In records obtained by the Associated Press, Freddie Mac fended off regulation by (gasp!) paying off a bunch of people in Washington to keep the government off their backs. Internal Freddie Mac budget records show $11.7 million was paid to 52 outside lobbyists and consultants in 2006. Power brokers such as former House Speaker Newt Gingrich were recruited with six-figure contracts. Freddie Mac paid the following amounts to the firms of former Republican lawmakers or ex-GOP staffers in 2006:
-Sen. Alfonse D'Amato of New York, at Park Strategies, $240,000.
-Rep. Vin Weber of Minnesota, at Clark & Weinstock, $360,297.
-Rep. Susan Molinari of New York, at Washington Group, $300,062.
-Susan Hirschmann at Williams & Jensen, former chief of staff to House Majority Leader Tom DeLay, R-Texas, $240,790.
The tactics worked - for a time. Freddie Mac was able to operate with a relatively free hand until the housing bubble ultimately burst in 2007. The internal Freddie Mac documents also show that 17 of the lobbying firms and consultants paid in 2006 were specifically directed to focus on Republicans and four on Democrats, with varying targets for the rest.
So, can someone...some conservative someone who has been bemoaning too much government interference as the cause of all our financial woes...explain to me how less regulation is the answer when it seems like less regulation was the intent and goal that got us into trouble in the first place?