Senate Minority Leader Mitch McConnell’s (R-KY) Republican challenger, Matt Bevin, has come under scrutiny for a document he signed supporting the $700 billion Troubled Asset Relief Program (TARP) and the government takeover of Fannie Mae and Freddie Mac. Glenn, who has interviewed Bevin several times over the last few months, invited him on radio this morning to discuss the situation.
“I didn’t actually write that letter,” Bevin told Glenn. “My position has always been the same.”
Politico reported early Tuesday that a memo bearing the signatures of Bevin and Bandi read:
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. These moves should help to stabilize asset prices and help to ease liquidity constraints in the financial system.
The document in question comes from Bevin’s time as an investment fund president in 2008. While he signed off on the memo, Daniel Bandi, chief investment officer and vice president of the fund, wrote it. According to Bevin, the opinions expressed were Bandi’s own.
“That letter? I did not write. I did not write any of the letters that were ever published as investment commentary,” Bevin said. “I was president and chairman of the board, and by SEC law, was required to sign prospectuses when sent out. I was not the investment guy. I never bought and sold the securities, so it would have been inappropriate and probably illegal, frankly, for me to have changed the investment commentary written by the sub-advisor to the fund who was responsible for that.”
Glenn has been open in praise of Bevin, but this story, regardless of its merits, does give pause. Upon being approached by Glenn’s staff this morning, Bevin was very willing to come on and clear the air – a decision Glenn admires.
“Listen, Matt. I will tell you I was very skeptical. I was thrilled to hear that you didn’t hesitate at all when we called… [TheBlaze] will make sure everything you said is right. If it’s wrong, that will also be posted on The Blaze,” Glenn said. “And that won’t bode well for you. But, one way or another, we will post this on The Blaze and expose it… I will tell you, as a listener, I don’t endorse anybody. I’m reserving my judgment. But I will tell you my gut says he’s telling the truth.”
Below is the document in question bearing Bevin’s signature: