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Emanuel Was Director Of Freddie Mac During Scandal
ABC News ^ | Nov. 7, 2008 | BRIAN ROSS and RHONDA SCHWARTZ

Posted on 11/07/2008 5:02:10 AM PST by FocusNexus

President-elect Barack Obama's newly appointed chief of staff, Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when scandal was brewing at the troubled agency and the board failed to spot "red flags," according to government reports reviewed by ABCNews.com.

According to a complaint later filed by the Securities and Exchange Commission, Freddie Mac, known formally as the Federal Home Loan Mortgage Corporation, misreported profits by billions of dollars in order to deceive investors between the years 2000 and 2002.

Emanuel was not named in the SEC complaint but the entire board was later accused by the Office of Federal Housing Enterprise Oversight (OFHEO) of having "failed in its duty to follow up on matters brought to its attention."

(Excerpt) Read more at abcnews.go.com ...


TOPICS: Breaking News; Business/Economy; Government; Politics/Elections; US: Illinois
KEYWORDS: acorn; bailout; bho2008; economy; emanuel; fanniemae; fha; financialcrisis; freddiemac; il2008; obama; obamabinlyin; obamatransitionfile; rahmemanuel; rahmrod; rats; scandal; socialism
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1 posted on 11/07/2008 5:02:11 AM PST by FocusNexus
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To: FocusNexus

Well, how nice to know .... AFTER THE FLIPPING election.


2 posted on 11/07/2008 5:02:43 AM PST by mgc1122
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To: FocusNexus

The public doesn’t care. If they aren’t afraid of all the scary Obama associates, the pretty much nothing is going to stick to this group. Someone used the word thugocracy. I think that fits. This may be the first administration that is more generous to the world than it’s own citizens. I know, that’s debatable, but the tone is certainly there.


3 posted on 11/07/2008 5:05:46 AM PST by austinaero
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To: mgc1122
And guess who got Emanuel that seat on the board...

From this link...

Sweet, Brown columns go inside Rahm

...Chicago: Returns to Ravenswood, makes millions as an investment banker in a few deals; tapped by Clinton for a plum spot on Freddie Mac board; Daley appointee on CHA board. Wins House seat in 2002 with help of Daley Machine. Daley loyalist.

Makes ya just wanna run out invest, don't it?

4 posted on 11/07/2008 5:06:12 AM PST by mewzilla (In politics the middle way is none at all. John Adams)
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To: FocusNexus

Now that he’s hitched his star to Obama, he’s coated in teflon.


5 posted on 11/07/2008 5:06:36 AM PST by Phoenix11
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To: mgc1122

They’re just trying to help Obama’s presidency. Apparently the media aren’t big fans of Emanuel.


6 posted on 11/07/2008 5:06:58 AM PST by demshateGod (the GOP is dead to me)
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To: FocusNexus
On lighter side
7 posted on 11/07/2008 5:07:00 AM PST by bmwcyle (Primary support for McCain and Huck showed complete stupidity)
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To: FocusNexus

Just the first in a long line of payment for services rendered to his neighbors and cohorts in crime. Not that DC was ever clean and above board but he’ll bring it to a new low.


8 posted on 11/07/2008 5:07:04 AM PST by itsthejourney (mtbopfuyn has risen from the ashes)
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To: FocusNexus

Sorry Journalism. Too late now. You died. Rest in Peace.


9 posted on 11/07/2008 5:07:35 AM PST by Blogger
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To: FocusNexus

But, but, but this is ABC? A little too little and a little too late!


10 posted on 11/07/2008 5:08:53 AM PST by Road Warrior 04 (President Bush has let me down! Palin in 2012!)
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To: FocusNexus

ABC has no credibility to report this

I want to see it in the National Enquirer, at the supermarket checkout stand


11 posted on 11/07/2008 5:09:16 AM PST by silverleaf (Fasten your seat belts- it's going to be a BUMPY ride.)
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To: FocusNexus

Doesn’t look like Obama’s honeymoon will last long, if ABC is “defining” his picks for staff, that’s a good thing.

I can’t help but remember that last line of the article by the CBS reporter (the one about the plane stinking and how badly Obama treated the press.) He finished his critical article by saying, “In politics everything that goes around, comes around.” So we shall see.

http://www.cbsnews.com/blogs/2008/10/07/politics/fromtheroad/entry4507703.shtml


12 posted on 11/07/2008 5:09:17 AM PST by Dawn531
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To: mgc1122

The research was done; the truth was out there but the media of course swept it under the rug.....where were you?


13 posted on 11/07/2008 5:09:26 AM PST by yoe (A Free Nation or Barack Obama)
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To: mewzilla

So our country is going to be run by Chicago-style thugery politics.

Nice.


14 posted on 11/07/2008 5:09:59 AM PST by mom3boys
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To: FocusNexus
"and the board failed to spot "red flags,"

Sounds like they "Failed to Connect the Dots"

Obama should appoint Christopher Dodd Attorney General and have him investigate what happened.

15 posted on 11/07/2008 5:09:59 AM PST by Falcon4.0
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To: austinaero
The public doesn’t care.

And they really believe it was Bush and the banks who brought on the Wall Street meltdown and foreclosed on peoples homes... the DBM told them so.

16 posted on 11/07/2008 5:10:03 AM PST by johnny7 ("Duck I says... ")
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To: FocusNexus

This the change the majority wanted. When they are huddled around their candles, I will be the first with

“Bambi lied, America died”


17 posted on 11/07/2008 5:10:10 AM PST by NTHockey (Rules of engagement #1: Take no prisoners.)
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To: FocusNexus
We need to move on.

What a person does in their private life is private.

It's just about sex.

18 posted on 11/07/2008 5:10:34 AM PST by FReepaholic (Diversity = .45 .357 .223 .38 ...)
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To: Bushbacker1

No, this is the PERFECT timing. It didn’t hurt the Marxist Messiah’s election, and it’s so far from the inauguration that when Emanuel actually TAKES that role, the MSM can say “old news!”

They know EXACTLY what they’re doing...


19 posted on 11/07/2008 5:10:46 AM PST by PugetSoundSoldier (Indignation over the sting of truth is the defense of the indefensible)
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To: FocusNexus

that’s just lovely...


20 posted on 11/07/2008 5:11:20 AM PST by tutstar (Baptist Ping list - freepmail me to get on or off.)
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