Reuters reports presidential candidate Newt Gingrich continues to defend his ties to mortgage giant Freddie Mac. The former Speaker of the House is taking his case directly to Iowans in a teleconference. He claims most of the $1.6 million given to him over six years went to overhead rather than Gingrich's income.
Here is why Gingrich is still defending himself a month after the revelation was made that he was given millions of dollars from the government-run mortgage holder.
Initial Claims
The Washington Post reported Gingrich first defended himself Nov. 9 at a debate sponsored by CNBC. He claimed he was working as an "historian" for Freddie Mac. Gingrich claims he warned the mortgage company of bad loans before the economic downturn and subprime mortgage crisis.
National Review stated Nov. 22 Freddie Mac paid Gingrich to advise the mortgage lender as to how to reach out to conservatives. Gingrich was paid by the same organization he blasted in a debate.
Opponent Backlash
Both Mitt Romney and Rep. Michele Bachmann have blasted their fellow candidate's actions. CBS News reported Dec. 12, a full month after the $1.6 million fee was made public, that Romney felt like Gingrich should return the money. The political opponents are near the top in polls leading up to the Iowa caucus Jan. 3. The Wall Street Journal stated Dec. 16 that Gingrich similarly asked Romney if he would return money he made at his own company, Bain Capital. When Romney refuted the comment, Gingrich had to backtrack and apologize.
Bachmann blasted Gingrich after he claimed she was inaccurate about his consulting fees he got from Freddie Mac. CBS News reports the two sparred towards the end of the last debate in Iowa before decision day in early January. Bachmann thought it was "wrong" for someone with ties to Freddie Mac to run for president.
Final Push in Iowa
Gingrich is hitting Iowa voters hard for their votes. His campaign will be pushing for votes even as six former executives of Freddie Mac are being sued by the Securities and Exchange Commission. Gingrich will be calling voters, setting up offices and talking to voters.
The Los Angeles Times states Gingrich held a 30-minute conference call in which he listed his conservative credentials. He also said he was being attacked for the money received from Freddie Mac. He explained in the phone call that the money was over six years and mostly went towards offices and overhead.
William Browning is a research librarian specializing in U.S. politics. Born in St. Louis, Browning is active in local politics and served as a campaign volunteer for President Barack Obama and Missouri Sen. Claire McCaskill.
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