In the aftermath of the financial scandal that is toppling financial institution after institution, the Center for Responsive Politics did a little snooping into which politicians were taking how much money from Fannie Mae and Freddie Mac. The activities of these two quasi-government quasi private financial hybrids were at the very center of the disaster that has caught up so many institutions that dealt with mortgages.
Barack Obama – the current Democratic nominee for President – was 2nd out of 345 lawmakers on the list. And John Kerry – the 2004 Democratic nominee for President – was 3rd. Sen. Chris Dodd – the Democratic chairman of the Senate Banking Committee who accepted a sweetheart loan from scandal-ridden Countrywide – was top on the list.
The problem with Fannie Mae and Freddie Mac has always been that it was a social welfare institution masquerading as a financial institution. That’s why these “financial institutions” have been so rabidly pro-socialist Democrat Party.
To put it in Olympian terms, Democrats swept the medals, winning gold, silver, and bronze for the biggest pigs feeding from the scandal-ridden Fannie Mae and Freddie Mac trough.
Update: Fannie Mae and Freddie Mac Invest in Lawmakers
When the federal government announced two months ago that it would prop up mortgage buyers Fannie Mae and Freddie Mac, CRP looked at how much money members of Congress had collected since 1989 from the companies. On Sunday the government completely took over the two government-sponsored enterprises, and we’ve returned to our data to bring you the updates, this time providing a list of all 354 lawmakers who have gotten money from Fannie Mae and Freddie Mac (in July we posted the top 25). These totals are based on data released electronically from the FEC on Sept. 2 and include contributions to lawmakers’ leadership PACs and candidate committees from the floundering companies’ PACs and employees. Current members of Congress have received a total of $4.8 million from Fannie Mae and Freddie Mac, with Democrats collecting 57 percent of that. This week we also wrote about how much money lawmakers had invested of their own money in the companies last year–a total of up to $1.7 million.
All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
Name Office State Party Grand Total Total from
Dodd, Christopher J S CT D $165,400 $48,500 $116,900 Obama, Barack S IL D $126,349 $6,000 $120,349 Kerry, John S MA D $111,000 $2,000 $109,000
And realize something: this list runs from 1989-2008. Barack Obama has only been in national politics since 2005; do you have any idea what a trough-guzzling porker he had to be to pass by so many politicians who’ve been in politics throughout the entire 20 year period?
Democrats are all over this housing scandal mess. But they have one talent (the ability to demonize their opponents) and one asset (a complicit liberal media). John McCain proposed legislation that would have reformed Fannie and Freddie back in 2005 – but lockstep Democratic opposition killed it. Now the system is broken, and the guy who took the 2nd most money from the scoundels who caused this mess is trying to blame the guy who tried to fix the problem before it became a disaster.