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Gingrich Said to Be Paid $1.6M by Freddie Mac

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cal04 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-15-11 11:54 PM
Original message
Gingrich Said to Be Paid $1.6M by Freddie Mac
Edited on Wed Nov-16-11 12:49 AM by cal04
Source: Bloomberg

Newt Gingrich made between $1.6 million and $1.8 million in consulting fees from two contracts with mortgage company Freddie Mac, according to two people familiar with the arrangement.

The total amount is significantly larger than the $300,000 payment from Freddie Mac that Gingrich was asked about during a Republican presidential debate on Nov. 9 sponsored by CNBC, and more than was disclosed in the middle of congressional investigations into the housing industry collapse.

Gingrichs business relationship with Freddie Mac spanned a period of eight years. When asked at the debate what he did to earn a $300,000 payment in 2006, the former speaker said he offered them advice on precisely what they didnt do, and warned the company that its lending practices were insane. Former Freddie Mac executives who worked with Gingrich dispute that account.

Gingrichs first contract with the mortgage lender was in 1999, five months after he resigned from Congress and as House speaker, according to a Freddie Mac press release.

Read more: http://www.bloomberg.com/news/2011-11-16/gingrich-said-to-be-paid-at-least-1-6-million-by-freddie-mac.html



Report: Housing Historian Newt Gingrich Was Paid $1.6M By Freddie Mac
http://2012.talkingpointsmemo.com/2011/11/report-housing-historian-newt-gingrich-was-paid-16m-by-freddie-mac.php
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Angry Dragon Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 12:01 AM
Response to Original message
1. newt sure has a little trouble with the truth
newt caused the bank failures
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Politicalboi Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 12:30 AM
Response to Original message
2. This is good
I bet it's even more than that. Someone who lets his wife spend $500,000 in jewelry has to make more money than that. Go Freddie Go! :popcorn:
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The Second Stone Donating Member (603 posts) Send PM | Profile | Ignore Wed Nov-16-11 03:00 AM
Response to Original message
3. Sounds like payola to me. Gingrinch has no banking
skills that I am aware of, much less 1.6 million worth. How utterly corrupt that he received money from them, much less the huge fortune he did.
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hughee99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 04:59 PM
Response to Reply #3
16. I don't think they hired him for banking,
It sounds like they hired him for advice on how to deal with congress (probably along the lines of where and how to target their lobbying efforts). Honestly, given how much congress has been willing to do for an organization that is so poorly managed might be a testament to how effective his advice was. He may have screwed over the taxpayers, but Freddie seems to have gotten most of what it probably wanted from congress (very little oversight during the good times and a huge bailout when things went south).
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 06:21 AM
Response to Original message
4. Paid for What?
Staying away?
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Glimmer of Hope Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 06:47 AM
Response to Original message
5. What the? What sort of consulting is he doing?
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mahatmakanejeeves Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 08:47 AM
Response to Reply #5
6. his dissertation is....
Wikipedia article

His dissertation is on "Belgian Education Policy in the Congo: 19451960."
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UTUSN Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 09:15 AM
Response to Original message
7. K&R #14 n/t
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SpiralHawk Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 09:26 AM
Response to Original message
8. Republicon Socialism at Tiffany's
Edited on Wed Nov-16-11 09:27 AM by SpiralHawk
the 1% fatcats (R) get larded out all of the fat.
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 12:34 PM
Response to Reply #8
11. Special discount at Tiffany's if you wear that turd hat?
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swag Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 10:57 AM
Response to Original message
9. Hahahahahahahahaha
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 12:34 PM
Response to Original message
10. No surprise here, another republican paid off by the bankers.
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Divine Discontent Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 01:27 PM
Response to Original message
12. lol... that's just perfect... he did it because he just loves his country soooo much!
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 04:18 PM
Response to Original message
13. Back to the top.
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cal04 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 04:19 PM
Response to Original message
14. Gingrich can't say how much he netted from Freddie consulting
Edited on Wed Nov-16-11 04:35 PM by cal04
Former House Speaker Newt Gingrich acknowledged an extended consulting relationship with mortgage giant Freddie Mac, though he said he couldn't verify just how much he or his firm received in fees.

(snip)
"I offered strategic advice over a long period of time," the former Speaker said in Urbandale. He also confirmed that he had only consulted for Freddie, and had never worked with Fannie Mae, the other troubled lender.

(snip)
Hammond said that the campaign will release a list of clients the Gingrich Group had maintained, along with how much each company paid for the firm's services. The campaign will also report the annual revenue of the Gingrich Group.

http://firstread.msnbc.msn.com/_news/2011/11/16/8838779-gingrich-cant-say-how-much-he-netted-from-freddie-consulting


Gingrich faces more questions about Freddie Mac

http://politicalticker.blogs.cnn.com/2011/11/16/gingrichs-touts-strategy-chops-in-lobbyist-defense/
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 04:47 PM
Response to Original message
15. Sounds reeasonable.
:rofl:
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