Barney Frank Promises More Business Regulation

Susan Jones
CNSNews
October 28, 2008

If the nation’s big investment banks proceed with plans to give employees billions of dollars in bonuses this year, they can expect more regulation from Congress. That’s what House Financial Services Committee Chairman Barney Frank (D-Mass.) told NBC News on Monday.

• A d v e r t i s e m e n t

“There’s nothing we can do to stop it immediately, but we will be regulating next year in a way that hasn’t been seen I think since the New Deal,” Frank told NBC News. “That is, we have seen such a lack of control…”

According to Bloomberg News, at a time when $125 billion in taxpayer money is being pumped into the financial industry, Goldman Sachs has put aside $6.8 billion for employee bonuses, or an average of $210,000 per employee; Morgan Stanley has set aside $6.4 billion, or $138,000 per employee; and Merrill Lynch has set aside $6.7 billion, or $102,000 on average.

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