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Emanuel Got $250K From Freddie Mac

From the Business & Media Institute:

Obama’s Chief of Staff Pick a Freddie Mac Alum – Will Media Notice?

Rep. Rahm Emanuel held paid position on troubled GSE’s board from 2000-2002, when Freddie Mac was accused of accounting and campaign finance irregularities.

By Jeff Poor
Business & Media Institute
11/6/2008

He’s President-elect Barack Obama’s new chief of staff, according to various Nov. 6 media reports, but Rep. Rahm Emanuel, D-Ill., also has some baggage pertaining to the financial crisis. Will anyone in the media take note?

Emanuel, who was a senior adviser for former President Bill Clinton throughout the 1990s, was appointed to the board of Freddie Mac upon his departure from the Clinton administration.

“Clinton’s going-away gift to Emanuel was a seat on the quasi-governmental Freddie Mac board, which paid him $231,655 in director’s fees in 2001 and $31,060 in 2000,” Lynn Sweet wrote for the Chicago Sun-Times on Jan. 3, 2002.

During the time Emanuel spent on the board, Freddie Mac was plagued with scandal involving campaign contributions and accounting irregularities

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.”

Although he was compensated handsomely, Emanuel told Sweet his job on the Freddie board was to attend quarterly board meetings and take part in committee meetings, either on the phone or in person.

Yes, this is change all right.

This article was posted by Steve Gilbert on Thursday, November 6th, 2008. Comments are currently closed.

5 Responses to “Emanuel Got $250K From Freddie Mac”

  1. proreason

    S&P500 off peak by 40%. 10% down since Obamy was sanctified.

    He picks a guy right in the middle of the Fannie Mae give-away for a top job. The give-away, of course, was “fair”. As will be those to come.

    Gird your loins.

    Before he gets to make the first decision of his life, there may be nothing left to “spread around”. But his team will be satisfied. For them, it’s the second favorite outcome.

  2. JohnMG

    This is some more of Miz Pelosi’s “most ethical congress ever”.

  3. curvyred

    Biden is right, we better start girding our loins, run for cover.

    I am not a conspiracy theorist but is this looking more and more like:

    the “Cloward-Piven Strategy”

    “First proposed in 1966 and named after Columbia University sociologists Richard Andrew Cloward and Frances Fox Piven, the “Cloward-Piven Strategy” seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse. ”

    Now I sound like the truthers, I am just kidding around but not about the hippies dreams coming to fruition.

    http://www.discoverthenetworks.....gypoe.html

    The left-over hippies from the 60′s dreams coming true perhaps?

    I need to go adjust my tin foil, hat I cannot believe I just typed that, now I sound like the “truthers”

  4. BatK

    In the interest of allaying the minds of many conservatives, I’ve heard some O-bots trying to encourage us that hey, Mr. Islamo-bama picked an Israeli to be on his cabinet… I’d like to remind everyone that Judas Iscariot was ALSO an Israeli.

  5. U NO HOO

    Who is Falcon?

    No comments show up for March 26, 2009.




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