Posted on 11/05/2008 4:44:12 PM PST by joinedafterattack
Rahm Emanuel - Freddie Mac Board Member 2000 to 2002.
"Freddie Mac agreed to the settlement without admitting or denying the allegations.
The SEC alleged that Freddie Mac engaged in a fraudulent scheme that deceived investors about its true performance, profitability and growth trends.
Freddie Mac misreported its net income in 2000 by 30.5 percent, in 2001 by 23.9 percent and 2002 by 42.9 percent, according to the SEC.
The SEC said that "Freddie Mac's senior management exerted consistent pressure to have the company report smooth and dependable earnings growth."
"Freddie Mac agreed to the settlement without admitting or denying the allegations.
The SEC alleged that Freddie Mac engaged in a fraudulent scheme that deceived investors about its true performance, profitability and growth trends.
Freddie Mac misreported its net income in 2000 by 30.5 percent, in 2001 by 23.9 percent and 2002 by 42.9 percent, according to the SEC.
The SEC said that "Freddie Mac's senior management exerted consistent pressure to have the company report smooth and dependable earnings growth."
Sue. NOW.
Foxes going back to hen house ... cannot understand why there is all this blood and feathers on the floor
Isn’t that less than the guy-in-charge-turned-Obama-financial-advisor pillaged from it alon the way?
When I worked at Freddie Mac from 2000 to 2004 we had signs on the wall that said “Steady Freddie”. The mgmt had to “smooth” those earnings to keep the bonuses rolling.
It cost us 200B. Raines could pay that just out of his take for cooking the books.
Dems-Party of corruption
I’m sure glad this came out today.
Rather than last week.
What are you, a racist?
Hope you leave that off of your resume. LOL
Let’s see. Rahm Emmanuel is on the board of Freddie Mac 2000 - 2002. Freddie Mac has a meltdown 7 weeks before the election. Rahm Emmanuel is to be Obama’s White House Chief of Staff. Humm...
Nice find....time to start making Hussein’s miserable.
$50M???
Holy mackarel!
How about the other $500,000,000,000 ??
When do we get that back?
Barney Frank did much the same. What is HIS fine?
I own my own company now and provide my services to Fannie Mae! What a country.
Everyone with stock should dump it all. Now!
But...but...but...this isn’t change!?!?!
Wonder why he is not in jail?
Good one.
So how does that work?
We bail out Freddie Mac and then we fine them $50M of the money we bailed them out with?
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