Barack Obama’s choice for Chief of Staff, Rahm Emanuel, is not only a partisan hack, but he also was on the Board of Fannie Mae and Freddie Mac from 2000 and 2002. He was handsomely compensated. In case you haven’t heard, Fannie Mae and Freddie Mac are at the heart of the current economic crisis.
Contrary to popular belief, the economic crisis we face has nothing to do with “the failed policies of George W. Bush”. It has everything to do with the CRA and the two GSE’s whose oversight President Bush attempted to reform.
Obama’s Chief of Staff Pick a Freddie Mac Alum-Will Media Notice?
During the time Emanuel spent on the board, Freddie Mac was plagued with scandal involving campaign contributions and accounting irregularities. Freddie Mac and its sister organization Fannie Mae were taken over by the federal government in September 2008 after years of mismanagement and scandal. Treasury Secretary Henry Paulson put the two beleaguered GSEs into a conservatorship, stripping common stock shareholders of their rights to govern the companies.
In 2006, Freddie Mac was forced to pay a $3.8 million fine to the Federal Election Commission to settle allegations it illegally contributed to congressional candidates between 2000 and 2003 – while Emanuel was on the board and running for and serving in Congress.
“Freddie Mac was accused of illegally using corporate resources between 2000 and 2003 for 85 fundraisers that collected about $1.7 million for federal candidates,” an Associated Press story from April 18, 2006 said. “Much of the fundraising benefited members of the House Financial Services Committee, a panel whose decisions can affect Freddie Mac.”
And, since his successful run for the House of Representatives in 2002, Emanuel has been the beneficiary of campaign cash from Freddie Mac and its sister organization Fannie Mae – $51,750 according to the Center for Responsive Politics Web site OpenSecrets.org.
Emanuel received $25,000 in contributions from Freddie Mac during his first run in 2002, right at the end of his tenure at the government-sponsored enterprise. Freddie Mac was his third largest overall contributor that year.
However, there was an even larger conflict of interest that Sweet pointed out in an editorial column published in the Chicago Sun-Times on Aug. 14, 2003.
“Emanuel’s trust is supposed to be blind, not stupid,” Sweet wrote. “Freshman Rep. Rahm Emanuel (D-Ill.), a former Freddie Mac board member, sits on the very House subcommittee that has oversight of the federal government-sponsored enterprise at the same time that he has outstanding options for 2,500 shares of the company.” Read Full Article
I doubt the media will have much to say about this. They didn’t have much to say about Obama’s capaign contributions from Fannie and Freddie. They didn’t have much to say about the Democrats deliberately covering up the book cooking going on at the agencies. Why on earth should we expect they will have anything to say about this?
H/T to NewsBusters
It is fitting that the first pick our new president elect offers is drenched in the stink of the “old” ways of Washington. How quaint that Rep Emanuel took a turn at the teats of Fannie and Freddie way, way back in 2002 and 2003. I suppose it is a mandatory resume item for members of the incoming administration.
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[...] Rahm, Freddie and Fannie [...]
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[...] on a more serious note, Mr. Emanuel was also on the board of Fannie Mae. (Hat tip: Masterwolf) During the time Emanuel spent on the board, Freddie Mac was plagued with [...]
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it’s funny to read one-sided garbage like this. it would be possible to take your position seriously if there was some balance to your position. but, there isn’t. every problem is NOT caused by the left-wing, liberal portion of our society. much like jesus said, “why do you complain about the spec of sawdust in your brother’s eye, when you have a plank in your own?” i’d respect your findings more if you started out by pointing out what the conservatives have done to cause the huge problems our nation is currently dealing with.
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Mark – Did you see the name of this blog? No Fairness Doctrine here!
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NBC has had enough of “Crusoe” on Friday nights. The action-adventure drama drew just a 0.9 overnight rating on Friday night, tying a series low and prompting the network’s decision to burn off the rest of the series’ episodes on Saturday
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