Nothing like a little political patronage to make the world go ’round.
So how is it that two firms (Fannie Mae & Freddie Mac) at the heart of our economic woes seem to repeatedly escape examination or a congressional hearing? Oh, that’s right. It’s because it would be a scandal for the Democrat Party.
It seems that not only did Geitner fail to pay taxes (among the many others in the Obama Admin) but Chief of Staff Rahm “Deadfish” Emanuel profited from his 14-month stint at Freddie Mac, to the tune of $320,000. Not bad. (def not as profitable a it was for Franklin Raines $90 million for 5 years)
- Emanuel was named to the F.Mac board in Feb 2000 by Clinton
- Board met no more than 6x/yr and Emanuel was not assigned to any committees
- F. Mac Execs told the board of plans to push outsized earnings onto the books in future years, allowing company execs to maximize their annual bonuses.
- Execs feted politicians with fund raisers on the corp dime in violation of the FEC which fined F.Mac $3.8 million (one fund raiser was for Emanuel)
Freddie Mac and Fannie Mae are at the heart of the economic crisis. Maybe we should look into what happened there someday?
Chicago Tribune Article