September 23, 2008

How to Sweep $2m Under The Rug

The top news story of the day should be how Rick Davis, McCain's campaign manager, was discovered to have earned $2 million over the years peddling influence on behalf of Fannie Mae and Freddie Mac.

It is a perfect example of the sort of quiet corruption that contributed to this trillion-dollar mess. A deregulated FNMA and FLHMC created the "mortgages and sauerkraut" distortions that sped up the debt crisis.

But instead, the top news story is about how McCain is mad at the New York Times for reporting on this relationship?

The Story

The original story is here - it is an interesting snapshot of how influence is bought in Washington. Davis received $35,000 per month from Fannie Mae and Freddie Mac for holding a job where he "didnít really do anything."

Former Fannie Mae spokesman (and Democrat) Robert McCarson explains, "the value that he brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again."

The Republicans seem to understand, when you don't like the lead story, make up a different story.

Attacking the press is a good idea, because the press can't resist reporting on itself.

Posted by David at September 23, 2008 07:18 AM
Comments

Additionally Dodd, Kerry, Obama, and Clinton are the top recipients of campaign loot from these crooks. Very few have clean hands in this. http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html

Posted by: Roger at September 24, 2008 01:12 AM

Anyone care to explain James Johnson's (former Fannie Mae CEO) participation in Obama's campaign? Johnson led the VP search.

Or that Obama ranks among the highest recipients of campaign donations from Fannie and Freddie.

All have dirty hands here. No one saw it coming, and of those who did no one took effective action.

The fact that each party is trying to act blameless while castigating the other party is disgusting.

Posted by: Peter H at September 25, 2008 04:04 PM
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