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

Quoted:


 another crook in obama's white house?

they're all fucking scumbags.