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Freddie Mac gig nets emanuel a cool 320G's

Submitted by Robert Lindquist on Thu, 03/26/2009 - 10:40am

According a report in the Chicago Tribune, President Obama's chief of staff, Rahm Emanuel, was in a well paid position to know all about the looming housing and loan crisis, but sat idly by with other Freddie Mac board members.

The Trib says that "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." 

Emanual was paid at least $320,000 for a 14-month stint at Freddie Mac that required little effort, chump change compared to the $16 million he made in a three-year interlude as an investment banker a decade ago. The trib report goes on to say, "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." READ THE CHICAGO TRIBUNE ARTICLE