As $200 billion flows down the pipeline to that organization and Fannie Mae, Freddie Mac takes a look at it’s lobbying practices.

From the Indianapolis Examiner:

According to AP reports:

* It paid $2 million to the DCI Group, a lobbying firm, targeting 17 U.S. Republican senators from 13 states. Hagel’s bill was never brought to a vote.
* It paid $11.7 million to 52 outside lobbying firms and political consultants in 2006, including former House Speaker New Gingrich and ex-Sen. Alfonso D’Amato.
* Personal use by Freddie Mac executives to pay for such things as a company-leased sky box at the Verizon Center.

Freddie Mac has had charges brought against them before, including making illegal campaign contributions. It paid $3.8 millions in fines imposed by the Federal Election Commission. It also settled 20 lawsuits alleging the company fraudulently inflated the price of its 1999-2002 stock.

Although the investigation is led by former Justice Department prosecutor Stephen Anthony, a specialist in corporate internal investigations, the question is, why Freddie Mac is investigation(sic) itself over the lobbying campaigns instead of being done by the Federal government. The answer may be that Freddie Mac and Freddie Mae could still have some good friends in Congress who may not want to have their names attached to the debacle in the mortgage market that brought on the economic woes resulting in housing foreclosures.

A distinct possibility.

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