Fannie Mae, Freddie Mac Spent $200M To Buy Influence

The Politico has an article today detailing the influence Freddie Mac and Fannie Mae have bought in Washington over the past decade. The government-chartered companies had to get bailed out by the Treasury Department and the Federal Reserve earlier this week. To read more about the bailout go here. To read about the millions spent on Washington lobbying see an excerpt below or go here.

If you want to know how Fannie Mae and Freddie Mac have survived scandal and crisis, consider this: Over the past decade, they have spent nearly $200 million on lobbying and campaign contributions.

But the political tentacles of the mortgage giants extend far beyond their checkbooks.

Fed Chairmen Ben Bernanke just told Congress that because of the bailout the companies are "in no danger of failing."

Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing."

The Fed chief made his remarks as he appeared before the House Financial Services Committee, in his second day on Capitol Hill to brief lawmakers on the problems plaguing the economy. He appears amid a backdrop of fading confidence in the U.S. financial system and in the national economy.

Comments

[puhibay]

Let freddie and fannie fail, and let the shareholders go down the drain.
That will teach the future freddie and fannies, that lobbyists don't work.
But it won't happen.
Congress is chicken.

[truthyguy]

The best republican government money can buy.

[trollsbwild]

More corruption in the last seven years than in our history.
Less oversight in congress over the last seven years.
Expansion of the executive branch power during the last seven years that is unparralled in our history.
Any connection?

DUH !

[mgloraine]

Q.: What's the difference between a "campaign contribution" from a corporate lobbyist and a bribe from a business tycoon?

A.: There is no difference!

When any corporation arranges to provide money to a politician as a "campaign contribution" the unwritten part of the transaction which everyone understands is that the politician will introduce legislation, or vote on legislation introduced by others in such a way as to be favorable to the entity supplying the money. Casting this transaction in delicate or diversionary language does nothing to alter the basic quid pro quo which is at the heart of the deal. Money for votes.

That's how FISA passed. "Campaign contributions" from the happily-spying telecoms directed to members of Congress saw to it that the rights of the American people could be quickly dispensed with for a few well-placed bucks. They bought their immunity and We the People get stuck with a virtual repeal of the Fourth Amendment.

We have to end the influence of corporate lobbyists. Normal citizens who don't have millions to pay out in bribes - aka "campaign contributions" - can't compete with corporations which do. What's best for the American people will ALWAYS take a back-seat to the demands of corporations which come with money attached. That means we have to change the way election campaigns are financed. Otherwise, this isn't a government "of, by, and for the People" but "of, by, and for the telecoms, oil moguls, and hedge fund managers".

[unclejim]

wow , there are so many ppl that come to this sight with absolutely no idea of
what they're talking about
how our system of govt works
the difference between democrats and republicans

just so you all and airheadianna know
there is no such thing as a reagan democrat
just idiots that fell for the actor from cali

reagan started this mess of deregulating banks and big biz and every time you
stop the progress of the people (democrats) you put us back another decade or more

trinkle down does not work

you cannot trust big biz to take care of the poor
they won't

you can trust republicans to take care of themselves (the rich)
at the expense of the ever dwindling middle class

the rich get richer the poor get poorer and republicans are happy to put everyone (rich and poor)
right squarely on the backs of the middle class



VOTE DEMOCRAT BABY !

[trollsbwild]

Guess the GOP invoking Reagan's name as a G*d was a bit misguided, eh?

[Micaanab]

I agree. Companies look out for their best interest. And why should they care if their employees are taken care of. If they don't like it then they will just get a replacement.

What I don't understand is why there are so many republican voters.
How did the republicans corner the market on be tuff? I tell a republican friend I'm a democrat and I will surely get a laugh out of it like I'm some sort of wussy, tree hugging, anti hunting, hippie that doesn't believe in God.

[unclejim]

bye the bye
jimmy carter wil end up the best president of the 20th century


not that liar reagan

trinkle down does not work

[WLA]

trinkle?

[jp916]

I'm sure you mean "TRICKLE DOWN".

[donaldw6]

"Tinkle down" seems pretty appropriate.

[Superbus]

President Carter was best known among the Secret Srrvice and the White House civilian staff for his bizarre and inconsidereate behavior.

When in Plains, he refused to allow the "nuclear football" on his farm. It had to be kept in Americus, 10 miles away.

[robodweeb]

Wouldn't want Amy playing around with it.

President B u s h is best known among the Secret Service and the White House civilian staff for his bizarre habit of sleeping with the "nuclular football" under his pillow.

[VolvoBirkenstock]

Proof? You really need to provide links to reputable sites, shortbus.

Everything you post is a lie.

Being a liar is, along with ignorance, all you have.

[Amennyc]

Jesus wouldn't want it any other way. Is there a heaven for corporations?

