WASHINGTON -- "Freddie Mac Didn't Pay $300K for History Lectures," writes David Frum on Thursday, and he pulls the relevant text from the historical record.
As reported by the Associated Press, Dec. 8, 2008:
The Bush administration and Federal Reserve Chairman Alan Greenspan were sounding the alarm about the potential threat to the nation's financial health if the fortunes of the two mammoth companies [Freddie Mac and Fannie Mae] turned sour. They did eventually, when they took on $1 trillion worth of sub-prime mortgages and when their traditional guarantee business deteriorated. Commercial banks regarded Freddie Mac and Fannie Mae as competitors and were anxious to pick up business that would result from scaling back the two companies.
Pushing back, Freddie Mac enlisted prominent conservatives, including [Newt] Gingrich and former Justice Department official Viet Dinh, paying each $300,000 in 2006, according to internal records.
Gingrich talked and wrote about what he saw as the benefits of the Freddie Mac business model.
[h/t: Ben Smith]
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