Obama Chief of Staff Rahm Emanuel was appointed by President Clinton to Freddie Mac’s board in February 2000 and earned at least $320,000 in a 14-month stint.
By Bob Secter and Andrew Zajac
March 26, 2009
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One of those board members was Rahm Emanuel, now chief of staff to President Obama. Emanuel earned at least $320,000 for his 14-month stint at Freddie Mac.
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During Emanuel's stint on the board, Freddie Mac executives told the board of a plan to use accounting techniques to maximize profits that the government-chartered firm was reaping from risky investments, a 2003 investigative report found.
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Because of Freddie's federal charter, the board in Emanuel's day was a hybrid of directors elected by shareholders and those appointed by the president.
In his final year in office, Clinton tapped three pals: Emanuel, Washington lobbyist James Free and Harold Ickes, a former White House aide instrumental in Hillary Rodham Clinton's initial Senate campaign. Free's appointment was for four months and Ickes' for three months.
"You know there was a patronage system, and these people were only going to serve a short time," Coffee said. "That's why [they] get the stock up front."
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Financial disclosure statements that are required of U.S. House members show Emanuel made at least $320,000 from his time at Freddie Mac. Two years after leaving the firm, Emanuel reported an additional sale of Freddie stock worth between $100,001 and $250,000.
http://www.latimes.com/news/nationworld/nation/la-na-emanuel-freddie26-2009mar26,0,5917854.story
Dear Stretch:
Would you please take notice of the Culture of Corruption in your party that is being reported?
Thank you,
The Republican Party (too bad they aren't saying something).
