Monday, January 23, 2012

GINGRICH and FREDDIE MAC

This morning, Speaker Gingrich told George Stephanopoulas that " He would be very comfortable with the release of his contract with Freddie Mac " . A decision rests with his former company, The Center for Health Transformation, and its attorney, Steven Passantino.

There is a slight problem. Steven Passantino.....is national counsel for the Gingrich campaign. So, we are asked to believe that release of the document awaits a resolution of the debate between Passantino and Passantino.

This narrative is a characteristic of Speaker Gingrich. To say he lies.....is an overstatement . To say he dissembles is better. He is a moving target answerable only to himself and his Godlike interpretation of his own standards. Let's look at Freddie Mac in some detail.

Freddie Mac and Fannie Mae presided over the worst housing crisis in American history, all the more relevant now in a state like Florida which is only second to Nevada in foreclosed homes, culminating in the economic disaster of 2008-2009 that we are still in.
Newt Gingrich had two separate contracts with Freddie Mac over that very same period , from 2006 to 2008, during which he was paid over $ 1.6 million at a rate of $ 30,000 per month .A bargain, Freddie Mac would probably argue, since the Speaker charged $ 60,000 an HOUR for speeches. Mr Gingrich said he was paid as an " Historian" . Nevertheless, he has since said that he recommended Freddie Mac rein in its business model and that he argued that he was opposed to a subsequent government takeover of Freddie Mac and Fannie Mae when they collapsed.
Yet.....in a 2007 internal Freddie Mac interview reported by a SF newspaper, Gingrich
1. Defended the basic structure of Freddie Mac
2. Encouraged the government to expand the Freddie Mac model to other government
agencies like the space program. He is quoted " NASA would have been able to send
men to MARS if it had the same business model as Freddie Mac and Fannie Mae"
This was in the middle of Gingrich's contract period

Bloomburg News reports that former Freddie Mac executives said that Gingrich was hired to help develop arguments on behalf of the company's public-private structure that could be sold to GOP conservatives in Congress. This is commonly referred to as " Lobbying ", but Gingrich denies that was what his $ 1.6 million contract was for.

On December 16 of 2011, six Freddie Mac and Fannie Mae executives were charged by the SEC with fraud. They were to be fined for " ill-gotten gains" This group included Richard F. Syron, Chairman and CEO, Patricia L. Cook, Chief Business Officer and Donald J. Bisenius, Executive VP. This charge by the SEC followed earlier SEC fraud charges against Freddie Mac and big fines in 2006 and 2007 during the Gingrich contract years.
These same executives paid themselves bonuses of $ 13 million in 2010 and $ 35 million in 2008 and 2009, presumably following the recommendations of equally well compensated lobbyists.........like Newt Gingrich
It should also be noted that the taxpayers " loaned " Freddie Mac $ 130 BILLION in 2010. From this taxpayer largesse, the agency paid $ 100 million in legal fees to defend its executives from fraud charges by the very same government that was now their employer.....as well as a significant bill to continuing lobbyists , like Gingrich, to help defend itself against its new employer.

In short, in a state like Florida, with millions of foreclosed homes, it is reasonable to ask Gingrich to open up his contract to see exactly what he was paid $ 30,000 per month for over two years, to do. It will be interesting to see if any of the fraud charged executives signed his contract.
It would also be interesting to ask Gingrich's former company, The Center for Health Transformation, to explain its relationship with the major pharmaceutical companies and why its, and Gingrichs activities, were not considered as lobbying.

In short, Gingrich needs to explain why the answer to Barack Obama and the nation's ills is a Washington K street lobbyist grown wealthy, in the style and scope of Jack Abramoff, without the singular exception of jail time

CraigS

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25 comments:

Anonymous said...

Craig, you always provide good information. Thank you. I wish you would post more here, and at race. Your comments are always the best.

-Martha

DanL said...

This is probably Romney's best line of attack against Newt in Florida. Second best is the ethics violations, censure, and dismissal of Newt from Congress. Romney, Paul, and Santorum need to relentlessly beat Gingrich on these issues.

Anonymous said...

Ya'll are smurt peeps, should put your ideas into romney's camp, go be chair quarterbacks for romney, give em tips for free and shit. oHhhh that's right....nobody care's....

craigs said...

Anonymous

You think that's cute ? That nobody cares ? Look around you ? look at the state of a country dominated by folks like.....you

Anonymous said...

Damn nice insult, I've been grouped with the BAD PEOPLE. My opinion is less than those before me, my sarcasm is so bad....ooo craigs I need to repent for my sins against Lord romney. Ty for showing me what people are supposed to be like. My sincere apologies good sir, you are a infallible SAINT.

leighrow said...

anonymous-oHhhh that's right....nobody care's....

If nobody cares then why are you here commenting??

Anonymous said...

Award* Keep it flowing though little buddy, I like the flow of tears in the morning.

Anonymous said...

In other news Leighrow formed a cohesive thought, but before he could unleash it, he took an arrow to the knee.

Anonymous said...

Awesome post CraigS--

And thank you to the idiot responder for demonstrating the mentality of someone who's been taken in by Gingrich's lying. The last time we elected a president that changed his story on a daily basis is working out real well for us, isn't it...

DanL said...

