UPDATED..Is The Honeymoon Over: ABC News Reports That Emanuel Was Director Of Freddie Mac When Scandal Took Shape Update:The numbers for Emanuel
Should we file this under the better late than never: New Obama Chief of Staff, Others on Board, Missed “Red Flags” of Alleged Fraud Scheme
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 but the entire board was later accused by the Office of Federal Housing Enterprise Oversight (OFHEO)of having “failed in its duty to follow up on matters brought to its attention.”
During the years 2000, 2001 and 2002, according to the SEC, Freddie Mac substantially misrepresented its income to “present investors with the image of a company that would continue to generate predictable and growing earnings.”
He wasn’t named? Does that absolve him?
The role of the 18-member board of directors, including Emanuel, was not addressed in the SEC’s public action but was heavily criticized by the oversight group (OFHEO) in 2003.
The oversight report said the board had been apprised of the suspect accounting tactics but “failed to make reasonable inquiries of management.”
The report also said board members appointed by the President, such as Emanuel, serve terms that are far too short “for them to play a meaningful role on the Board.”
Is there some sort of magical number of years when a person opens their mouth and says stop, this is fraud and it is illegal?
Emanuel’s spokesperson said, “As White House chief of staff he will work with President-elect Obama and his economic advisers to help ensure we protect taxpayers and homeowners.”
Will he wait a couple of years until he can play a meaningful role in that?
Oh you have got to admire the ability of the media to shift gears from unquestioned and unbridled love to suddenly becoming a million microscopes of check and balance. You’ve also got to admire Pres-elect Obama’s ability to find quality people-people who will CHANGE Washington-not.
Noel:
As readers are likely aware, NewsBusters has for months made the case that if Americans knew just how tied to this crisis Democrats were, McCain would have easily won the White House, and the picture in both chambers of Congress would also be much different.
Alas, the media were having none of that, and nicely hid the truth from a public mysteriously not interested in it anyway.
In the end, it seems a metaphysical certitude that in the months to come, America’s disgraceful media will begin to report things about Obama and his team that could have had a HUGE impact on the campaign if revealed months ago.
I guess this is their way of soothing their guilty consciences, assuming any of these folks possess such a thing.
Update: Business & Media Institute notes the numbers on Emanuel and Freddie Mac:
“Clinton’s going-away gift to Emanuel was a seat on the quasi-governmental Freddie Mac board, which paid him $231,655 in director’s fees in 2001 and $31,060 in 2000,” Lynn Sweet wrote for the Chicago Sun-Times on Jan. 3, 2002.
During the time Emanuel spent on the board, Freddie Mac was plagued with scandal involving campaign contributions and accounting irregularities. Freddie Mac and its sister organization Fannie Mae were taken over by the federal government in September 2008 after years of mismanagement and scandal. Treasury Secretary Henry Paulson put the two beleaguered GSEs into a conservatorship, stripping common stock shareholders of their rights to govern the companies. …
“Freddie Mac was accused of illegally using corporate resources between 2000 and 2003 for 85 fundraisers that collected about $1.7 million for federal candidates,” an Associated Press story from April 18, 2006 said. “Much of the fundraising benefited members of the House Financial Services Committee, a panel whose decisions can affect Freddie Mac.”
And, since his successful run for the House of Representatives in 2002, Emanuel has been the beneficiary of campaign cash from Freddie Mac and its sister organization Fannie Mae – $51,750 according to the Center for Responsive Politics Web site OpenSecrets.org.
Ed:
That’s certainly something to keep in mind while recalling the promises by Barack Obama to change the way business gets conducted in Washington.
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November 7, 2008 - 09:27 AM on November 7th, 2008
[...] Is The Honeymoon Over: ABC News Reports That Emanuel Was Director Of Freddie Mac When Scandal Took S… Should we file this under the better late than never: New Obama Chief of Staff, Others on Board, Missed “Red Flags” of Alleged Fraud Scheme 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 Securi [...]
November 7, 2008 - 09:41 AM on November 7th, 2008
Nice work, Obama NOT! Looks right away like a poor future for two of your promises: No unity, no bipartisanship, no working together with Emanuel, and secondly, hiring someone with his track record makes your stated economic promises look like a sham.
Not looking good right out of the gate.
November 7, 2008 - 09:47 AM on November 7th, 2008
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November 7, 2008 - 09:50 AM on November 7th, 2008
I bet ABC is no longer on the A-list!
