Monday, September 29, 2008

The Truth Hurts

At the same time McCain was incorrectly blasting Obama for having ties to two Freddie-Fannie executives (the truth: neither have worked for Freddie-Fannie lately, and neither currently work for Obama -- one has actually never worked for Obama), word comes out about the McCain campaign ties to those same institutions. It suddenly becomes clear why he lashed out at Obama: because the truth inside his own campaign was too damning to be fully exposed.

Rick Davis, McCain's campaign manager, owns the lobbying firm Davis Manafort which received $15,000 a month from Freddie-Fannie from 2005 THROUGH LAST MONTH . Also, as president of an advocacy group created by Freddie-Fannie, Davis received $30,000 to $35,000 a month from 2000 to the end of 2005.

That's $2 million from 2000 through 2005 and another $500,000 from 2005 through August of 2008.

Details here, here, here, and here.

This is probably old news to you because this was all over the media when it broke last Monday and Tuesday, right? Or not. Even though it's directly related the financial meltdown and the McCain campaign's handling of that issue, it was effectively buried by sexier leads and the incessant repeating that McCain had "suspended" his campaign. But we all know how that turned out.

Edit 10/3: The Washington Post is reporting that Freddie Mac hired a lobbyist specifically because of his ties to McCain.
"Senator McCain was talking about limiting executive compensation, and Buse was retained to nip that in the bud," said a former lobbyist who insisted on anonymity because of continuing relationships with the companies.
Yikes. That doesn't look good. But how did it all work out?
...Buse's effort was viewed as "hugely successful," a former Freddie Mac lobbyist said. "The statements didn't go away completely, but in terms of Senator McCain doing anything about it, it just never materialized. As far as I know, Buse was the only person working that issue for Fannie or Freddie, so he got a lot of credit internally for the results."
Okay then. So now we know what he did when he lobbied. So what does he do now?
Buse returned to McCain's office this year as chief of staff.
'Nuff said.


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