Senator John McCain’s campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.
McCain, the Republican candidate for president, has recently begun campaigning as a critic of the two companies and the lobbying army that helped them evade greater regulation as they began buying riskier mortgages with implicit federal backing. He and his Democratic rival, Senator Barack Obama, have donors and advisers who are tied to the companies.
But last week the McCain campaign stepped up a running battle of guilt by association when it began broadcasting commercials trying to link Obama directly to the government bailout of the mortgage giants this month by charging that he takes advice from Fannie Mae’s former chief executive, Franklin Raines, an assertion both Raines and the Obama campaign dispute.
Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions.
“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,” said Robert McCarson, a former spokesman for Fannie Mae, who said that while he worked there from 2000 to 2002, Fannie Mae and Freddie Mac together paid Davis’s firm $35,000 a month. Davis “didn’t really do anything,” McCarson, a Democrat, said.
If you look back at prior administrations you will see that the democrates have tried over and over to reverse the failed process of the republicans. The far left and right have been the mediators of those in the middle and deserve the title of “Champions”. Without those two like but seperate groups the work done in the house and senate would come to a halt. The Dems have done everything possible to stop this crisis while Bush and his followers have done everything to stop progress. It was the Dems that tried to force Bush to send a bill they could sign but he refused. If he just once really looked at what was going on do you think we would be here now? Lets put the blame where it belongs, the first dog. If he just crapped outside instead of on the carpet this would not have happened.
It was the Dems that tried to force Bush to send a bill they could sign but he refused.
You do realize the POTUS does not send bills to Congress right? It is up to Congress to send bills to the POTUS to sign.
10 years ago they were pushing Fannie Mae in this direction. Andrew Cuomo was one of the people doing the pushing, so of course McCain says he will make him SEC Chairman.
Affordable housing and redlining were the issues in the last decade.
#2, JCD,
Bullshit !!! That “source” is just some idiot person posting a comment on some blog. It has no more credibility than mine does excepting I am more truthful.
Fact. Freddie and Fanny did not receive any government subsidies. Until just recently.
Fact. The named CEOs, Franklin Raines, and Jim Johnson, were not running the company into the ground. They were both solid when they left. They have been accused of accounting irregularities.
Fact. Freddie had to restate their profits for the two years AFTER Raines left. This was as directed by the SEC, the same one McCain wants to fire the director.
Fact. Frank Raines does not work for Obama. Never has.
Fact. Clinton did not appoint the President or any executive of either Freddie Mac or Fannie Mae.
While it is great to point out a candidate’s downsides, accuracy is usually better than blatant accusations.
#17, geof,
(I hope the formatting holds.)
NOTE: Sine the Obama calculations seem to come from this site, I am using it to rebut the same. I have not personally checked out the NYT or FEC.