[k6007]

Yeah, it's called He ll.

[BradPittsburgh]

Charlie Rangel likes his cheap rent on four apartments

[VolvoBirkenstock]

You never did back up your claim that "the candidate" received a special mortgage rate, PUMA fraud.

[WLA]

McScam just forgets to pay his taxes, at least on one of his 7 plus luxury properties.

[robodweeb]

Anyone ever heard these words:

"I hate my cheap rent!"

[MaeScott]

In retaliation for pushing impeachment, all of a sudden Rangel's apts are trotted out.
I wonder what is being held over over the rest of their heads. That's why we got FISA.
What about that governor the Rove had imprisoned? That's why we have FISA.

[evahartselftlanguages]

TO: To the Corporatocracy and Corporate Workers of Americ a July 16, 2008

I am not an expert, but I don't believe that thousands of businesses in America are failing and not making any profits. Personally I think all this talk of a failing economy is untrue because thousands are making profits with products. How can thousands of businesses all be going out of business? Not happening.


What is happening is all people talk about is businesses. No humane care for others. They couldn't see that no money was ever spent on anyone other than Businesses.

The National Coalition for the Homeless and National Law Center November 2007 Report states,"In many cities there aren't enough facilities in soup kitchens to feed people 3 times a day 7 days a week. In many cities food pantries give only one box of food a month. US. Conference of Mayors' survey 2006." Website nationalhomeless.org Select Feeding Intolerance ,Myths of Homeless People and Hunger.

In Dream Denied and Violations of Constitutional Rights January 2006 Report it states,In many cities there is scarce shelter space." Select anti-camping anti-sleeping laws. Also National Coalition for the Homeless Report.

If type FreePrintShop.org you'll get scarce food,shelter,job resources in San Francisco. If Google Churches in Berkeley and Oakland Food,Shelter Emergency Meals you'll get their scarce food,job,shelter resources. If Google Sacramento Community Resources select Food,Shelter you'll get their scarce food,jobs,shelter resources.

Eva Hart A Christian In Army 62-70 670 Eddy St. Sfc 94109

[DIMPLES]

never seem to amaze me americans allways vote againt their own intrest , when will we learn none of these people work for us ,includeing the media / money chanel talking heads ,All Americans are now imprisoned in a world of lies and deception created by the Bush Regime and the two complicit parties of Congress, by federal judges too timid or ignorant to recognize a rogue regime running roughshod over the Constitution, by a bought and paid for media that serves as propagandists for a regime of war criminals, and by a public who have forsaken their Founding Fathers, Some Americans have begun to comprehend the tremendous financial costs of the “war on terror.” But few understand the cost to American liberty . , These capitalists generally act harmoniously and in concert, to fleece the american people. , America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves.

[rollingdivision]

Finally a truly bipartisan effort, bailing out the mortgage industry. Too bad, they should allow as much failure as the economy can stand.

[VolvoBirkenstock]

One can tell by the brevity of your post that it is not the type of plagiarism you attempted to pull off last night.

[BradPittsburgh]

Jim Johnson stepped down from his democratic campaign post because he collected more then $7 million in home loans at special below-average rates. When will the democratic candidate step down for receiving a home loan at a special rate?

[WLA]

When will McSame start paying his property taxes on time?

[SCG]

When will you criticize the reems of corrupt Republicans?

Maybe the same time?

[robodweeb]

Got the stats on that mortgage or are you just repeating talking points?

Because if you look at the facts the mortgage was not out of line.

[VolvoBirkenstock]

Hiil is not the candidate, PUMA.

Link to any reputable source making that claim about "the candidate?"

[Superbus]

Isn't there a rather substantial connection between John Edwards, defender of the common man, and the sub prime mortgage market?

Corruption knows no party label.

[JimGroom]

I for one am shocked. Corruption in Washington, what a surprise.

[Ihaveadream]

Pay to Play and screw the American taxpayers every which way.

And is the MSM carrying this story with all the names and details? I don't know because I quit watching their infotainment , packaged "news" and talking heads. But I doubt it.

Look what happened after the ENRON blow up - lots of blabbering, hearings and BS about corporate accountability - it was quietly buried. Kenny boy is probably living well in South America with a new identity after they buried some homeless guy and the dirty games and loopholes (thank you Phil Graham) keep coming.

[WLA]

Ken Lay died and it's Phil G-r-a-m-m.

[SCG]

He thought it was like the cracker.

[Ihaveadream]

I know - spelling error. I remember when Wendy was head of OMB and now she's chairman of the "think tank" who made recommendations for regulatory reform while she was at OMB.

And how do you know Kenny really died? Money buys a lot these days.

[Shaddup]

Washington is bought and sold; the American people pay the price.