Tales from the Trail

Washington Extra – Gift of the gas

 

Gasoline drips off a nozzle during refueling at a gas station in Altadena, California in this March 24, 2012 file photo. Picture taken March 24, 2012. REUTERS/Mario Anzuoni

After negotiating a tricky stretch of road, the Obama campaign may be easing into the straightaway in the gas-driven presidential race.

News on Monday of a delay in the planned closure of the largest refinery on the East Coast could mean an end to skyrocketing gas prices. And that would effectively take the wind out of a forceful Republican line of attack — that the president is to be blamed for $4 a gallon gas, arguably the most visible price in the American economy today.

The narrative was working against the president, who currently gets some of his lowest poll marks for his handling of energy prices, even though the causes of higher prices are largely beyond his control. Even so, we shouldn’t expect the Republicans to simply drop the rhetoric.

“Until we are at the point where people don’t feel like they’re squeezing their entire paychecks into the gas tank, it’s an issue that Republicans are going to keep talking about,” said a Senate Republican aide.

Muddy manse

Selling your house? Worried about having to lower the price to get it to move?

How about a $1.275 million price reduction? That’s how much former Fannie Mae CEO Daniel H. Mudd had to cut the asking price on his 11,500 square foot, six bedroom, six full bath (plus three half baths) mansion to find a buyer.  Originally listed for $8.9 million on September 11, the transaction closed on December 11 for $7.625 million.

 

Don’t worry too much for Mr. Mudd, though. He paid $5.15 million for the place in June 2000, leaving him with a 48 percent return on his investment, excluding any renovation costs. And even though he was booted from Fannie Mae when the government took over the housing giant in September 2008 and reportedly wasn’t paid his multi-million dollar severance package, he’s landed on his feet. New York’s Fortress Investment Group named him CEO in August.

 

Wondering what you could have bought from the son of the former NBC News anchor Roger Mudd? Here’s the listing agent’s description:

from LEGACY Reuters Summits:

Troubled Freddie Mac exec was “straight arrow”

James Lockhart, head of the Federal Housing Finance Agency

James Lockhart, head of the Federal Housing Finance Agency

The chief financial officer at Freddie Mac who died in an apparent suicide was a capable executive who had no involvement in any improper accounting, according to Freddie Mac's federal regulator.

"David (Kellermann) was a very conscientious and hard-working person and took, unfortunately, too much onto himself," James Lockhart, the director of the Federal Housing Finance Agency, told the Reuters Global Financial Regulation Summit in Washington.

Kellermann was found dead on April 22 in the basement of his Virginia home after having hung himself, local police sources said. Some news reports at the time tied Kellermann's death to ongoing federal investigations into Freddie Mac's accounting.

McCain, Obama nervous in last debate? Early gaffes…

Republican presidential contender John McCain and rival Democratic hopeful Barack Obama appeared to show a little nervousness in the early minutes of their third and final debate, rtx9lji.jpgeach committing minor gaffes.

McCain referred to the mortgage financing giants as “Fannie and Freddie Mae”, instead of their actual names Fannie Mae and Freddie Mac.

He then referred to the “$750 billion” bailout package aimed at thawing the credit market which Congress passed and President George W. Bush signed into law earlier this month. Minor mistake, it actually is $700 billion.