Monday, September 22, 2008

$30,000 a month to block regulation

This morning's NY Times has an article on McCain campaign manager Rick Davis getting paid $30,000 a month to block stricter regulation for Freddie Mac and Fanny Mae:

Senator John McCain’s campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.

Mr. McCain, the Republican candidate for president, has recently begun campaigning as a critic of the two companies and the lobbying army that helped them evade greater regulation as they began buying riskier mortgages with implicit federal backing. He and his Democratic rival, Senator Barack Obama, have donors and advisers who are tied to the companies...

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