Opinion

Mitch McConnell's Tea Party challenger signed financial report praising 2008 bailout

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Beltway Confidential,Opinion,Joel Gehrke,Tea Party,Mitch McConnell,Kentucky,Campaigns,Alison Lundergan Grimes,Fannie Mae and Freddie Mac,Matt Bevin

Republican Senate candidate Matt Bevin, who hopes to unseat Senate Minority Leader Mitch McConnell, R-Ky., praised the 2008 financial bailout in a contemporaneous investment report, contrary to his campaign's denunciations of the bailout, according to Politico.

Bevin co-signed the report in October 2008, when he was president of Veracity Funds. “Most of the positive developments have been government-led, such as the effective nationalization of Fannie Mae and Freddie Mac, the passage of the $700 billion TARP (don’t call it a bailout) and the Federal Reserve’s intention to invest in commercial paper,” Politico quotes Bevin as writing with co-author Daniel Bandi, vice president of Veracity. “These moves should help to stabilize asset prices and help to ease liquidity constraints in the financial system.”

The candidate comparison on Bevin's website says that he "opposes the special-interest bailouts that put big business and corporate lobbyists ahead of Kentucky taxpayers," while faulting McConnell for the 2008 bailouts.

Bevin denied having any meaningful involvement with that Veracity report. "That letter, I did not write," he told Glenn Beck during a Tuesday radio interview. "I did not write any of the letters that were ever published as investment commentary for Veracity Funds. I was the president and chairman of the board and by [Security and Exchange Commission] law, was required to sign prospectuses when they were sent out."

McConnell's campaign jumped on the Veracity report. “This is nothing short of a con man being caught red-handed in the middle of a sale,” said spokeswoman Allison Moore.

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