Wednesday, September 24, 2008

Freddie Mac paid McCain's manager $15,000 monthly until August

Freddie Mac paid $15,000 a month to a firm owned by Sen. John McCain’s campaign manager from the end of 2005 through last month. The disclosure contradicts a statement Sunday night by Mr. McCain that the campaign manager, Rick Davis, had no involvement with the company for the last several years.

The Times, bases its report on "two people with direct knowledge of the arrangement."

They said they did not recall Mr. Davis doing much substantive work for the company in return for the money, other than speak to a political action committee composed of high-ranking employees in October 2006 on the coming midterm congressional elections. They said Mr. Davis’s his firm, Davis & Manafort, was kept on the payroll because of Mr. Davis’s close ties to Mr. McCain, the Republican presidential nominee, who was widely expected by 2006 to run again for the White House.

Mr. Davis took a leave from Davis & Manafort for the duration of the campaign, but as a partner and equity-holder continues to share in its profits.

A Freddie Mac spokeswoman said the company would not comment. The McCain campaign did not respond to a request for comment.

McCain has been attacking Sen. Barack Obama for his ties to former officials of Freddie Mac and Fannie Mae. Both mortgage lenders, which have been taken over by the federal government, have cultivated congressional allies for years to ward off efforts to restrict their business.

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