Thursday, March 26, 2009


Outrage at executive bonuses seems to be the issue "de jour" for many elected officials, most of them Democrats. That's Ironic. Because it is many of these same Democrats who actively participated in the bonuses or tax dodging. Rahm Emanuel, Chris Dodd, Barney Frank, Timothy Geithner, Maxine Waters, Bill Richardson make quite a list of unsavory deeds and SCANDALS.
Rahm Emanuel, according to this "Chicago Tribune" article, (Rahm Emanuel's profitable stint at mortgage giant) "earned" at least $320,000 for a 14 month stint on the board of Freddie Mac, while doing little. As we shall see SCANDAL has been close to Rahm in the past.

He was named to the Freddie Mac board in February 2000 by Clinton, whom Emanuel had served as White House political director and vocal defender during the Whitewater and Monica Lewinsky scandals.

The board met no more than six times a year. Unlike most fellow directors, Emanuel was not assigned to any of the board's working committees, according to company proxy statements. Immediately upon joining the board, Emanuel and other new directors qualified for $380,000 in stock and options plus a $20,000 annual fee, records indicate.
In addition while serving on the Board, a MAJOR ACCOUNTING SCANDLE blackened Freddie's eye.
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.
But that's not the only SCANDLE during Rahm's watch.
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.
And now Rahm is Obama's Chief Of Staff. More profiles in ... to follow.

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