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Rick Davis' Firm Paid By Freddie Mac Through Last Month

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Yesterday I shared a story about Davis’ lobbying ties to the troubled mortgage giants. And yesterday McCain claimed that his campaign manager hadn’t been involved with his lobbying firm for a few years.

Well, today the Times follows up and finds that Davis’s involvement was more extensive than previously thought…

WASHINGTON — One of the giant mortgage companies at the heart of the credit crisis paid $15,000 a month from the end of 2005 through last month to a firm owned by Senator John McCain’s campaign manager, according to two people with direct knowledge of the arrangement. […]

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

Mr. Davis took a leave from Davis & Manafortfor the the presidential campaign, but as a partner and equity-holder continues to benefit from its income. No one at Davis & Manafort other than Mr. Davis was involved in efforts on Freddie Mac’s behalf, the people familiar with the arrangement said.

So not only was he President of an advocacy group who lobbied Congress to go easy on regulating Freddie and Fannie, but now we find he doubled dipped (to the tune of $500,000) with his lobbying firm and he was the only person working on the Freddie account.

As I’ve stated previously, this cuts right through the heart of the narrative McCain’s camp has been trying to build about Obama’s ties to Freddie and Fannie and monetary gains he reaped. Because Davis has now earned approximately $2.3M for his work associated with the two.

In other words, stories like this aren’t meant to suggest that Davis is necessarily responsible for what has happened. They’re merely meant to highlight consistency and credibility, and McCain’s camp seems to have none when it comes to this issue.

More as it develops…