Freddie Mac secret lobbying

[Jeff Lebowski]

Freddie Mac secretly paid millions of dollars to stop senators from regulating and trimming the agency.

http://deseretnews.com/article/1,5143,705256560,00.html

"If effective regulatory reform legislation ... is not enacted this year, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole," the senators wrote in a letter that proved prescient.

Unknown to the senators, DCI was undermining support for the bill in a campaign targeting 17 Republican senators in 13 states — none from Utah — according to documents obtained by The Associated Press. The states and the senators targeted changed over time but always stayed on the Republican side.

In the end, there was not enough Republican support for Hagel's bill to warrant bringing it up for a vote because Democrats also opposed it and the votes of some would be needed for passage. The measure died at the end of the 109th Congress.

Makes my blood boil.

[il Padrino Ute]

Wow.

Just, wow.