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Posted: 3/26/2009 1:18:28 PM EDT
[Last Edit: 3/26/2009 1:18:51 PM EDT by wingnutx]
An excerpt:

The board met no more than six times a year. Unlike most fellow directors, Emanuel was not assigned to any of the board's working committees, according to company proxy statements. Immediately upon joining the board, Emanuel and other new directors qualified for $380,000 in stock and options plus a $20,000 annual fee, records indicate.

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.

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.

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. The documents, obtained by Falcon for his investigation, were "commercial information" exempt from disclosure, according to a lawyer for the Federal Housing Finance Agency.

Emanuel's board term expired in May 2001, and soon after he launched his Democratic congressional bid.

http://www.chicagotribune.com/news/politics/obama/chi-rahm-emanuel-profit-26-mar26,0,5682373.story?page=1

Let's hear it for a new era of transparency and accountability!
Link Posted: 3/26/2009 1:21:50 PM EDT


another crook in obama's white house?

they're all fucking scumbags.

Link Posted: 3/26/2009 1:22:25 PM EDT
Chicago style politics, nothing new...
Link Posted: 3/26/2009 1:25:53 PM EDT
Originally Posted By wingnutx:
An excerpt:

The board met no more than six times a year. Unlike most fellowdirectors, Emanuel was not assigned to any of the board's workingcommittees, according to company proxy statements. Immediately uponjoining the board, Emanuel and other new directors qualified for$380,000 in stock and options plus a $20,000 annual fee, recordsindicate.

On Emanuel's watch, the board was told by executives of a plan touse accounting tricks to mislead shareholders about outsize profits thegovernment-chartered firm was then reaping from risky investments. Thegoal was to push earnings onto the books in future years, ensuring thatFreddie Mac would appear profitable on paper for years to come andhelping maximize annual bonuses for company brass.

The accounting scandal wasn't the only one that brewed during Emanuel's tenure.

During his brief time on the board, the company hatched a plan toenhance its political muscle. That scheme, also reviewed by the board,led to a record $3.8 million fine from the Federal Election Commissionfor illegally using corporate resources to host fundraisers forpoliticians. Emanuel was the beneficiary of one of those parties afterhe left the board and ran in 2002 for a seat in Congress from the NorthSide of Chicago.

The Obama administration rejected a Tribune request under the Freedomof Information Act to review Freddie Mac board minutes andcorrespondence during Emanuel's time as a director. The documents,obtained by Falcon for his investigation, were "commercial information"exempt from disclosure, according to a lawyer for the Federal HousingFinance Agency.

Emanuel's board term expired in May 2001, and soon after he launched his Democratic congressional bid.

http://www.chicagotribune.com/news/politics/obama/chi-rahm-emanuel-profit-26-mar26,0,5682373.story?page=1

Let's hear it for a new era of transparency and accountability!


Oh! apparnetly you didn't get the note? when Obama mentioned things like "no more earmarks" and "No lobbyists will work in my administration" and "my administration will be transparent and there will be a higher level of accountability" he didn't really mean all those things, those were just him being a typical politician and promising the sheeple things and saying what they wanted to hear in order to win the election.

Silly us, for taking him to task on those campaign promises.
Link Posted: 3/26/2009 1:28:00 PM EDT
Originally Posted By flyfishnepa:


another crook in obama's white house?

they're all fucking scumbags.



But, some scumbags are scummier than other.
Link Posted: 3/26/2009 1:29:57 PM EDT
Culture of corruption.
Link Posted: 3/26/2009 1:30:12 PM EDT
Originally Posted By 338winmag:
Originally Posted By flyfishnepa:


another crook in obama's white house?

they're all fucking scumbags.



But, some scumbags are scummier than other.


why yes, yes they are.



Link Posted: 3/26/2009 1:43:12 PM EDT
I hope they get their asses handed to them for denying the FOIA request.
Link Posted: 3/26/2009 1:43:29 PM EDT
Rahmbo is the man behind the teleprompter orchestrating the whole thing.
Link Posted: 3/27/2009 6:22:17 AM EDT
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. The documents, obtained by Falcon for his investigation, were "commercial information" exempt from disclosure, according to a lawyer for the Federal Housing Finance Agency.





FUCK RAHM, FUCK OBAMA!!
Link Posted: 3/27/2009 6:28:17 AM EDT
As much as I don't like going to meetings, for $50,000 a meeting, I could force myself.
Link Posted: 3/27/2009 6:31:10 AM EDT

I wonder if this will get more traction than the story linking Rahm to Blago's Senate-For-Sale scandal.

Probably not.


Link Posted: 3/27/2009 6:48:54 AM EDT
Delicious irony tag.
Link Posted: 3/27/2009 6:55:56 AM EDT
Raines, Gorelick and Emanuel. All Clinton cronieswho got rich with the FANNIE/FREDDIE thing. It was like some gift to the crew for all those years of service rendered. Wonder how many other Clinton cronies got rich off of FANNIE/FREDDIE?
Link Posted: 3/30/2009 6:38:19 AM EDT
Odd...........I haven't heard this mentioned all weekend....
Link Posted: 3/30/2009 6:55:38 AM EDT

Originally Posted By capnrob97:
Chicago style politics, nothing new...

Yep, business as usual for these guys.

Link Posted: 3/30/2009 6:58:41 AM EDT
This from a Socialist? Shocking!!!
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