Okay, so Wall Street is in flames, Brooks Brothers-suited men are jumping from every available window, and bears are mauling investors left and right. But we can all rest easy knowing that John McCain and his advisers is on the case. They'll get us out of this mess.
How can we be so sure? Well, McCain's campaign manager Rick Davis has an intimate understanding of how this disaster went down.
Because Davis was intimately involved with the disaster, until, oh, um… about a month ago…
One of the giant mortgage companies at the heart of the credit crisis paid $15,000 a month from the end of 2005 through last month to a firm owned by Senator John McCain's campaign manager, according to two people with direct knowledge of the arrangement.
The disclosure undercuts a statement by Mr. McCain on Sunday night that the campaign manager, Rick Davis, had had no involvement with the company for the last several years.
Mr. Davis's firm received the payments from the company, Freddie Mac, until it was taken over by the government this month along with Fannie Mae, the other big mortgage lender whose deteriorating finances helped precipitate the cascading problems on Wall Street, the people said.
Hmmm… You know, I'm not much of a financial person — in fact, I invest strictly in alcoholic beverages and pain-killers — but it seems odd to me that McCain's campaign manager would continue drawing a salary from Freddie Mac without having any involvement in the company.
Maybe not quite "illegal" but certainly "morally challenged" or "totally fucked up." But, what do I know? I'm drunk and stoned.
So, wait, he must have been doing something for the company if they were gonna pay him that kind of money for not doing anything…
They said they did not recall Mr. Davis's doing much substantive work for the company in return for the money, other than speak to a political action committee of high-ranking employees in October 2006 on the approaching midterm Congressional elections.
They said Mr. Davis's firm, Davis & Manafort, had been kept on the payroll because of Mr. Davis's close ties to Mr. McCain, the Republican presidential nominee, who by 2006 was widely expected to run again for the White House.
I understand all those words, but the sentences don't make any sense. Maybe it's because I've been told over and over again how much of a "reformer" John McCain is and how he'd never allow his campaign to be influenced by corporate fatcats.
Oh, no, wait… It's because I'm falling into a K-hole.
Tags: Economy, John McCain, Rick Davis