Saturday, July 19, 2008

Rahm Emanuel Was A Freddie Mac Board Member

With the Fannie and Freddie in the news.It's important to look at how the GSE's lobbied Congress to build their dishonest balance sheets.NPR has a list of the politically connected that made it to the GSE boards.Before coming to Congress,Rahm Emanuel was a Freddie Mac board member.This means Rahm Emanuel has some explaining to do.The Chicago Sun-Times reported on Rahm Emanuel's background :
Escapes controversy during impeachment. Leaves White House in 1998, never having to hire a lawyer. Clinton loyalist.

Chicago: Returns to Ravenswood, makes millions as an investment banker in a few deals; tapped by Clinton for a plum spot on Freddie Mac board; Daley appointee on CHA board. Wins House seat in 2002 with help of Daley Machine. Daley loyalist.
Here's Rahm Emanuel promoting housing in front of a Congressional hearing,after he left Freddie Mac.What did Congressman Emanuel khow about Freddie Mac's balance sheet? What did he vote on as a board member? We wonder if the MSM is going to investigate a key member of Congress on this issue.Can you think of many members of Congress who were on the board of directors of a company caught up in a major scandal before coming to Congress? You'll notice, at the time of this proxy statement, Rahm Emanuel was by far the youngest Freddie Mac board member at 40 years old.Do you know many or any people who are on the board of directors of an S&P 500 company by the time they are 40 years old?