Source: Stephanie Condon / CBS News
Republican presidential candidate and former House speaker Newt Gingrich is an outspoken critic of the mortgage giant Freddie Mac, but the now government-controlled firm paid him between $1.6 million and $1.8 million in consulting fees, Bloomberg reports.
Citing unnamed sources familiar with the agreement, Bloomberg reports that from May 1999 until 2002, Gingrich was paid a self- renewing, monthly retainer of $25,000 to $30,000. Additionally, the former speaker was reportedly paid $600,000 for a two-year contract starting in 2006. The total is more than five times the figure Gingrich had previously acknowledged.
At an economic debate hosted by CNBC last week, Gingrich was asked about his work for Freddie Mac, and the moderator said Gingrich’s firm was paid $300,000. Gingrich gave no indication he was paid any more than that, and he said he earned by the money by offering advice as a historian. Gingrich said he told the mortgage company that their lending practices were “insane.”
At that debate, Gingrich continued on to say that he was proven right about the firm, which has taken more than $70 billion from taxpayers since the Bush administration seized it in 2008 amid mounting losses from mortgages gone bad.
To read this article in its entirety visit CBS News.