The lobbying firm of McCain campaign manager Rick Davis has been on retainer for embattled Freddie Mac, source say, as reported by the Associated Press, Washington Post, New York Times, and Roll Call.
You gotta have some serious stones to run a spurious TV ad assailing Obama for tenuous ties to former Fannie Mae CEO Franklin Raines when your campaign manager's lobbying firm is still being paid by Freddie Mac. (To be clear, the McCain TV ad attacking Obama for his Jim Johnson ties was a completely fair and clean hit.)
But maybe today's news partly explains Mr. Schmidt's jeremiad against the New York Times when the subject of the Davis-Freddie Mac/Fannie Mae ties were raised on a conference call earlier this week. The Times reported that Davis "was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations..."