Anonymouse Nunchukz, you're bairly out of diapers, I mean high school, and you want to compare your puny intellect to CraigS who has run Fortune 100 companies. You are delusional.

DanL said...

On the plus side, Nunchukz, you have a long life ahead of you in which you can enjoy the fruits of your utterly foolish decision to back Newt. May you enjoy a lifetime of impoverishment.

Anonymous said...

You just attacked my age, and because craig has ran a fortune 100 company..( I have also, and I'm a space cowboy from mars, the internet is awesome) I need to tuck my tail between my legs and realize when and where to speak Dan? And also because I back newt gingrich not possibly because of other people, I get to enjoy being impoversihed? When in reality, backing a candidate in a zealous nature as you do, I back the logical element that you blind yourselves with a animosity that borderline is hatred of another person?

If you honestly think for one second your entitled to come at somebody like that and consider it in the realm logical. You sir are a fool.

To even GRASP at the idea, that you can shout somebody down on a element of age, or "Career standard" says MORE THAN KNOW about who you are and what you embody. You do realize you should just run around saying "cool story bro" and "u mad" because for that age and wisdom advantage you claim to have, you act like a kid from a online game labeling and insulting somebody as such. It is beyond words to articulate the over-extension of such claims. I award you no points and may god have mercy on your soul.

Anonymous said...

You just attacked my age, and because craig has ran a fortune 100 company..( I have also, and I'm a space cowboy from mars, the internet is awesome) I need to tuck my tail between my legs and realize when and where to speak Dan? And also because I back newt gingrich not possibly because of other people, I get to enjoy being impoversihed? When in reality, backing a candidate in a zealous nature as you do, I back the logical element that you blind yourselves with a animosity that borderline is hatred of another person?

If you honestly think for one second your entitled to come at somebody like that and consider it in the realm logical. You sir are a fool.

To even GRASP at the idea, that you can shout somebody down on a element of age, or "Career standard" says MORE THAN KNOW about who you are and what you embody. You do realize you should just run around saying "cool story bro" and "u mad" because for that age and wisdom advantage you claim to have, you act like a kid from a online game labeling and insulting somebody as such. It is beyond words to articulate the over-extension of such claims. I award you no points and may god have mercy on your soul.

Terrye said...

Needless to say anyone who actually supports Gingrich obviously does not care if he is self aggrandizing crook..in fact I think a lot of the people supporting him just want to see Obama win a second term.

As for anonymous here, he is not worth responding to.

Anonymous said...

If I was fluffing up Mitt Romney I would be worth it Terrye, I really wish some people would see how blind they really have become on this notion.

DanL said...

Geez, so many college kids are such bone headed idiots. Maybe its the proliferation of pot smoking that leads to such stupidity.

Anonymous said...

Anon, your language is vile, and I am disgusted. Your thoughts don't deserve my attention unless you can write them in English. Too bad you haven't figured that out yet. Or maybe you don't know how to write in English?

AZ

Anonymous said...

You do realize calling somebody an idiot and completely ignoring a back and forth is in fact idiotic in itself? FFS you hold yourself to different standards? I pretty much just called you out as a immature child, liken to 13 yr old gamers, and It's because of pot smoking? I went off what you gave me chief, YOUR CREATING and ASSUMING my life =/ it's sad really..so much "intelligence" No common sense.

Anonymous said...

I didn't sign up my language AZ to be according to what you find tolerable. Bad language is still language, you'd do well to understand that. Attempting the pretentious notion of a "highroad" concept on the internet is foolish.

AZ, My heart goes out to people of your mindset. You just claimed "your thoughts don't deserve my attention unless you can write them in English." Yet.....


You just wrote to me....


Awe-Inspiring intelligence my friend.


But it doesn't end...

"Or maybe you don't know how to write in English?"

Need I say more? Insulting is apparently not your game, I know what we can try a spelling contest"

Terrye said...

Anonymous..If you were fluffing up Romney you would at least sound intelligent. I don't really care about you though.

Anonymous said...

LOL TY TERRYE, THE OUTLINE OF A PORTION OF THE ROMNEY GROUP IS NOW ESTABLISHED!!!!

"Anonymous..If you were fluffing up Romney you would at least sound intelligent."

"I don't really care about you though."

And on the element of caring, why even bring it up, I appreciate your two cent's, but with as combative as I've been today...necessary? No I think not. I never thought to myself when I popped in here...man oh man IF TERRYE would be my friend life would be awesome, and me and you larry my unicorn could fly on sundays, enjoying the breeze.



No...Ty for time though, that will 11.95$ please and thank you.

Terrye said...

blah blah blah

Terrye said...

Most of the people supporting Gingrich today hated the guy 6 months ago..you would think that if it was that important to send a message or whatever they could find a better candidate to support. This guy is a crook.

Anonymous said...

Terrye said...
"blah blah blah"

Informative, alluring, and provocative, why do I feel so empty. OH....zero substance, complete dismissal, lack of message, empty well of comebacks, akin to romney needs better programming of handling conflict?


Terrye's argument

- Jan 23rd 2012 4:59 PM
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- Jan 23rd 2012 5:11 PM
- "blah blah"
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_____ -____________________________


Whats next? WE SHALL SOON FIND OUT!?

Anonymous said...

Aww my awesome graph failed, shucks!