John Ransom

With Barney Frank it’s hard to tell where his old reforms start and his newest reforms begin.

They all look the same.

Frank has long been an advocate of legalized prostitution and online gambling in order that they both can be "regulated" by the government. And by regulated, he means, squeezed.  

Gee. What could go wrong with a scheme where the federal government regulates prositution and gambling? In the Democrats' minds, nothing.   

Before you know it, Obama will be giving out stimulus dollars for federal jobs training programs in the prositution and gambling industries to schools run by big donors. 

Let's put the word s-e-r-v-i-c-e back into SEIU and save/create some more "green" jobs. Think of the potential. Hurray for reform! And when I say reform, I mean graft.    

As a three-decade veteran of congress Frank knows that you don't have to wait for something to be legal before you start peddling influence. And when I say peddling influence, I mean peddling influence.      

Already Frank has been taking money from offshore gaming company Full Tilt Poker (FTP) that the Justice Department now says is just a Ponzi scheme. Full Tilt’s Howard Lederer, Rafael Furst and Chris Ferguson are being charged by the DoJ with defrauding online poker players and diverting money to the accounts of board members at FTP.

The Democrat "reformer" from Massachusetts and a thirty-year veteran in Congress, reportedly took $18,600 from Full Tilt.  

From the Boston Herald:

Sheila Krumholz of the Washington-based Center for Responsive Politics said, “There’s certainly the potential for conflict of interest here, and this is an illegal industry.”

She noted Frank was the top recipient of campaign cash from the Poker Players Alliance Political Action Committee, which received hefty contributions from the three accused men, in the past two election cycles. “He’s clearly on their radar screen as someone they need to befriend.”

“Rep. Frank may be taking contributions from backers of an ‘illegal industry,’ but he’s not alone,” Krumholz said. “Other such industries — casinos, liquor and gun manufacturers — also play the Washington influence game, but this one is still illegal. And Frank’s donors associated with Full Tilt Poker’s alleged Ponzi scheme certainly doesn’t help matters.”

John Ransom

John Ransom is the Finance Editor for Townhall Finance, host of Ransom Notes Radio and you can catch more of the best money advice and monetary commentary by him daily 10am PT, 1pm ET at or on Comcast Cable