Right Voices

This week’s government takeover of Fannie Mae and Freddie Mac marked the shutdown, apparently, of one of Washington’s most robust influence machines. Together, the two mortgage buyers spent nearly $200 million on lobbying and campaign contributions over the last two decades, throwing their weight around more like corporations than the government-sponsored enterprises they were. And when Fannie and Freddie faced collapse, those in government were there to help, ironic considering that for so many years the companies’ political strategy was to avoid government involvement in their business. So how much did Fannie and Freddie’s contributions and lobbying contribute to Congress’s hands-off approach? That’s hard to determine, but we do have hard data to measure the companies’ investment in politicians. Not only have more than 350 current members of Congress collected a total of $4.8 million in campaign contributions associated with Fannie Mae and Freddie Mac since 1989, but 28 lawmakers had up to $1.7 million of their own money invested in the companies last year.

• List of lawmakers who have received contributions from the companies, 1989-2008
• Fannie Mae, Freddie Mac Takeover Costs Congressmen Who Were Invested
• Summary of Fannie Mae and Freddie Mac’s contributions and lobbying expenditures
• Fannie Mae and Freddie Mac Invest in Democrats
• Freddie Mac’s Heavy Hitter profile on OpenSecrets.org

Brothers Grim: Is Lehman Next?
Will Lehman Brothers be the next financial company to get a helping hand from Uncle Sam? Like most Wall Street firms, the struggling investment bank has been unquestionably helpful to politicians over the years. In the 2008 election cycle, Lehman employees have given about $1.3 million to presidential candidates, making the firm the fourth-largest contributor in the race for the White House (after fellow financial giants Goldman Sachs, Citigroup and Morgan Stanley). Lehman employees have made their firm one of the top contributors to both Barack Obama ($370,524) and John McCain ($117,500). Overall, CRP has identified more than $1.9 million in federal contributions to candidates and parties from Lehman’s PAC and individuals in the ’08 cycle, 64 percent to Democrats. Lehman Brothers is on track to spend more than $800,000 on federal lobbying this year. »

Abramoff: More Time Behind Bars and Former Colleague Ring Indicted
The criminal investigation surrounding disgraced lobbyist Jack Abramoff continued to unfold this week. Last week — during the Republicans’ convention — Abramoff, a staunch Republican who gave more than $200,000 to the GOP, was sentenced to four more years in prison, and on Monday Kevin Ring, who lobbied with Abramoff, was indicted on public corruption charges. Ring, who was chief of staff to Rep. John Doolittle (R-Calif.) before becoming a lobbyist, faces 10 federal corruption charges. That’s bad news for Ring, of course, and another blow to Doolittle, whose political image was already severely tarnished by his ties to Abramoff. According to CRP’s research in 2006, Doolittle had received at least $56,250 in campaign contributions from Abramoff, his associates and clients, making him the number-two recipient in Congress. » Read More

• John Doolittle’s Career Profile on OpenSecrets.org
• Kevin Ring’s Revolving Door Profile on OpenSecrets.org

CRP Watchdogs Spotted in Denver, St. Paul
CRP watchdogs Sheila Krumholz and Massie Ritsch weren’t barking up the wrong trees at the national party conventions, where they spent part of their time sniffing out the money behind the scenes and most of their time engaging members of the press to tell the world about money’s influence on elections and policy. The Politico featured Sheila, CRP’s executive director, and Massie, our communications director, in an article Tuesday, describing their adventures in both Denver and St. Paul. » Read More

• Read Politico’s story

Pass 223: Senators Are Standing By
There are only a few weeks left before Congress goes on recess again, and that doesn’t give us much time to urge senators to join the rest of us in the 21st century — so we need your help! The Senate is considering a bill — S. 223 — that would finally require senators to disclose their campaign contributions electronically, just like the House and presidential candidates have been doing for years. The Sunlight Foundation, CRP and other transparency advocates have been pushing hard to get this bill passed this session. Some key senators have signed on recently thanks to our efforts, but some senators are still on the fence. We’d like every Senate office to get at least 10 calls. Will you help? Transparency in the Senate is only a phone call away.» Read More

• Visit Pass223.com to join the effort