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336 Comments
- WoofThis, on 03/26/2009, -48/+207He belongs in a federal prison not the WH.
- WoofThis, on 03/26/2009, -29/+133"On Emanuel's watch, the board was told by executives of a plan to use accounting tricks to mislead shareholders about outsize profits the government-chartered firm was then reaping from risky investments. The goal was to push earnings onto the books in future years, ensuring that Freddie Mac would appear profitable on paper for years to come and helping maximize annual bonuses for company brass."
"The accounting scandal wasn't the only one that brewed during Emanuel's tenure."......
and the band plays on - highandmighty, on 03/26/2009, -28/+125This is a huge story. I won't be silly enough to suggest that he'll have to answer for it, but WOW!
- carolsatx, on 03/26/2009, -47/+140Where is ACORN? Where's that fansy bus? and why isn't it parked in front of Emanuel's house to protest.
- BulkHedd, on 03/26/2009, -27/+110FTA: "The Obama administration rejected a Tribune request under the Freedom of Information Act to review Freddie Mac board minutes and correspondence during Emanuel's time as a director."
Uh, what about all the transparency you promised, Mr. Obama??? - pilgrim3970, on 03/26/2009, -30/+109Y'know, with all of these folks in the Obama administration who are obviously not only corrupt but connected to the very companies who caused this mess we are in, it gives cause to doubt that Obama is as squeaky clean as he tries to make himself out to be.
- boostviews, on 03/26/2009, -27/+85I'm guessing we get about 15 diggs, and no major news coverage....
- deema1, on 03/26/2009, -18/+75If you think this Freddie Mac angle touches a nerve, people aren't going to be happy to learn that Obama's choice for the head of the Federal Housing Administration is none other than David Stevens, a former Freddie Mac mortgage executive. There couldn't possibly be any shady dealings in this scenario, could there?
http://www.bloomberg.com/apps/news?pid=20601087&am ... - keltin, on 03/26/2009, -20/+75If there is any concern at all in doing what is the ethical thing, this would be a page one article for every newspaper that wants to survive. This is so egregious and so telling for corrupt members of the Obama administration are, it simply must be put out there and discussed thoroughly by the media.
. - woodrow8292, on 03/26/2009, -24/+78Amazing. Do they really think they can just keep saying one thing and doing another? Do they have their memories erased ever few weeks so they can go in front of the American people and act like they are the crusaders for justice while all along they have been part of the problem! I really hope the people are made aware of how hypocritical these fools are.
- mrpetey, on 03/26/2009, -38/+85One more example of King barry paying off his homeys AND getting them govt jobs.
I would like every Bush / Cheney hater to line up and DEFEND this bunch of Chicago gansta' thugs to the rest of the Nation.
Transparent and ethical my hairy white @ss - this is nothing more then class warfare, race baiting numnutz hosing and totally destroying America. May they all fail and burn in H3LL once they do. - rolf, on 03/26/2009, -6/+52This has been in the Wikipedia page for a long time, but I was buried for bringing it up when the Digg post announcing his appointment back in December IIRC:
http://en.wikipedia.org/wiki/Rahm_Emanuel#Career_i ...
"Emanuel was named to the Board of Directors for the Federal Home Loan Mortgage Corporation ("Freddie Mac") by then President Bill Clinton in 2000. His position paid him $31,060 in 2000 and $231,655 in 2001.[29] During the time Emanuel spent on the board, Freddie Mac was plagued with scandals involving campaign contributions and accounting irregularities.[30] The Office of Federal Housing Enterprise Oversight (OFHEO) later accused the board of having "failed in its duty to follow up on matters brought to its attention." Emanuel resigned from the board in 2001 when he ran for congress.[31]"
Offtopic: Why do urls get all mangled up in html code now once someone tries to edit their post? This used to work without problems. - inactive, on 03/26/2009, -16/+61This is why you never hear Obama blame Fannie or Freddie, or even mentions them, when he talks about the crisis.
Oh, and another thing: For those who say that the GSEs didn't really do anything, please shut up.
The fact that they existed and participated in the market skewed it in a way that banks (who are there to make money) had to figure out ways to compete against Fannie and Freddie and that environment is what led to the high risk derivates, etc.
