More McCain Ties to Freddie Mac and Their Lobbyists

"Sept. 23 (Bloomberg) -- The lobbying firm of the man Republicans say John McCain has chosen to begin planning a presidential transition earned more than a quarter of a million dollars this year representing Freddie Mac, one of the companies McCain blames for the nation's financial crisis.

Timmons & Co., whose founder and chairman emeritus is William Timmons Sr., was registered to lobby for Freddie Mac from 2000 through this month, when the federal government took over both Freddie Mac and Fannie Mae.

Newly available congressional records show Timmons's firm received $260,000 this year before its lobbying activities were barred under terms of the government rescue of the failed mortgage giant. Timmons, 77, is listed as a lobbyist for Freddie Mac on the company's midyear financial-disclosure form.

While Republicans say Timmons is making plans for the transition if McCain wins in November, the campaign wouldn't confirm his role. Timmons didn't return a phone call seeking comment.

McCain has labeled Freddie Mac and Fannie Mae as prime culprits in creating the financial storm that has roiled Wall Street and Washington.

``At the center of the problem were the lobbyists, politicians, and bureaucrats who succeeded in persuading Congress and the administration to ignore the festering problems at Fannie Mae and Freddie Mac,'' he said last week in Green Bay, Wisconsin.

``Using money and influence, they prevented reforms that would have curbed their power and limited their ability to damage our economy,'' he said. ``And now, as ever, the American taxpayers are left to pay the price for Washington's failure.''

So is this the kind of "change" America needs?

Would we be going from bad to worse?

Timmons was reported to be the transition head by Time Magazine back on September 12, 2008:

"A prominent Washington lobbyist who has worked for every Republican President since Richard Nixon has been tapped by the McCain campaign to conduct a study in preparation for the presidential transition should John McCain win the election, according to sources familiar with the process.

William E. Timmons Sr. is a Washington institution, having worked in the Nixon and Ford administrations as an aide for congressional relations and having assisted the transition teams of both Ronald Reagan in 1980 and George W. Bush in 2000. He was also a senior adviser to both Vice President George Bush in 1988 and Senator Bob Dole in 1996.

Timmons is the chairman emeritus of Timmons and Company, a small but influential lobbying firm he founded in 1975 shortly after leaving the White House. According to Senate records, he registered to lobby in 2008 for a wide range of companies and trade groups, including the American Petroleum Institute, the American Medical Association, Chrysler, Freddie Mac, Visa USA and Anheuser-Busch.

His registrations include work on a number of issues that have become flashpoints in the presidential campaign. He has registered to work on bills that deal with the regulations of troubled mortgage lenders Freddie Mac and Fannie Mae, a bill to provide farm subsidies and bills that regulate domestic oil-drilling."

How can John McCain promise America change and 'reform' when his campaign manager owns a lobbying firm that continues to receive money from Freddie Mac and his head of his transition firm also is a lobbyist for Freddie Mac?

This is not the change we need.