Monday, September 22, 2008

McCain's campaign manager worked to deregulate Fannie Mae & Freddie Mac

John McCain's hypocrisy has reached new levels. Days after reinventing himself as the regulator and reformer of greedy companies, we learn that McCain's campaign manager and longtime adviser Rick Davis, 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. What makes this news even more outrageous is just days earlier, McCain ran a false ad claiming former head of Fannie Mae, Franklin Raines, was a top adviser to the Obama campaign. The claim was debunked by Raines, who only met Obama once.

The false ads against Obama also angered some current and former executives of Fannie Mae and Freddie Mac. They were so incensed they came forward to discuss Rick Davis's role in helping Fannie Mae and Freddie Mac beat back regulatory challenges. “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.

McCain's campaign tactics have reached the dregs of the gutter. The truth, and his long-standing position on key issues, have become irrelevant as the campaign desperately attempts to grab votes however they can.


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