McCain’s Lobbyist Cronies: Their Deregulation Push Set The Stage For The Meltdown
You just knew that Rick Davis, uber-lobbyist and long-time McCain yacht-hopping crony, was right in the thick of this financial mess, didn’t you? A power-lobbyist with that many fingers in that many money pies can’t help himself, especially when his political patron helmed the Senate Commerce Committee when those corporate lobbying dollars needed spending.
And here he is:
…several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of…the Homeownership Alliance, formed in the summer of 2000….
"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, who said that…Fannie Mae and Freddie Mac together paid Mr. Davis’s firm $35,000 a month….
How much did Davis use his proximity to McCain to reel in clients? What did he promise them from McCain? Did McCain turn a blind eye to what his lobbyist pals were doing, using his power as their lure for this K Street tap dance to succeed? Why? How much money from these groups found its way into McCain’s campaign coffers?
And not just Davis, but Phil Gramm, Charlie Black…and loads more. What about the potential that this lobbying money and influence bought our way into the current deregulated mess – at a time when McCain would have been steering the Senate Commerce Committee and gearing up for another presidential run?