Rahm Emanuel's $320,000 Fannie Mae Free Ride

3-26-09

Imagine that, another Democrat who was involved with Fannie Mae, who made a pile of money for doing nothing and who is sitting at the top of the food chain in Washington DC. This time it’s Obama’s right hand man, five foot nothing Rahm Emanuel, who managed to pull down a cool $320k for basically doing nothing as a feet-up-on-the-desk board member of the Democratic Party cash cow called Fannie Mae.

The chicagotribune.co fills us in with all the details,

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.

As gatekeeper to Obama, Emanuel now plays a critical role in addressing the nation’s mortgage woes and fulfilling the administration’s pledge to impose responsibility on the financial world.

Emanuel’s Freddie Mac involvement has been a prominent point on his political résumé, and his healthy payday from the firm has been no secret either. What is less known, however, is how little he apparently did for his money and how he benefited from the kind of cozy ties between Washington and Wall Street that have fueled the nation’s current economic mess.

Crooks guarding the jailhouse. Life is good for this sleazy Chicago crew ain’t it?

The rest of this must read is right here>>>

This entry was posted in Obama And His Administration.

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