24 September 2008 Blog Home : September 2008 : Permalink
As has been previously reported, Mr. Davis separated from his consulting firm, Davis Manafort, in 2006. As has been previously reported, Mr. Davis has seen no income from Davis Manafort since 2006. Zero. Mr. Davis has received no salary or compensation since 2006. Mr. Davis has received no profit or partner distributions from that firm on any basis -- weekly, bi-weekly, monthly, bi-monthly, quarterly, semi-annual or annual -- since 2006. Again, zero. Neither has Mr. Davis received any equity in the firm based on profits derived since his financial separation from Davis Manafort in 2006. [...] Mr. Davis has not served as a registered lobbyist since 2005.
I shall ignore other parts of the rebuttal because I can't see that they can be easily proven. The above however is sufficiently straight forward and factual that it is unlikely to be false. Now let's have a look at the NY Times: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.
[...] 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’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.
[...] No one at Davis & Manafort other than Mr. Davis was involved in efforts on Freddie Mac’s behalf, the people familiar with the arrangement said.
So even by the Times' own admission Freddie Mac paid 15,000 a month from the end 2005 until (presumably) August 2008. Assuming the "end of 2005" means the first payment was in December 2005 and that the last was in August 2008 then this means 33 months of payments by my calculatioms. 15,000 * 33 = $495,000. For that $495,000 Mr Davis spoke to a PAC once in October 2006 and his firm did absolutely nothing whatsoever (apart apparently from cashing the checks).