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This is so typical of the types Obama has surrounded himself with. So many sheep! After reading the entire article it just enforces the pitiful future we have with these type of corrupt people Obama has chosen to pillage the country with.
Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator.
One of those allegedly asleep-at-the-switch board members was Chicago's Rahm Emanuel—now chief of staff to President Barack Obama—who made at least $320,000 for a 14-month stint at Freddie Mac that required little effort.
This has been all over the news in Chicago today. For me, the most disturbing aspects from today's Tribune article (link above) are:
-this man is "now addressing the nation's mortage woes and filling the administration's pledge to impose responsibility on the financial world" yeah, sure
-"The Freddie Mac money was a small piece of the $16 million he made in 3 years"
-"the board met no more than 6 times a year and Emanuel was not assigned to any of the working committees...immediately upon joining he qualified for $380,000 in stock and options"
-"On Emanuel's watch, the board was told my executives of a plan to use accounting tricks to mislead shareholders about outsize profits..the goal was to push earnings onto the books in future years to come helping maximize annual bonuses for company brass" That's transparency all right, we can see right through your BS!
-"The Obama administration rejected a Tribune request under the Freedom of Information Act to review Freddie Mac board minutes and correspondence during Emanuel's time as director"
Yeah, this is the guy we needed on the Financial Services Committee overseeing Freddie Mac. When the hearings were held to sort out the mess, congressional records show Emanuel skipped every one.
This has been all over the news in Chicago today. For me, the most disturbing aspects from today's Tribune article (link above) are:
-this man is "now addressing the nation's mortage woes and filling the administration's pledge to impose responsibility on the financial world" yeah, sure
-"The Freddie Mac money was a small piece of the $16 million he made in 3 years"
-"the board met no more than 6 times a year and Emanuel was not assigned to any of the working committees...immediately upon joining he qualified for $380,000 in stock and options"
-"On Emanuel's watch, the board was told my executives of a plan to use accounting tricks to mislead shareholders about outsize profits..the goal was to push earnings onto the books in future years to come helping maximize annual bonuses for company brass" That's transparency all right, we can see right through your BS! -"The Obama administration rejected a Tribune request under the Freedom of Information Act to review Freddie Mac board minutes and correspondence during Emanuel's time as director"
Yeah, this is the guy we needed on the Financial Services Committee overseeing Freddie Mac. When the hearings were held to sort out the mess, congressional records show Emanuel skipped every one.
Why did the Obama administration reject the FOIA request? Hiding information on the extent of Emanuel's involvement in Freddie Mac's problems reeks of a cover-up.
Focusing on Freddie Mac is much like focusing on teleprompters, or "world currencies," or ACORN. Pretty much non-issues. Freddy Mac didn't have much to do with the crisis. It was a late-comer to the subprime loan market. And the real estate mortgage market wasn't a big problem, either. The collapse of the unregulated $70 trillion credit default swap market is what caused the crisis. We've handled small reversals in the real estate market before, and would have handled this one easily, too. But Wall Street had bet everything at a 30-to-1 leverage in the secondary derivatives market. That's what killed us. FM/FM had their problems, but it is only seen as a big villain by those who want to defend Wall Street billionaires and the Bush Administration.
That said, I wouldn't put it past Rahm to have been involved in a scam. I never trusted that guy. President Obama should have picked a liberal.
What about teh huge bonusues paid to Fanie Mae and Mac bedfore and now after the feds took them over.Congress set them up exactly like the big banks on wall street and never really did any oversite. The democrats under Barney frank fillabusted to stop it.
Why did the Obama administration reject the FOIA request? Hiding information on the extent of Emanuel's involvement in Freddie Mac's problems reeks of a cover-up.
From the Chicago Tribune Article ....
Quote:
The Obama administration rejected a Tribune request under the Freedom of Information Act to review Freddie Mac board minutes and correspondence during Emanuel's time as a director. The documents, obtained by Falcon for his investigation, were "commercial information" exempt from disclosure, according to a lawyer for the Federal Housing Finance Agency.
Exemptions from FOIA requests for 'commercial information' applies to private enterprises. Fannie and Freddie are hardly private enterprises when the US Government and therefore taxpayers guarantee the ~$6 trillion in loans that they hold or bundled and sold.
Exemptions from FOIA requests for 'commercial information' applies to private enterprises. Fannie and Freddie are hardly private enterprises when the US Government and therefore taxpayers guarantee the ~$6 trillion in loans that they hold or bundled and sold.
The Trib should challenge that.
Oh, they are. Believe me, this is only a non-issue for the likes of Idahogie.
As the plot thickens you will begin to see a spin from the Obama camp.
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After reading the entire article it just enforces the pitiful future we have with these type of corrupt people Obama has chosen to pillage the country with.
