TPMMuckraker

Gingrich Slammed Pols “Beholden” to Fannie and Freddie — But Shilled For Freddie Himself

We already knew Newt Gingrich doesn’t lack for chutzpah. But this looks like a whole new level…

Back when Congress was debating the bailout package this fall, Gingrich was bravely sounding the alarm about the nefarious influence wielded in Washington by mortgage giants Fannie Mae and Freddie Mac.

Here he is talking to Bill O’Reilly on Fox News in late September:

One of the provisions that I wanted to put into any kind of financial package is that no company that gets money from the Treasury in this process be allowed to hire a lobbyist. I mean, what you have today is that the rich in Wall Street and the powerful at Fannie Mae and Freddie Mac had so many politicians beholden to them that, in fact, nobody was going to check them. And so they got away with things that were absolute bologna, and it’s a tragedy.

Gingrich was particularly vocal about some Democratic politicians’ ties to Fannie and Freddie:

In Dodd’s case, he is the largest single recipient of money from Freddie Mac and Fannie Mae. Barack Obama was No. 2. The fact is that to have Dodd preside over writing this bill, I think, is absolutely disgusting. I am appalled that Harry Reid appointed him to sit in there. But it is the nature of politics up there right now. And I think it’s very, very bad for the country.

Now, one of the major reasons that Fannie and Freddie had “so many politicians beholden to them”, of course, is that they hired people to work those politicians and to make public arguments that dovetailed with Fannie and Freddie’s interests. And one of the people they hired, it turns out, was Gingrich.

The Associated Press reports today that in 2006, Freddie Mac paid the former House Speaker $300,000 to help fight off potential regulation. “Gingrich talked and wrote about what he saw as the benefits of the Freddie Mac business model,” says the wire service.

So, in Gingrich world: Democratic politicians getting campaign contributions from Fannie and Freddie — bad! Republican lobbyists getting paid by Fannie and Freddie to make the case against regulating the mortgage giants: good!

It’s nice to be Newt…

Bailout, Fannie Mae, Freddie Mac, Newt Gingrich

Editor & Publisher

Josh Marshall

Managing Editor

David Kurtz

Senior Associate Editor

Paul Werdel

Associate Editor

Tom Lane

Assistant Editor

Igor Bobic

Reporters

Brian Beutler

Carl Franzen

Sahil Kapur

Eric Kleefeld

Nick Martin

Evan McMorris-Santoro

Jillian Rayfield

Ryan J. Reilly

Benjy Sarlin

News Writers

Kyle Leighton

David Taintor

Pema Levy

Video Editor

Michael Lester

Research Interns

Christopher Hohmuth

Tom Kludt

Publishing Intern

Christopher O’Driscoll

General Manager & General Counsel

Millet Israeli

VP, Ad Sales

Bruce Ellerstein

Waldo Tibbetts

Bob Edmunds

Manager, Ad Operations and Sales Support

Versha Sharma

Deputy Publisher

Callie Schweitzer

Director of Technology

Eric Buth

Designer/Developer

Ni Mu

Matthew Wozniak