Monday, September 22, 2008

Fannie & Freddie execs denounce McCain's smears

The John McCain campaign has been running television advertisements accusing Barack Obama of being advised by Franklin Raines, the former chief executive of Fannie Mae.
In reality, this accusation is a bald-faced lie. Both Raines and the Obama campaign deny this charge.
This lie is possibly a maneuver to divert attention from the actual relationship between the McCain campaign's Rick Davis and Fannie Mae and Freddie Mac. Past and current executives for the two companies went public to express their disgust with the McCain campaign's inaccurate ads. They spoke on and off the record, to the "New York Times" as reported this morning in "Loan Titans Paid McCain Adviser Nearly $2 Million," by David D. Kirkpatrick and Charles Duhigg. The executives pointed out that Rick Davis received $30,000 per month from an advocacy organization (Homeownership Alliance) with the mission to represent Fannie Mae and Freddie Mac. Davis is McCain's campaign manager, and operates by distortion and smear in the mold of Roger Ailes and Karl Rove.
Christy Hardin Smith aptly called Rick Davis the "uber-lobbyist."
Illustrating the Republicans' galling hypocrisy, Davis in turn, helped thwart federal regulations that would have affected the two companies. Underscoring how McCain represents corporate interests instead of the public's interest is this quote:
“The value that he brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again,” said Robert McCarson, a former spokesman for Fannie Mae . . . .

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