Freddie Mac Money Trail Catches Up With McCain

Newsweek:

Few advisers in John McCain's inner circle inspire more loyalty from him than campaign manager Rick Davis. McCain and his wife, Cindy, credit the shrewd, and sometimes volatile, Republican insider with rescuing the campaign last year when it was out of money and on the verge of collapse. As a result, McCain has always defended him--even when faced with tough questions about the foreign lobbying clients of Davis's high-powered consulting firm. "Rick is a friend, and I trust him," McCain told NEWSWEEK last year.

Last week, though, McCain's trust in Davis was tested again amid disclosures that Freddie Mac, the troubled mortgage giant that was recently placed under federal conservatorship, paid his campaign manager's firm $15,000 a month between 2006 and August 2008. As the mortgage crisis has escalated, almost any association with Freddie Mac or Fannie Mae has become politically toxic. But the payments to Davis's firm, Davis Manafort, are especially problematic because he requested the consulting retainer in 2006--and then did barely any work for the fees, according to two sources familiar with the arrangement who asked not to be identified discussing Freddie Mac business. Aside from attending a few breakfasts and a political-action-committee meeting with Democratic strategist Paul Begala (another Freddie consultant), Davis did "zero" for the housing firm, one of the sources said. Freddie Mac also had no dealings with the lobbying firm beyond paying monthly invoices--but it agreed to the arrangement because of Davis's close relationship with McCain, the source said, which led top executives to conclude "you couldn't say no."

Read the whole story: Newsweek

Comments

[PT6]

While I think Fannie and Freddie are both as much victims in the Bush/Gramm/McCain Deregulation of the Mortgage Markets as the rest of us.

It is clear that Richard H. Davis (what does the "H" stand for) is directly linked to Fannie/Freddie with a $15,000/month income to his firm until a month ago!

So, since McCain and Gramm started the real Crisis with the Deregulation Bill and since his TOP DOG Davis is linked to Freddie/Fannie, McCain should cool it as this will Backfire!

What about the lose of a couple $Trillion this week! It appears he has not even heard about it!

[PT6]

America is GREAT because of "FAIR MARKETS" people TRUST! --NOT-- "free markets" without RULES!


A FAIR SOCIETY and FAIR MARKETS are What Made America Great!

American Society a not a Completely Free Society but it is a FAIR Society with Certain Freedoms.

A Completely free Society without LAWS to GOVERN would be CRIME RIDDEN, ruining our standard of living.

If American Markets were Completely Free Markets Corruption would RUN WILD.
For most of our history AMERICA PRIDED ITSELF IN FAIR MARKETS.

But in the last 8 YEARS we have SEEN AN EXPERIMENT WITH FREE MARKETS and AMERICA IS IN CRISIS.

Therefore, like Society, our Markets need a Robust set of Rules and Regulations to reduce corruption and apply punishment to those violating those laws.

[alady]

Barack on Face the Nation. he responds to "you don't understand"

http://www.cbsnews.com/video/watch/?id=4483694n

[StandUpAmerica08]

These two past weeks has proven to the American people that McCain is still suffering from PTSD and unfit to hold the office of the Presidency of the United States:

1. Rolling the dice with Americans is NOT presidential Mr. McCain. Your GAMBLING problems have 'rolled' into the Presidential race!

2. Selecting a VP candidate as a model spokeswoman for 'beauty' is NOT presidential

3. Spewing LIES every time you campaign speaks to the American people Mr. McCain is NOT presidential

4. Using POW to solicit sympathy and a handicap as a means to prove you’re qualified Mr. McCain is NOT presidential, it is down right corrupt and unethical

5. Claiming only YOU can find Bin Loden because you know where he is and knows how to get him but you SIT ON YOUR HANDS and use this to win votes is NOT AMERICAN NOR Presidential ! THIS IS TREASON!

6. The American people saw what McCain offered this past Friday at the debate and what McCain displayed shows us again, he is UNFIT to serve.