I'm not excusing what the banks did, but the GOVERNMENT created the environment for it to happen by mucking up the market. - giveemtheboot, on 03/26/2009, -35/+79There is a virus that has been unleashed on America from the political cesspool known as Chicago. It is a pit of political patronage who's primary purpose is personal gain and power. The socialism and social corruption that Obama craves and is installing at a hyper active rate is being spearheaded by his chief hyperactive henchman Rahm Emanuel. This story should come as no surprise at all to conservatives watching the collapse of our once great country. They obviously had to bribe the Republicans with fundraisers because the Democrats needed no incentive to cover for Freddie. We have to urge our friends to become patriots and make it there business to stay on top of the things their government representatives are doing, like giving themselves raises during this harsh recession. (frankly – districts should pay Congressmen – not the federal government. Who do they work for anyway? Obviously for Washington’s interest’s and not yours.) Now more than ever they will be trying to steal from the people. Obama has thrown down the gauntlet which his budget, stimulus packages and bank bailouts under the guise of crises management.
- bellasmom2, on 03/26/2009, -36/+77This will get very little coverage. It is so easy for Obama to pull the wool over everyone eyes.
- inactive, on 03/26/2009, -11/+47RAHM TAX TIP #45: Create bogus charity and gift primary home to charity to avoid property taxes.
- gplume, on 03/26/2009, -6/+41You would not see ACORN protest at Freddie. They were a major part of pushing for those bad loans, through their push for "quota" based loan approvals, where loans were forcibly given out to people that never should have had a mortgage to begin with.
http://cantor.uopine.com/2009/03/18/is-it-debt-pay ... - Chahrlie5, on 03/26/2009, -20/+54Do NOT look behind the curtain you plebes, go back to being productive so we can float the unproductive.
- mmclaurin, on 03/26/2009, -24/+58Just one of a long line of morally bankrupt dems who should be in prison.
- ColonelJessup, on 03/26/2009, -28/+60Hooooooooope.........Chaaaaaaange..............
LOL! - LibertyLady7, on 03/26/2009, -0/+32While you two worry about fighting your partisan war from behind your computer screen, The Federal Government is slowly, but surely, ripping each one of your individual liberties out from under you. Have a great day!
- deema1, on 03/26/2009, -19/+51The surface has not even been scratched on the level of corruption of this guy. Just you wait -- you haven't seen anything yet.
- richmomz, on 03/26/2009, -9/+41Too bad he will never get the 'Martha Stewart' treatment for his insider trading.
- inactive, on 03/26/2009, -11/+41Rahm Emanuel gaming the system? No, really?!
- inactive, on 03/26/2009, -9/+39O-bots... transform and bury
- WoofThis, on 03/26/2009, -7/+37Anyone coming from the Chicago Political Machine would have to be very arrogant to portray themselves as squeaky clean....and we all know this man's arrogance.
- deema1, on 03/26/2009, -5/+33There was a lot of talk that the property taxes on Emmanuel's house was paid by a charitable organization that he created to pay favors and dodge tax payments. The records show that the only contributors to the charity were he and his wife. People took it to mean that he wasn't paying his property taxes, but that wasn't the case. The dishonesty is that HE wasn't paying his property taxes, but his charitable organization was. That means he was able to pay less in property taxes from his personal finances because he's able write it off at the point of the charitable donation.
Also, there was the brouhaha that he dodged tax payments on the residence he "rented" in Washington. He claimed he wasn't liable for any tax payments because he was a guest of the owners. A three-year guest.
If ACORN was a credible organization, and not a front for a socialist movement, they'd protest him just as much as they are with AIG and all non-Obama supporters. - kemp34, on 03/26/2009, -1/+28The Board of Directors has oversight authority over management practice. Management was committing fraud. The Board did nothing. Rahm was a Board member during this time. Therefore, Rahm was allowing fraud to occur on his watch.
Basic. - TrentDeux, on 03/26/2009, -12/+38This is considerably worse than AIG bonuses (but I doubt if we shall see the same levels of outrage from congress and the media). Because he is politically connected, Emmanuel is paid a handsome sum, to essentually do nothing. His doing nothing contributes to the corruption of Fanny and Freddy and the housing woes that we see today. And the taxpayers subsidize the whole thing.
