The New York Times has more on Rick Davis’ recent PR work (“work” used loosely here) for Freddie Mac:
One of the giant mortgage companies at the heart of the credit crisis paid $15,000 a month to a firm owned by Senator John McCain’s campaign manager from the end of 2005 through last month, according to two people with direct knowledge of the arrangement. The disclosure contradicts a statement Sunday night by Mr. McCain that the campaign manager, Rick Davis, 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.
They said they did not recall Mr. Davis doing much substantive work for the company in return for the money, other than speak to a political action committee composed of high-ranking employees in October 2006 on the coming midterm congressional elections. They said Mr. Davis’s his firm, Davis & Manafort, was kept on the payroll because of Mr. Davis’s close ties to Mr. McCain, the Republican presidential nominee, who was widely expected by 2006 to run again for the White House.
Mr. Davis took a leave from Davis & Manafort for the duration of the campaign, but as a partner and equity-holder continues to share in its profits.
Then there’s this gem about that 2006 speech Davis gave to top officials at Freddie Mac :
A Freddie Mac executive said that as the event was being planned, and organizers were looking for a speaker from each party, “People at the office were saying, ‘Well, we have Rick Davis on contract and we never use him for anything. Why don’t we at least get him up here to talk like he knows what’s going on in the campaigns?”
It was not unusual for Freddie Mac and Fannie Mae to have well-connected people from both parties on their payrolls, but doing little work, in the high-flying days.
