Just to be fair, it wasn’t just the Democrats who profited from Fannie Mae and their political contributions.
Both Republicans and Democrats accepted money from a quasi-governmental corporation that to a great extent is the cause of the $700 billion bailout. After reading this, if you aren’t for term limits and a balanced budget amendment, you simply are un-American.
The mortgage giants spread their cash evenly: Democrats got 51% and Republicans 49%. Top lawmakers got top dollar.
In the House, Minority Whip Roy Blunt, R-Mo., led among the leadership with $78,500 in donations from Fannie and Freddie. He was followed by Minority Leader John Boehner, R-Ohio, $60,500; Majority Leader Steny Hoyer, D-Md., $51,500; Speaker Nancy Pelosi, D-Calif., $47,000; and Majority Whip James Clyburn, D-S.C., $26,000.
Regarding the donations, Nick Simpson, press secretary for Blunt, said: “It’s not a quid pro quo. In fact, Blunt voted against the housing bailout and GSE reform, proposals which Fannie and Freddie supported.”
Among the Senate leadership, Majority Leader Harry Reid, D-Nev., received $71,499. Minority Leader Mitch McConnell, R-Ky., followed with $40,000.
Fannie and Freddie’s PACs showered nearly $792,000 on members of the House Financial Services Committee, which has jurisdiction over the mortgage titans. The committee chairman, Barney Frank, D-Mass., received $30,500. Ranking member Spencer Bachus, R-Ala., took in $70,500, while Rep. Melissa Bean, D-Ill., received $34,999.
“Their donations do not make me look at them any more favorably,” Frank said. “Indeed, it was under the Democrats that we finally passed legislation giving the Bush administration more regulatory authority over Fannie and Freddie.”
Rep. Paul Kanjorski, D-Pa., who runs a subcommittee overseeing the mortgage giants, received $57,500. The ranking member, Rep. Deborah Pryce, R-Ohio, got $45,000.
Current members of the Senate Banking Committee received about $421,000 from Fannie’s and Freddie’s PACs. Sen. Robert Bennett, R-Utah, has received $71,499, more than any other member of Congress.
Senate Banking Chairman Chris Dodd, D-Conn., received $48,500; ranking GOP member Richard Shelby of Alabama got $23,000.
Senators on a key appropriations panel received $167,000, with Sen. Kit Bond, R-Mo., reaping $64,000. Read more….
Our government is corrupt. Want more proof? I searched the Federal Election Commission’s website for campaign contributions from Fannie Mae for the period between 2005 and 2008. Both Republicans and Democrats are represented. Interestingly, one name is absent for the period, that of John McCain.
Here are screenshots of names of interest who took blood money from Fannie (you will need to click on each picture twice, once to open a new page and then again to see it in full size and those without a caption are contributions to either Democratic or Republican front groups):
You might want to note that Obama is on the list, my Congressman, Steve Chabot-R (shame on you!), Barney Frank, Pelosi, and even John Boehner.
An even more detailed search on Fannie Mae and John McCain, still shows no contributions(with Fannie Mae known as the “Federal National Mortgage Association PAC):
Trackposted to Perri Nelson’s Website, Rosemary’s Thoughts, Shadowscope, Cao’s Blog, , Democrat=Socialist, Conservative Cat, Diary of the Mad Pigeon, , Faultline USA, third world county, McCain Blogs, Woman Honor Thyself, The World According to Carl, Pirate’s Cove, Wolf Pangloss, Right Voices, and Wingless – Canadian Press Cries For Convicted Terrorist, thanks to Linkfest Haven Deluxe.
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Tags: corruption, Fannie Mae, Washington
24 Comments to “A Culture of Corruption: Fannie Mae and Political Contributions”
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I wish just once I could find one of these blogs that would tell the whole story. There is such a thing as a lie of omission.
Try looking up that McCain received 169,000 dollar from board members and lobbyists connected to Freddie and Fannie. Obama received 16,000.
What McCain did not receive, and Obama did, was donations of 120,000 from the employees of Freddie or Fannie. Oh yes and 6,000 from the PACS. In checking with numerous blogs and newspaper articles I don’t even manage to find a constant in what they report. We have a truth in lending law but no truth in telling. I contend most of us don’t even know we are being manipulated by the guys who are going for the brass ring and their co-orts in that endeavor. You ask for comments. Is it even possible you would be willing to give a response.
Go to the FEC site like I did. You will find the same results as I did for the years in question. Obama took campaign funds from Freddie Mac, McCain didn’t.