Business

Published — July 28, 2008 Updated — May 19, 2014 at 12:19 pm ET

Fannie’s favorite son

Fannie Mae and Freddie Mac brass rooted for a Chris Dodd presidency

Introduction

The federal rescue plan for Fannie Mae and Freddie Mac is just waiting for the president’s signature at this point, but that doesn’t mean the next president will be spared addressing the issue. Senate Banking Committee Chairman Chris Dodd told NPR’s Morning Edition last week:

“Candidly, this is not to be the end of this debate and discussion. We’re going to need to go beyond this and take a look at these institutions, how they’re structured, how they’re set up, and the kind of potential exposure.”

Echoing that thought, Douglas Holtz-Eakin, senior policy adviser to John McCain, told Forbes that “it will be an issue for the next president.”

And who did leaders at the two mortgage giants want to see in the Oval Office in 2009? The Senate Banking Committee chairman, himself.

According to data from the Federal Election Commission, 17 of the 58 Fannie Mae officials holding “senior management” positions — as defined by Fannie’s most recent annual report — contributed at least $250 to the now-defunct presidential campaign of Senator Dodd. In total they contributed $12,800. To put that in perspective, only 21 total Fannie officials contributed at least $250 to any presidential campaign.

Dodd just helped negotiate that rescue package, which he said was necessary but “not a perfect plan,” and which the Congressional Budget Office estimated holds a worst-case potential cost of 25 billion taxpayer dollars.

With the Connecticut pol long gone from the race for the White House, Fannie support has moved heavily in favor of Barack Obama. Seven officials, including four who gave to Dodd, have contributed $13,150 in total to Obama. Company wide, the Obama popularity gap really opens up.

Fannie Mae-identified individuals have given $66,899 to the junior senator from Illinois, according to data obtained from the Center for Responsive Politics. Hillary Clinton also held her own company wide, pulling in $18,900 — $50 more than Dodd (though less than a third of Obama’s total). And any of the three Dems compare favorably to McCain, with just $6,300. Although CEO Daniel H. Mudd did give $1,000 to the Arizona senator, along with $1,000 to Dodd.

At Freddie Mac, a dozen individuals are identified as “officers” according to the organization’s website. Of those 12, four — including CEO Richard F. Syron — gave $11,500 in total to Dodd. Three officers gave a combined $3,500 to Mitt Romney. Obama and McCain each received one $2,300 contribution from separate Freddie officers.

Read more in Business

Share this article

Join the conversation

Show Comments

6
Leave a Reply

avatar
6 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
6 Comment authors
install itunes on windows 7Bob FrankstonLinda GordonET69Jello Beyonce Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
sam fetters
Guest
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
Guest
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
Guest
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
Guest
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
Guest

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.

install itunes on windows 7
Guest

I have read the post and it is really helpful as I have got to know about the 5G wireless cities which are accepting the technology and other cities which are rejecting it.