Obama, Dodd Received Nearly Quarter-Million From Freddie, Fannie

Received Nearly Half-Million Dollars
From Freddie Mac and Fannie Mae:
Dodd, Kerry, Obama, Clinton, Kanjorski



Dodd, Obama got nearly a quarter-million dollars from Freddie, Fannie


It's like sending the foxes to fix the hole in the chicken coop.

Senators Chris Dodd and Barack Obama, among others, have stepped up to "fix" the financial crisis, brought on in large part by the implosion of Freddie Mac and Fannie Mae. Dodd and Obama were two of the three largest recipients of Freddie-Fannie campaign contributions.


It's like sending the foxes to fix the hole in the chicken coop.

Senators Chris Dodd and Barack Obama, among others, have stepped up to "fix" the financial crisis, brought on in large part by the implosion of Freddie Mac and Fannie Mae. Dodd and Obama were two of the three largest recipients of Freddie-Fannie campaign contributions.




The Freddie-Fannie Five

1. Sen. Dodd, Christopher J (D-CT) - $133,900
2. Sen. Kerry, John (D-MA) -- $111,000
3. Sen. Obama, Barack (D-IL) - $105,849
4. Sen. Clinton, Hillary (D-NY) - $75,550
5. Rep. Kanjorski, Paul E (D-PA) - $65,500


The top five received nearly one-half million dollars from the FMx2. Dodd and Obama received almost a quarter million from the failed quasi-government agencies between the two of them.

From Open Secrets.org, "Fannie Mae and Freddie Mac Invest in Democrats":

(For an updated chart that includes contributions from Freddie Mac and Fannie Mae's PACs and employees to ALL lawmakers back to 1989, including to their leadership PACs, go here.) and data The federal government recently announced that it will come to the rescue of Freddie Mac and Fannie Mae, two embattled mortgage buyers that for years have pursued a lobbying strategy to get lawmakers on their side. Both companies have poured money into lobbying and campaign contributions to federal candidates, parties and committees as a general tactic, but they've also directed those contributions strategically. In the 2006 election cycle, Fannie Mae was giving 53 percent of its total $1.3 million in contributions to Republicans, who controlled Congress at that time. This cycle, with Democrats in control, they've reversed course, giving the party 56 percent of their total $1.1 million in contributions. Similarly, Freddie Mac has given 53 percent of its $555,700 in contributions to Democrats this cycle, compared to the 44 percent it gave during 2006.

Fannie Mae and Freddie Mac have also strategically given more contributions to lawmakers currently sitting on committees that primarily regulate their industry. Fifteen of the 25 lawmakers who have received the most from the two companies combined since the 1990 election sit on either the House Financial Services Committee; the Senate Banking, Housing & Urban Affairs Committee; or the Senate Finance Committee. The others have seats on the powerful Appropriations or Ways & Means committees, are members of the congressional leadership or have run for president. Sen. Chris Dodd (D-Conn.), chairman of the Senate banking committee, has received the most from Fannie and Freddie's PACs and employees ($133,900 since 1989). Rep. Paul Kanjorski (D-Pa.) has received $65,500. Kanjorski chairs the House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, and Freddie Mac and Fannie Mae are government-sponsored enterprises, or GSEs.

The airwaves yesterday were full of Barack Obama making statements and posturing on the crisis.

Nowhere in any of the Obama statements was any mention of his relationship with Freddie Mac or Fannie Mae.

The Obama campaign showed rare judgment in this decision.

Yesterday may not have been the right time to mention his failed benefactors.


by Mondo
image: thebidfloor