SC Reps Took Thousands From Fannie, Freddie
In one of the better pieces of investigative journalism we’ve ever seen from a local television station, Columbia, S.C.-based WIS-TV has published a story this morning outlining contributions received by South Carolina elected officials from busted government mortgage giants Fannie Mae and Freddie Mac.
We’ve written in the past about how Fannie and Freddie have fiddled while America burns, but the dollars their respective PACs have been pouring into the campaign accounts of several South Carolina politicians is startling. It’s also further evidence that the politically-correct lending practices which have contributed mightily to our nation’s current economic quagmire benefited from the kind of institutional support that only money can buy.
Two of the top three South Carolina beneficiaries of Fannie and Freddie’s generosity are not surprising.
According to the WIS report - prepared by producer Emma Ratliffe - Democratic Rep. Jim Clyburn led the way with $29,750 in Fannie and Freddie contributions, followed by fellow Democrat John Spratt with $21,500.
Both Clyburn and Spratt have consistently opposed reforming Fannie and Freddie, a failure which has clearly played a huge role in the current crisis.
But it’s the third name on the list that surprised the hell out of us, U.S. Rep. Gresham Barrett, who has taken $17,250 in Fannie and Freddie contributions.
Barrett initially opposed the massive, ill-advised federal bailout package - which included several hundred billion for the two fallen mortgage behemoths - but then changed his vote after the U.S. Senate sweetened the deal with so-called “free market” incentives.
Hmmmm …
U.S. Senators Lindsey Graham and Jim DeMint also took negligible contributions, $500 for Graham and $250 for DeMint.
Nationally, the top three recipients of Fannie and Freddie contributions were Democratic Senators Christopher Dodd ($165,400) Barack Obama ($126,349) and John Kerry ($111,000) … all of whom refused to rein in the book-cooking, quasi-government lenders.
Surprise, surprise …
Anyway, for a complete listing of the Fannie and Freddie contributions, click here …
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