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Tag Archives: Newt and Freddie Mac

$60,000 per speech?

According to the Associated Press (AP) Republican Tea Party (GOTP) presidential frontrunner Newton “Stay Puffed” Gingrich says he didn’t need to be a lobbyist after his congressional career because he was paid $6ok a pop to give speeches; in fact Newton has bilked his devoted followers of millions of dollars.

While talking with South Carolina voters at a shopping center Stay Puffed confronted the on-going suggestion he sought to turn his tenure as the House’s top Republican into a role of for-hire powerbroker.

“I did no lobbying of any kind – period,” Gingrich said. “I’m going to be really direct, OK? I was charging $60,000 a speech. And the number of speeches was going up, not down. Normally, celebrities leave and they gradually sell fewer speeches every year. We were selling more.”

Make to remember this line, “I did no lobbying of any kind – period,” because it smacks of, “I did not have sex with the woman,” and now that he’s the alpha male of the campaign the others are going to start digging and seeing if he’s telling the truth, and if he’s not, he’ll plummet from first place the same way Reverend Perry and Pizza Man Cain have so recently done.

The legal definition of lobbying is fairly narrow, encompassing only those who directly contact members of Congress or executive branch officials in an attempt to influence them. Many ex-lawmakers decline to do that kind of work, but instead offer their advice to groups that do lobby, as Gingrich did in the case of Freddie Mac.

Gingrich has been paid huge sums over the past decade by the mortgage giant, an institution roundly criticized by Republican Tea Partistas, and one of which Newton himself criticized President Obama in 2008 for accepting contributions from executives of Freddie Mac and its larger sister institution, Fannie Mae, and said the Democrat should give the money back.

When asked about his “salary” from Freddie and Fannie, Stay Puffed has dismissed any speculations of lobbying saying he gave “strategic advice for a long period of time.” A person familiar with the Freddie Mac consulting contracts said they paid at least $1.6 million from 1999 to early 2008. The person spoke on condition of anonymity in order address a personnel matter.

Newton has claimed over-and-over that he was a “historian” for the organization; a story that doesn’t ring true for most of us. First, exactly why does a mortgage company need a historian; and second, why hire a mediocre one like Gingrich? Things aren’t ringing true on the lobbying issue and Newton Leroy had better hope he’s better at cover-ups than Cain was.

 
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Posted by on November 29, 2011 in 2012 Election

 

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Newt was paid how much by Freddie Mac?

Republican Tea Party (GOTP) presidential candidate Newton Leroy Gingrich has been extremely critical of Freddie Mac and Fannie Mae, as well as the Democrats in Congress he claims played a key role in the collapse of the housing market, but what he hasn’t said is that he – apparently as a lobbyist – made between $1.6 million and $1.8 million in consulting fees from the mortgage company, a figure substantially larger than the $300,000 payment he was asked about during a recent Republican presidential debate.

Freddie Mac officials have also reportedly told Bloomberg that Gingrich was asked to build bridges with Capitol Hill Republicans and help sell the mortgage company’s public-private structure to conservatives, aka lobbying.

Of course Newton is denying the charges, “I do no lobbying of any kind, and I offered strategic advice and that’s all I do,” Gingrich said. “I don’t go to the Hill. I don’t lobby in any way. I haven’t for the years I’ve left the speakership, period.”

“I was quite happy to talk about the GSEs, which was the question,” Newton continued. “But once you got into a cycle where people were literally giving mortgages to people with no credit at all, you don’t have to be much of a historian to know that’s not sustainable.”

And not being much of a historian is a good thing since Newton isn’t much of a historian; case in point being during the 9 Nov 11, he claimed he warned Freddie Mac about its lending practices: “I offered advice. My advice as an historian when they walked in and said we are now making loans to people that have no credit history and have no record of paying back anything but that’s what the government wants us to do. I said at the time, this is a bubble. This is insane. This is impossible.”

But Newton’s version of “history” doesn’t match Freddie Mac’s, at least one source reportedly told Bloomberg Gingrich gave positive feedback on Freddie Mac’s plans to publicly pledge to issue subordinated debt, manage liquidity, undergo capital stress tests and expand various types of risk disclosures. Gingrich also said these moves would enable Freddie Mac to demonstrate benefits to the taxpayer, the source claimed.

Newton claims he offered the company “advice on precisely what they didn’t do;” once again however, the history is fairly muddied and no one at Freddie Mac remembers Gingrich raising the issue of the housing bubble or of being critical of Freddie Mac’s business model.

Once again Newton’s been caught with his hand in the cookie jar; first, as Speaker, he persecuted then President Clinton for indiscretions in the White House, all the while having his own sexual liaisons; second, now, as a presidential wannabe, he’s critical of Freddie Mac while having received more than a million dollars in “consulting” fees from the company? Newton is nothing more than the poster boy for today’s hypocritical conservative movement, whose mantra is “Do as I say, not as I do,” secondary only to its motto, “We belief in the Golden Rule; he who has the gold makes the rules.”

 
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Posted by on November 16, 2011 in 2012 Election

 

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