Newt wrote a glowing defense of Freddie business model, that’s a fact. Yes Obama and the Dems had a hand in it but it’s both parties or to be more specific, a good number of Republicans going along with the Dems. That makes Newt a sellout as usual
What's important: Remember Gorelick? She had no background in finance, she joined Fannie Mae in 1997 as vice chair and departed in 2003. For her trouble, Gorelick collected a staggering $26.4 million in total compensation, including bonuses. Federal investigators (PDF) would later say that "Fannie Mae's management directed employees to manipulate accounting and earnings to trigger maximum bonuses for senior executives from 1998 to 2003." The New York Times would call the manipulations an "$11 billion accounting scandal." Gorelick, it should be noted, has never been charged with any wrongdoin..."
July 23, 1997, report in the American Banker, Robert Zoellick, head of the World Bank, has served President Reagan the Bushes [trade representative, deputy secretary of state, deputy secretary of the treasury, deputy chief of staff... "has used his close ties to Republicans in Congress, such as Speaker of the House Newt Gingrich, R-Ga.,to defend Fannie Mae from new taxes."
Furthermore as we collect all the straw carries that loaded up the camel's back"
"Fannie Mae's 51-member lobbying stable" includes "former Reps. Tom Downey, D-N.Y., and Ray McGrath, R-N.Y.; Steve Elmendorf, a Democratic political strategist and former congressional aide; and Donald Fierce, a longtime GOP operative. Freddie Mac's list of 91 lobbyists includes former Reps. Vin Weber, R-Minn., and Susan Molinari, R-N.Y." The AP notes the Fannie Mae ties enjoyed by McCain campaign manager Rick Davis and Arthur B. Culvahouse Jr., who helped in McCain's veep search. According to Politico, McCain economic adviser Aquiles Suarez worked as Fannie Mae's director of government and industry relations, and McCain finance co-chairman Frederic V. Malek spent time on the Freddie Mac board..." more
Newt was a light weight in comparison and at 300k? [fingers fly in so many ways, they could become an energy source]
This is Frank working his "water boys". It is, what it is..politics as usual.
Good story to discuss..thanks.
Groans at how long we still have to put up with the campaigning 2012.