Gingrich Says He Was 'Historian' At Freddie Mac --Turns Out He Was Just A Shill

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. . . hired to insulate the company from republican criticism and efforts to dismantle it.


Nov. 15 (Bloomberg) -- Republican presidential candidate Newt Gingrich said during a Nov. 9 debate that he earned a $300,000 fee to advise Freddie Mac as a "historian" who warned that the mortgage company's business model was "insane."

Former Freddie Mac officials familiar with the consulting work Gingrich was hired to perform for the company in 2006 tell a different story. They say the former House speaker was asked to build bridges to Capitol Hill Republicans and develop an argument on behalf of the company's public-private structure that would resonate with conservatives seeking to dismantle it.

If Gingrich concluded that the company's business model was at risk and that the housing market was a "bubble," as he said during the debate, he didn't share those concerns with Richard Syron, Freddie Mac's chief executive officer at the time, a person familiar with the company's internal discussions said.

Gingrich's role as a consultant for Freddie Mac was raised in the debate as Republicans, including House Financial Services Committee Vice Chairman Jeb Hensarling, a Texas Republican, are criticizing the $181 billion in taxpayer funds the company and its sister firm, Fannie Mae, have received since they were seized by the U.S. government in September 2008.


read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/11/15/bloomberg_articlesLUORMN1A74E9.DTL

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1. Doesn't "shill" describe any job he's ever done?

[PoliticAverse]

2. 'Paid shill' pretty much describes it I think. n/t

[KILL THE WISE ONE]

3. they should have known better then to trust him !

[aint_no_life_nowhere]

4. Sounds like he's admitting he didn't earn his money

Even if he wasn't paid as a shill or promoter to Capitol Hill Republicans (although I can't imagine why else Freddie would want him) he let the housing bubble implode while he stood by doing nothing. Of course if he can produce wriiten proof of his valiant crusade to stop it from happening, that would be another thing. But apparently he didn't share that with the CEO. It looks like he's admitting that he took a $300,000 paycheck without earning it. Maybe Freddie Mac can try to get it back. Unfortunately, they would probably have to fight Tiffany's for the money.