This is scandalous on many levels and Emmanuel should step down from politics. - barstegry, on 03/26/2009, -12/+38Whodthunkit? His appointees and advisers have been so clean and forthright so far......................................
- Charlotte_Web, on 03/26/2009, -0/+25Can you imagine the hysteria on Daily Kos and HuffPo if it had been Bush's Chief of Staff?
No doubt they are silent on this story right now... - giveemtheboot, on 03/26/2009, -10/+35Obama's unethical real estate deal with convicted and jailed felon, Tony Rezko, not to mention his connections with notorious characters like the American terrorist William Ayers was more than enough to know that Obama is far less than squeaky clean. He is a bad man. Look it up and tell your friends pilgrim. John Wayne :)
- whaleyboy69, on 03/26/2009, -2/+2654 Diggs as of now, Chicago Trib isn't minor. I found it on Drudge but that is nothing like being a part of the news cycle on the big networks while they are still around.
- Number23, on 03/26/2009, -2/+26Scorecard On Obama picks:
Richardson-pay to play scandal-withdraws
Geitner- Tax cheat confirmed
Daschle- Tax cheat withdraws
Killefer-Tax cheat withdraws
Solis (husband)-Tax Cheat-confirmed
Rahm Emmanuel's - made 320,000 during a 14 month stint (sinecure?) at Freddie Mac. Freddie Mac collapses in his wake
On other dem scandals:
Rangel-Tax cheat under investigation
Franken-Tax cheat in senate recount
Governor Blagojevich-pay to play scandal-impeached
Baltimore Mayor Dixon- indicted on perjury, theft charges
Racine Mayor Becker-Arrested For Child Porn & Soliciting Minors
Hartford Mayor Perez- arrested For Bribery
Birmingham Mayor Langford- arrested on federal charges
Former Detroit Mayor Kwame Kilpatrick-released from jail after 99 days
Portland mayor Adams- admitted that he had gay sex with teen intern
Chicago Alderwoman Troutman-Plead guilty to tax fraud and mail fraud
Chris Dodd - sweetheart finance deal with Countrywide
John Coyner’s wife, Detroit City Council President Monica Conyers -implicated in Detroit bribery case
Tim Mahoney (D-FL) - Offered $121,000 payoff and $50,000 a year job for two years to quiet former staffer who was his mistress.
Rep William J. Jefferson (D-LA) on trial on 6 counts including bribery. (Hid 90,000 cash in freezer)
NY Governor Eliot Spitzer - federal wiretaps reveal involvement with prostitution ring.
US Rep. Carnahan (D-MO) lien filed on his home for $17,364 unpaid bill from roofer
State Senator Dianne Wilkerson(MA) resigned after arrest on federal bribery charges.(Stuffed bribes in bra)
State Senator J. James Marzilli(MA) resigned after he was indicted on charges of accosting four women.
Sen. Roland Burris(D-IL) lied about “pay to play” contacts
Hank Morris, a top aid of Senator Charles Schumer, has been indicted for pension fraud - giveemtheboot, on 03/26/2009, -35/+59In what way johnnyboy? Cheney actually worked for his money at Halliburton unlike Emanuel at Freddie. Halliburton is not a GSE. Halliburton did not go belly up based on deciet that Cheney was aware of. Freddie DID fail because of fraud that Emanual should have been aware of. Emanuel is a low life political operative. Dick Cheney is an outstanding thinker, patriot and manager. You gotta do better than that.
- Chahrlie5, on 03/26/2009, -2/+26Yes
- mattowan, on 03/26/2009, -16/+40Clearly he will be returning that.
- diggwut, on 03/26/2009, -13/+37Rahm Emanuel should change his name to Ream Emanuel, because that's precisely what him and his democrat party cronies are doing the American tax payer.
- TheInformer, on 03/26/2009, -6/+30Rahm is an ACORN that hasn't fallen far from the Obama tree.