7. McCain who is suffering from PTSD and unable to manage his emotions is HIGHLY RISKY FOR ANY CRITICAL OFFICE.

Mr. McCain, keep your promise to the American People and think of country first! Resign your campaign and admit you are unfit to serve.

[loax]

Why is Davis hiding if he did nothing wrong? Keep this in the news, each and ever yday until Davis reponds. This man is just a huge sleaze ball who is as corrupt, if not more so than McCain.

[moongal6]

MODERATOR

PLEASE PUT THIS STORY ON THE FRONT PAGE......­.AGAIN!
People need to see this corruption again and again.

PLEASE

[PT6]

We need LAWS to CONTROL "COOKS" like this!

For them to be controlling a campaign should be illegal since it is a CONFLICT OF INTEREST!

A FAIR SOCIETY and FAIR MARKETS are What Made America Great!

The American Society a not a Completely Free Society but it is a FAIR Society with Certain Freedoms. A Completely free Society without LAWS to GOVERN would be CRIME RIDDEN, ruining our standard of living.

If American Markets were Completely Free Markets Corruption would RUN WILD. For most of our history AMERICA PRIDED ITSELF IN FAIR MARKETS. But in the last 8 YEARS we have SEEN AN EXPERIMENT WITH FREE MARKETS and AMERICA IS IN CRISIS.

Therefore, like Society, our Markets need a Robust set of Rules and Regulations to reduce corruption and apply punishment to those violating those laws.

[Diogenis]

hmmm, you meant...CR­OOKS

[PT6]

I wanted it to pass the Screening!

[openhand]

So where have you gone

Phil Gramm
Charlie Black
Carly Fiorina
Rick Davis
Sarah Palin

Our Nation turns its bankrupt eyes to you.

[LAB11]

Soon McSame will be added to these casualties of the Double talk express on the Bridge to Nowhere. Thanks, but no thanks!

[marytny]

Now that McCain has finished his expensive dinner and solved the financial mess,
maybe Davis will make the news.

Go ahead with your attack lies McCain. We'll just keep saying the facts.
You are all your "friends" are corrupt and America is SICK of it.

If Barack turns out the same way in 2012, we'll through him out too.
We're sick to deaths of lies and corruption.
We're taking America BACK

Obama/Biden 08

[TGCNY]

tHE STRIAGHT TALK YOU JUST CANT BELIEVE IN



tHAT WHY I'M VOTING OBAMA/BIDEN 08

[alady]

Love it. Send it to the Barack Obama campaign.

[BethStuart]

I noticed Rick Davis has dropped from sight since this story first broke a week ago. Is he still McCain's campaign manager?

[Trollstakeyourmeds]

Yeah...I wondered where this dude have gone. Guess he's hanging out under the bus with Carly Fiorino.

[Trollstakeyourmeds]

"Dude have gone"? OMG....I'm incoherent while watching football.

[swift goat pet for truth]

""It was stupid," the adviser said. "A serious miscalculation and an amateurish move." Still, this adviser said, McCain's faith in his campaign manager remains unswerving­."

We have seen this kind of stubborn behavior before, with BUSH!. He refuses to change his view, despite the facts.

[SherryIndianapolis]

From article:

"One senior McCain adviser said the entire flap could have been avoided if the campaign had resisted attacking Barack Obama for his ties to two former Fannie Mae executives, which prompted the media to take a second look at Davis. "It was stupid," the adviser said. "A serious miscalculation and an amateurish move." Still, this adviser said, McCain's faith in his campaign manager remains unswerving­."

What goes around....­..Ain't karma a B!!TCH???

[DaOne]

Notice how we haven't seen Rick Davis anywhere?

And like that......­.poof.....­he was gone!

[jethrock]

McCain's so-called "straight talk" is completely laughable.

There is nothing that has come out of the Senator's mouth or from him campaign that is true.

The last thing this Country needs is McCain's brand of reform.