Posted on 03/26/2009 9:45:13 AM PDT by Painesright
Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator.
One of those allegedly asleep-at-the-switch board members was Chicago's Rahm Emanuel—now chief of staff to President Barack Obama—who made at least $320,000 for a 14-month stint at Freddie Mac that required little effort.
As gatekeeper to Obama, Emanuel now plays a critical role in addressing the nation's mortgage woes and fulfilling the administration's pledge to impose responsibility on the financial world.
Emanuel's Freddie Mac involvement has been a prominent point on his political résumé, and his healthy payday from the firm has been no secret either. What is less known, however, is how little he apparently did for his money and how he benefited from the kind of cozy ties between Washington and Wall Street that have fueled the nation's current economic mess.
Though just 49, Emanuel is a veteran Democratic strategist and fundraiser who served three terms in the U.S. House after helping elect Mayor Richard Daley and former President Bill Clinton. The Freddie Mac money was a small piece of the $16 million he made in a three-year interlude as an investment banker a decade ago.
(Excerpt) Read more at chicagotribune.com ...
Funny (not) how they forget to mention those details when they are constantly bashing and demonizing the mortgage industry, Wall Street and those evil capitalist rich people!!
HYPOCRITES!!!
Did you hear the other good news? Obama nominated an ex-Freddie Mac executive to lead HUD. I wonder how many millions Mr. Stevens made while at Freddie Mac?? As posted here on FR, he also proudly launched the Home Possible product at Freddie (designed for low income, weak credit, no down payment borrowers).
Here is the post in case you missed it (got some great comments!)
http://209.157.64.200/focus/f-news/2214379/posts?page=1
I wonder what the odds are that Mr. Emanuel had anything to do with this cozy nomination? Probably pretty darn high... Can it get any dirtier??!?
Please post using the proper title. It should be, “Rahm Emanuel’s profitable stint at mortgage giant”
It’s the Chicago Way...
Actually, at this rate, we’ll start to resemble New Jersey: over-taxed, over-regulated, Democrat-owned, and all mobbed-up.
When the Dude said “Change”, he wasn’t kiddin’...
The List, ping
Thanks for your post!
Gorelick earned an estimated $26,000,000 serving as vice chair of Fannie Mae from 1998 to 2003.
The Clinton administration's White House Budget Director Franklin Raines ran Fannie and collected $50,000,000.
Big Democrat Jim Johnson, recently on Obama's VP search committee, has hauled in millions from his Fannie Mae CEO job. Johnson earned $21,000,000 in just his last year at Fannie Mae.
Didn't she pat all these thieves on the back, saying they were doing a fine job?
Will she be brought in to the Blago trial?
Never. Hey, it’s Chicago.
All these rich rat bastard democrats have made their fortunes in America’s capitalist system. Could they have amassed these fortunes in a socialist system? Now they want to close the doors and use our money to take care of everybody including the just plain lazy who will never work! If they care so much about helping people then they can damn well use their own money -not mine!!
Always, always, always follow the money.
Other pathways to follow:
http://www.freerepublic.com/focus/news/2213581/posts?page=1#1
http://www.freerepublic.com/focus/f-news/2214232/posts
Will Obama’s Chief of Staff Return Money From Stock Options ...from... Freddie Mac ?
Thanks see link at post # 13.
Buried in the Tribune story (which itself was appeared on page 28!), is the fact that Obama’s Administration denied a Tribune FOIA request. So much for the most transparent Administration in history.
Will anyone in the broader MSM pick this story up?
Saw that. It is getting interetinger...
This is in the Tribune?
Bump
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