Rahm Emanuel, Subprime Mortgage Profiteer


Rahm Emanuel, Chief of Staff & Presidential Advisor

Rahm Emanuel is President Obama’s Chief of Staff and senior adviser.  He’s deeply involved in decisions about how to deploy Trillions of taxpayer dollars to rescue banks and financial institutions that have become insolvent.  The Administration is now considering ways to penalize executives of these institutions by confiscating through the tax system all or portions of their compensation.

The Chicago Tribune has done rigorous research and thorough reporting on Mr. Emanuel’s “service” on the Board of Directors of Freddie-Mac.  Here’s a little sample:

Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant  Freddie-Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator.

One of those allegedly asleep-at-the-switch board members was Chicago’s Rahm Emanuel  – now chief of staff to President Barack Obama – who made at least $320,000 for a 14-month stint at Freddie Mac that required little effort.

Click on the logo to read this fascinating article.  Then call the White House and demand that Emanual’s sub-prime lucre be treated the same as Congress is preparing to treat the AIG bonuses, confiscated via a punative, retroactive, 90%  tax. (202) 456-1111masthead_home

3 Comments so far

  1. Vance Christensen on March 28th, 2009

    The scandals just keep coming out, don’t they? Although this may not be technically illegal, the immorality and irony is quite apparent. I’m confident this isn’t going to be the last conflict-of-interest case. The Federal Budget and the constant bailouts are bubbling with potential scandals that are just waiting to reach the public eye.

  2. Sarah Livingston on March 28th, 2009

    This is just more evidence that Barack Obama arose from the cesspool of corruption, Chicago politics.

    Wake up people! This guy is bad news!

  3. aaa again on March 29th, 2009

    And notice that the Tribune has covered it because of local interest.

    Katie Couric? Keith Olberman? Rachel madow?

    Not so much……..