Asked during a recent CNBC debate about a $300,000 consulting contract the Gingrich Group signed with Freddie Mac, Newt Gingrich explained that he provided historical expertise to the government-backed mortgage firm. Luckily for Gingrich's sterling credibility, he did emphasize that he was a "historian" and not an accountant…
Newt Gingrich made between $1.6 million and $1.8 million in consulting fees from two contracts with mortgage company Freddie Mac, according to two people familiar with the arrangement.
The total amount is significantly larger than the $300,000 payment from Freddie Mac that Gingrich was asked about during a Republican presidential debate on Nov. 9 sponsored by CNBC, and more than was disclosed in the middle of congressional investigations into the housing industry collapse.
Look, a man's got to pay down his Tiffany's credit line one way or another. Besides, Freddie Mac officials and Gingrich do agree that the former Speaker did not formally engage in lobbying nor did he write any "white paper or any other document the firm could use on its behalf."
But if Gingrich was focused on providing internal strategic advice to Freddie, why couldn't he save the mortgage giant from near-collapse? Perhaps because Gingrich's historical expertise lies largely in writing historical fiction, featuring scenes like this…
Suddenly the pouting sex kitten gave way to Diana the Huntress. She rolled onto to him and somehow was sitting athwart his chest, her knees pinning his shoulders. "Tell me, or I will make you do terrible things," she hissed.
Sources within Freddie Mac claim Gingrich never "raised the issue of the housing bubble or was critical of Freddie Mac's business model," but I think they just misinterpreted his advice.
If someone were to tell me, "the collateralized mortgage obligations sat athwart America's breast, transforming themselves from teasing instruments of securitization to seductive but toxic debts, thrusting away at our nation's creditworthiness," I too would have a hard time reading beyond the turgid prose.
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Tags: Lobbyists, Money, Newt Gingrich, Primaries, Republicans