Marathon Pundit: Emanuel was Freddie Mac director as scandal brewed

Friday, November 07, 2008

Emanuel was Freddie Mac director as scandal brewed

One of the Democrats' selling points of having Rahm Emanuel is he has extensive experience working in the financial sector. Assuming he has one, it's unlikely Emanuel hasn't listed his stint with Freddie Mac on his resume in bold-print.

President-elect Barack Obama's newly appointed chief of staff, Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when scandal was brewing at the troubled agency and the board failed to spot "red flags," according to government reports reviewed by ABCNews.com.

President-elect Barack Obama's newly appointed chief of staff, Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when scandal was brewing at the troubled agency and the board failed to spot "red flags," according to government reports reviewed by ABCNews.com. According to a complaint later filed by the Securities and Exchange Commission, Freddie Mac, known formally as the Federal Home Loan Mortgage Corporation, misreported profits by billions of dollars in order to deceive investors between the years 2000 and 2002.

Emanuel was not named in the SEC complaint (click here to read) but the entire board was later accused by the Office of Federal Housing Enterprise Oversight (OFHEO) (click here to read) of having "failed in its duty to follow up on matters brought to its attention."

democrats

Barack Obama

1 comment:

Anonymous said...: If memory serves Rahm Emmanuel had ties to Rezko too.Oh John My Email,
I'm still trying to figure out how to send you one....; 2:52 PM