Business

Published — July 15, 2008 Updated — May 19, 2014 at 12:19 pm ET

Freddie’s and Fannie’s favors

Introduction

With Congress set to weigh in on the Federal Reserve and Treasury Department’s plan to rescue Freddie Mac and Fannie Mae, the increase in political contributions by the two corporations’ political action committees is receiving extra attention. Specifically, over the last two congressional cycles, PACs for both groups, which started donating in 2004, have contributed a combined $1,842,297 to federal candidates, according to data gathered by the Center for Responsive Politics.

Freddie and Fannie political spending takes many forms: The 2005 Center for Public Integrity PowerTrips investigation highlighted instances of Freddie and Fannie-sponsored travel in an examination of five-and-a-half years of congressional documents.

The Center found that during the period between January 1, 2000, and June 30, 2005, Freddie Mac paid $16,939.52 for 11 congressional staff trips. Fannie Mae nearly doubled that total, picking up the tab for 21 trips at a combined fee of $32,643.62.

Freddie Mac’s big-spending ways have already come in for some scrutiny. In 2006 the corporation agreed to pay a record $3.8 million in settlement fines for violating federal election law after channeling money into the campaigns of more than 50 congressional members. While the Federal Election Commission found those actions illegal, both Freddie and Fannie have continued to legally make sizable contributions to members of Congress.

In the 2008 cycle, Fannie Mae PAC has contributed a total of $617,900 to congressional members; Freddie PAC gave $202,997 to members of Congress. More than half of that total — $489,998 — was designated for persons in leadership positions or who sit on either the House Financial Services Committee or the Senate Committee on Banking, Housing, and Urban Affairs.

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sam fetters
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sam fetters

What do AT&T, Verizon and Crown Castle International Corp have in common? The largest institutional shareholders of each includes firms like: Vanguard, BlackRock, State Street (the “Big Three”), Invesco, Fidelity (FMR), JP Morgan, Wellington Management, Geode, T Rowe Price, Bank of America, and other of the largest money-management and investment firms, whom operate collaboratively (even comprising the largest shareholders of each other), forming virtual monopolies amongst the largest “competing” corporations, in most every single industry, via large share holdings. (source = http://investors.morningstar.com/ownership/shareholders-major.html?t=CCI) These are the same firms whom also largely own the third largest telecom, T-Mobile. The own the largest… Read more »

Jello Beyonce
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Jello Beyonce

I’ve a theory that the supposed “Trade Wars” and “sanctions” and political/military strife going on between the U.S., China, Russia, etc. are merely distractions, serving to divert attention away from the growing authoritarianism and Oligarchic control spreading across the globe. “Nationalism” is being used as a propagandist covert means of continued increasing Globalism. As this article states: “A Russian woman stood up to speak at one of these public meetings, and she said that when she lived in Russia, the government slam dunked her and she had no say,” King said. “Now she lives in the United States of America,… Read more »

ET69
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ET69

Marx was right about capitalism . Capital gets more and more concentrated in fewer and fewer hands. There is no way out of this greed. We need socialism!

Linda Gordon
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Linda Gordon

5g is a kill grid. The depployment of this weapon is an act of terroism genocide and ecocide. The marketers need to be jailed as terrorists.

Bob Frankston
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The real issue with 5G is that it’s an attempt to roll back the Internet and return to the telecom of the 1970s when the phone company controlled all.