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Irishknight -> RE: Freddie Mac "Stealth lobbying" (10/20/2008 8:11:49 PM)
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quote:
ORIGINAL: MrRodgers
quote:
ORIGINAL: Nosathro
According to newsreport Freddie Mac lead a campain to kill legislation that would have both Freddie Mac and Fannie Mae under new rules that would trim the mortgage companies. It appear the under Freddie Mac Excutive Hollis McLaughlin, 2 million dollars was paid to a consultin firm DCI to undermine the support of the bill that came out of the Senate Banking, Housing and Urban Affairs Committee. At that time in 2005 the Senate was controled by the Reublicans who supported the bill while Democrates opposed.
The report goes on to say that McLoughlin not only was the driving force behind the campain to kill the bill but to make sure the campain could not be traced back to Freddie Mac.
All parties involved claim they did nothing illegal and the taxpayers are stuck with the bill.
Nice try but when the repubs had the senate it didn't much matter what the dems wanted or didn't want.
The repubs in fact resisted any further regulation of Fannie or Freddie and never even voted on that bill or any other bill.
Actually, any time the pubs tried to use their majority, they were threatened with philibuster. The pubs were too wishy washy to say, "Fuck you! Do it! We can get enough voted to end it." They were held hostage by obstructionists on one side and cowards on their own side. In fact, McCain caved in a number of times when faced with such a choice.
They may not have cared what the dems thought but they sure didn't get to ride over them at any time. "The majority rules" didn't mean anything at that time because the majority had no spines. They were too chickenshit to force a vote when faced with something that might be a little difficult. The dems knew it and used it to keep them from getting anything done.
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