Fannie Mae and Freddie Mac survived scrutiny by manipulating, cajoling, and lobbying politicians and hiring board members who were politicos (e.g. Jamie Gorelick) rather than mortgage gurus. They hired lobbyists, gave massive donations, obtained nice tax breaks, and sailed below the regulatory radar screen.
Of the 354 lawmakers who received money from Freddie and Fannie between 1989 and 2008, Sen. Chris Dodd (D) received the most. But next was . . . drumroll . . . Barack Obama. Yup. And he was only there for three years. Not too much went to John McCain, about a sixth of what Obama received (h/t Glenn Reynolds.)
Monday, September 15, 2008
Freddie and Fannie and Obama
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