- NorthMass, on 03/26/2009, -3/+26This is the same guy who wants to make all 18-25 year old's do 3 months of forced service, and the same guy who said you can't let a crisis go to waste. Who exactly likes this guy? Why does Obama have him in his administration?
- mrpetey, on 03/26/2009, -3/+25I am sure there is an answer - " ummm, not my fault"
- inactive, on 03/26/2009, -11/+32When the revolt starts, I want this prick at the front of the line. Crooked.
- WoofThis, on 03/26/2009, -9/+30It's getting more and more difficult for him to pull the wool over the eyes of even even the 'middle voters' that elected him. There is much voter regret.
- inactive, on 03/26/2009, -14/+35Get this crook out of the White House ASAP.
- ash7887, on 03/26/2009, -0/+20JCS007, here is what he did wrong. The worst thing however, is that the article spelled it out for you... and still you did't get it. And this is what lets Rahms to f@k this country "real good"
1.
"On Emanuel's watch, the board was told by executives of a plan to use accounting tricks to mislead shareholders about outsize profits the government-chartered firm was then reaping from risky investments."
2.
During his brief time on the board, the company hatched a plan to enhance its political muscle. That scheme, also reviewed by the board, led to a record $3.8 million fine from the Federal Election Commission for illegally using corporate resources to host fundraisers for politicians. Emanuel was the beneficiary of one of those parties after he left the board and ran in 2002 for a seat in Congress from the North Side of Chicago."
3.
"Falcon said the Freddie Mac board did most of its work in committees. Yet proxy statements that detailed committee assignments showed none for Emanuel, Free or Ickes during the time they served in 2000 or 2001. Most other directors carried two committee assignments each."
4.
"The Obama administration rejected a Tribune request under the Freedom of Information Act to review Freddie Mac board minutes and correspondence during Emanuel's time as a director"
5.
"Hartigan said Emanuel's primary contribution was explaining to others on the board how to play the levers of power."
6.
"Falcon concluded that the board of directors on which Emanuel sat was so pliant that Freddie Mac's managers easily were able to massage company ledgers. They manipulated bookkeeping to smooth out volatility,"
7.
"Federal campaign records show that Emanuel received $25,000 from donors with ties to Freddie Mac in the 2002 campaign cycle, more than twice the amount collected that election by any other candidate for the U.S. House or Senate."
8.
"Emanuel joined the House in January 2003 and was named to the Financial Services Committee, where he also sat on the subcommittee that directly oversaw Freddie Mac. A few months later, Freddie Mac Chief Executive Officer Leland Brendsel was forced out, and the committee and subcommittee launched hearings to sort out the mess, spanning more than a year. Emanuel skipped every hearing, congressional records indicate."
p.s. this is peanuts compared to what this monster did before and after. - deema1, on 03/26/2009, -0/+20Chicago Tribune has pointed out several other unethical things that Rahm Emmanuel has done over the years. The guy is shady, shady, shady.
- madtechnologist, on 03/26/2009, -13/+33Rahm's a crook and needs to go to jail for ripping off the American taxpayer. How can anyone justify the attacks on AIG when we got one of these clowns benefiting and writing policy?
- inactive, on 03/26/2009, -11/+30Rahm should get a job with AIG, he'd fit right in
- Barackalypse, on 03/26/2009, -3/+22Sadly, people believe the band when it said it was going to be playing its new song "hope and change" and instead it just played songs off its old albums that everyone was sick and tired of.
- Jgreenhall, on 03/26/2009, -12/+31Lol, this is great reporting "On Emanuel's watch, the board was told by executives of a plan to use accounting tricks to mislead shareholders about outsize profits the government-chartered firm was then reaping from risky investments. The goal was to push earnings onto the books in future years, ensuring that Freddie Mac would appear profitable on paper for years to come and helping maximize annual bonuses for company brass."
Yeah, sure. The executives told the board about a plan to use "accounting tricks" to "mislead shareholders". And, wow, he scored a cool $320k from his massive graft.
Lots of folks did lots of bad stuff at Freedie and Fanny. The Board did a bad job, no question. But, no, this doesn't come close to AIG, etc. I've got no problem putting Emmanuel in line for the gallows, but he goes somewhere near the middle or end - not near the front. Get some perspective. -
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