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View Full Version : Fannie, Freddie and Obama!



Elspeth
09-16-2008, 09:33 PM
http://www.commentarymagazine.com/blogs/index.php/rubin/30411


Fannie Mae and Freddie Mac survived scrutiny by manipulating, cajoling, and lobbying politicians and hiring board members who were politicos (e.g. Jamie Gorelick) rather than mortgage gurus. They hired lobbyists, gave massive donations, obtained nice tax breaks, and sailed below the regulatory radar screen.

Of the 354 lawmakers who received money from Freddie and Fannie between 1989 and 2008, Sen. Chris Dodd received the most. But next was . . . drumroll . . . Barack Obama. Yup. And he was only there for three years. Not too much went to John McCain, about a sixth of what Obama received (h/t Glenn Reynolds.)

But, you say, maybe all the Fannie and Freddie employees who gave money just “liked” Obama. That might make sense with ordinary institutions. But these two had a game plan to influence and sway lawmakers for the purpose of keeping them on the government gravy train and out of the regulatory line of fire. It’s no coincidence that they “liked” Senate Banking Chairman Chris Dodd best of all.

So it would appear that this is precisely what Obama has been railing against: Washington insiders lining the pockets of other Washington insiders while the taxpayers ultimately have to foot the bill. The Agent of Change, it seems, didn’t exactly walk the walk on this one.

http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html



Update: Fannie Mae and Freddie Mac Invest in Lawmakers
Published by Lindsay Renick Mayer on September 11, 2008 11:26 AM

When the federal government announced two months ago that it would prop up mortgage buyers Fannie Mae and Freddie Mac, CRP looked at how much money members of Congress had collected since 1989 from the companies. On Sunday the government completely took over the two government-sponsored enterprises, and we've returned to our data to bring you the updates, this time providing a list of all 354 lawmakers who have gotten money from Fannie Mae and Freddie Mac (in July we posted the top 25). These totals are based on data released electronically from the FEC on Sept. 2 and include contributions to lawmakers' leadership PACs and candidate committees from the floundering companies' PACs and employees. Current members of Congress have received a total of $4.8 million from Fannie Mae and Freddie Mac, with Democrats collecting 57 percent of that. This week we also wrote about how much money lawmakers had invested of their own money in the companies last year--a total of up to $1.7 million.


All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008

Top three
Dodd, Christopher
Obama, Barack
Kerry, John S ....

PoliCon
09-16-2008, 11:32 PM
well you see they were supporting those dems because . . . . well because . . . . because they knew that the dems would send in the m0ssiah who would hold out his arms and still the seas of economic and financial tumult and restore the calm peaceful waters of the clinton years just by his shadow falling upon them.