Hilzoy gets to the nub of it:
Here's a question: did Rick Davis tell John McCain about his arrangement with Freddie Mac before last week? If not, then I would expect Davis to be fired within days: you just don't keep information like that from your boss and expect to keep your job. But if Davis did tell McCain, then when McCain approved his ad slamming Obama for supposedly having an advisor who had been the chairman of Fannie Mae -- though both he and the Obama campaign deny that he advised them, and his connection to Obama would have been tenuous in any case -- McCain knew that his own campaign manager had been retained by Freddie Mac until it was taken over by the government. That would be dishonorable, though not, unfortunately, surprising.
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