KY Senate candidate Matt Bevin responds to reports he supported TARP

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.

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“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:

Bevin Docs

  • Revan

    I do not trust any politician.

    • landofaahs

      Trust only in God. All others pay cash…nix that. Make it gold or silver.

  • landofaahs

    I may be wrong Glenn but did you condemn the TARP when it was first announced? I don’t remember so much.

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  • Keith

    I supported TARP as implemented because it was a loan that paid back with interest. The interest was to be used to pay down the debt. But, Democrats changed the rules, forgave about $200 billion of what was loaned and plowed any interest earned into their pet projects rather than paying down the debt. They all need to be sent before a firing squad.

    • jen

      If the rules did not change, you would be very, very disappointed. Republicans gave Obama debt ceiling raise every time he asked for it with a blank check, as you know.
      Bush never paid down a penny of debt, and you think only dems should be held to standards which you abhor yourself.
      You are nothing but a partisan hack, in need to be send to that same ‘firing squad’.

      • Keith

        Let’s get some facts straight. I never said a thing about Republicans doing anything right. I just said I supported TARP as implemented. I will support a loan over a handout any day of the week. Democrats have handed out how many trillions without repayment? No, I have fought tooth and nail against the debt limit increases as well. However, between 2002 and 2006, Republicans had significantly cut deficit spending and were on track to a balanced budget within a few short years. They had also called for audits of Fannie Mae and Freddie Mac because of their heavy investment in CDO’s, the nucleus of the crash. Democrats demonized them as wanting to deny the dream of home ownership to millions of Americans so nothing was done about it. You know, kind of like they claim now that by losing your job because of the ACA you are engaging in family values because you can now stay home and raise your kids? The Democrat taking of Congress in 2007 brought it all to an end. The only thing Democrats had to do was hike the minimum wage, cause some layoffs they knew would happen, send mortgage defaults through the roof and bingo, the economy crashes. Create a state of emergency and panic and blame it all on the predecessors. People are gullible enough to believe it. Then, under a guise of helping, finish off the country that you claim you are defending. All the while the ignorant masses blindly follow along because they throw you what amounts to a few peanuts to entice you along.

  • On Guard!

    Recognizing that free markets will not supply law enforcement well does not imply that free markets should be cast aside in other instances.

  • billsnotes365

    Mr Beck. Stop dividing the Republican Party. You are playing into Obama’s hands

  • billsnotes365

    I am really tired of these loser Tea Party Candidates /
    Glenn Beck who win primaries from incumbents and then lose to Obama clone
    candidates in the general elections. We need to end this political purity
    nonsense and face facts. The country is going down the tubes under Obama. Every
    Democrat who gets elected to Congress is one more nail in our country’s coffin.
    Wise up people! Getting half a loaf is better than no loaf. Here in Florida
    Obama clone, Alex Sink, is getting ready to take a formerly Republican House
    seat in part because there is a Libertarian who is dividing the conservative
    vote. This has got to stop. Mr. Beck wants and third party and thinks it can
    happen because of the rise of the Republican Party in the 1850s. As a student
    of American history I can tell him his analysis off the wall if he would care
    to listen.

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