Tom Davis earns his pay from the bankers foreclosing in your neighborhood

By: Andrea Chamblee
Published On: 3/8/2008 11:52:18 AM

Rep. Tom Davis of Virginia, top Republican on the Government Oversight Committee, defended a banking exec for getting a total compensation package in 2007 of only $22 million.  Davis noted the $22 million represented a pay cut from 2006; after all, the cut was made just because the executive was "contributing to the subprime mortgage crisis that has their companies reeling from losses and the nation on the edge of recession."

The Oversight Committee now headed by Henry Waxman wants to know why these executives get bonuses when they make risky investments that cost homeowners their shelter. And Tom Davis thinks they deserve a raise.

Find out how much these bankers and shysters paid Davis for his support...
The banking industry gave Jeannemarie Devolites Davis $77,815.

The banking industry gave Tom Davis's Federal Victory Fund $77,815
The American Bankers Association was the biggest donor of that bunch at $8,000.  Take a look at the almost $14 million dumped in VA from investment banks and banks.  The $2 million for lenders and credit card companies.  And more.

Here are the latest donations to Mr. Davis from Open Secrets:
2006:  Finance/Insur/RealEst  $124,462
2008:  Finance/Insur/RealEst $61,599

No wonder Davis defended them on Friday.


victim mentality (jsrutstein - 3/8/2008 12:09:24 PM)
Davis and Mozilo, the 22 million dollar man in question, have a common delusion that they're victims.

Davis has done nothing but whine about the way his party has left him behind, when it was precisely that far right wingnut wave that brought him to Congress in the first place [VA-11 has an amazing opportunity to right that wrong from '94 by electing Byrne this November].

I can barely contain myself about the following quote from Mozilo in the LA Times:

"First-time home buyers were begging us to make them loans because they thought home values were going up significantly, and so they put a lot of pressure on us to make them loans."

Wannabe borrowers pressured lenders?!

Sallie Mae donations - one of the largest donors to Davis and wife (Andrea Chamblee - 3/10/2008 9:19:11 PM)
Sallie Mae is student loan provider, formerly a public one, now a private company, making student loans.  It's stock price has increased exponentially, while it has been investigated for its abusive lending practices.  While not involved in home loans, the abusive loans can turn graduated students already with heavy debt into people vulnerable to additional predatory loans needed to buy homes, cars and other items with credit.

Bush named JDD to the Board at Sallie Mae overseeing Sallie Mae's transition from a government-supported agency to a private company. During her tenure, Sallie Mae engaged in predatory lending, selling student's personal information, and trying to force universities to reveal personal information under Freedom of Information laws so they could sell the information.

In addition to payment for that oversight job, Sallie Mae donated:
*  $30,000 to Tom's PAC, Va Victory Fund,
*   $5,000 to JDD's campaign,
*   $5,000 to the VA Republican party.

Sallie Mae sure got it's money's worth. It's stock increased 2000 percent.