout money from the Democrats’ financial “reform” package for minority-owned businesses — specifically, the failing radio/media empire of former Malcolm X lawyer and Air America/Jesse Jackson/Al Sharpton/Charlie Rangel crony Percy Sutton of Inner City Broadcasting Corp.

Well, tonight the Associated Press reports that House Financial Services Committee Chairman Barney Frank coughed up the dough. Your dough, that is. The bribe will be siphoned from the endlessly morphing TARP fund. Not that Frank really fought that hard. What’s it to him? It’s not his money:

Call it the $6 billion boycott.

By boycotting a key House committee vote last week and threatening to abandon support for banking regulations, members of the Congressional Black Caucus got $4 billion added to a Wall Street regulation bill and $2 billion to a proposed House jobs bill in spending they sought for African American communities.

House Financial Services Committee Chairman Barney Frank, D-Mass., this week inserted $3 billion to the legislation to provide low-interest loans to unemployed homeowners in danger of foreclosure. He added $1 billion for neighborhood revitalization programs.

The money would come out of the $700 billion financial rescue fund.

“For those of us who walked out, it was absolutely essential that we have parts of that legislation directed toward helping people who have been left out of all of these bailouts,” Rep. Emanuel Cleaver, D-Mo., one of 10 black caucus members in the Financial Services Committee, said…Among the caucus’ demands were greater assistance for minority-owned auto dealerships and banks that lend in African-American communities and more government advertising in minority-owned media.

No word on how much of a cut the wealthy minority businessman Percy Sutton will get.

Or whether corruptocrat Maxine Waters’ favorite bank, OneUnited, will snag an even bigger share of TARP funds from this new deal. Rremember: she has already finagled $12 million in TARP money for OneUnited, one of her key campaign donors and a company in which both Waters and her husband own massive amounts of stock.

Mark Penn got his. The CBC’s got to get theirs.

Power to the people!

***

Related: GOP Rep. Michele Bachmann sounds the alarm on the Frank financial regulatory power grab on the Bcast.

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