November 7, 2008 - 10:12 AM on November 7th, 2008
[...] Is The Honeymoon Over: ABC News Reports That Emanuel Was Director … By Pam 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 … Right Voices – http://rightvoices.com/ [...]
November 7, 2008 - 11:34 AM on November 7th, 2008
Someone Please Take Schwarzenegger’s “(R)”, And Everyone Else’s Too…
That Kennedy poohnanny must have conservative kryptonite, it turned the Terminator into a liberal, tax and spend, gay marriage loving sissy.
Reporting from Sacramento — California oil producers vowed Thursday to wage an all-out lobbying battle …
November 7, 2008 - 12:54 PM on November 7th, 2008
[...] Pirate’s Cove, The Pink Flamingo, Cao’s Blog, Democrat=Socialist, Conservative Cat, and Right Voices. Also, thanks to Linkfest Haven [...]
November 7, 2008 - 01:31 PM on November 7th, 2008
Middle East Reaction to Obama’s Election…
So why the 78% vote for Obama? To the casual observer it would seem logical that Jewish voters would have overwhelmingly supported John McCain for President.
……
November 7, 2008 - 07:03 PM on November 7th, 2008
Most of these comments or conspiracy theories sound like what comes from the campaigns trying to get elected to some office, mostly B.S. packaged as fact.
The average American is an idiot, especially the religous right whom are the easiet to manipulate, which is why George Bush was able to do so much damage to this country.
Republican or Democrat their both corrupt but the Democrats appear to be the lessor of two evils but if you give them enough rope they’ll hang themselves as well, and screw all of us but most of you deserve it because, again, you’re mostly idiots.
November 7, 2008 - 07:07 PM on November 7th, 2008
The Federal Reserve Appoints Former Bear Stearns Senior Risk Manager to Verify Soundness of Banks…
At some point, as much as you love this Republic, you come to the realization that it is being run a small group of interlocking incompetents, so out of touch with the rest of America, that they think THIS is sound policy.
Michael Alix, who worked at …
November 7, 2008 - 07:12 PM on November 7th, 2008
true colors…
If this is what Democrats look like when they are “supporters of the Second Amendment”: Address Gun Violence in Cities: As president, Barack Obama would repeal the Tiahrt Amendment, which restricts the ability of local law enforcement to access impor…
November 7, 2008 - 07:42 PM on November 7th, 2008
well.. well.. what have you done American Media for keeping Freddie Mac and Fannie Mae collaborators away from the American people during election time?
Are they now turning the American Treasury into another Freddie Mac…with White House as their business office..?
Poor America… you’ve been had ! ! !
November 7, 2008 - 08:03 PM on November 7th, 2008
Waaah, and Rick Davis took checks from Freddie Mac up until Sep 2008, your point is? Yawn.
November 7, 2008 - 08:47 PM on November 7th, 2008
[...] to Carl, Pirate’s Cove, The Pink Flamingo, Cao’s Blog, Democrat=Socialist, and Right Voices, thanks to Linkfest Haven [...]
November 7, 2008 - 08:56 PM on November 7th, 2008
A chief of staff is the kind of person that will call the President “Mr. President” even in private. Someone who will put the presidents needs above his own. Can Emanuel do this for President Obama? I think yes. With the means and experience that Emanuel has he will be able to help the President elect considerably.
November 8, 2008 - 01:29 AM on November 8th, 2008
Video Roundup: 7 Nov 08…
As I introduced last week (I think), this is a collection of videos from people whom I have subscribed because they have awesome videos. (Obviously, lol.) Have a wonderful weekend, and stay at peace with yourself…
November 8, 2008 - 02:34 AM on November 8th, 2008
Reichert holds on to win reelection in the 8th District…
Congrats to Dave Reichert, who survived the anti Bush anti Republican purge to win reelection to the US House of Representatives, 8th District.
Reichert wins tight race for 8th District
U.S. Rep. Dave Reichert has survived a second Democratic-wave el…..
November 8, 2008 - 10:04 AM on November 8th, 2008
The Road Ahead, 1.3…
Don’t be a crackpot survivalist, but do be a survivor. Your country needs you more now than ever before.
SHARETHIS.addEntry({ title: “”, url: “” });……
November 8, 2008 - 11:38 AM on November 8th, 2008
Olivia Munn Does the Truffle Shuffle…
If you’ve read here more than once you’ll know that I have an Olivia Munn weakness. It’s Saturday, the news sucks and its my site (until Obama’s Ameri-corps takes it) and you may need a new dance move to use when you head out ….
November 8, 2008 - 01:30 PM on November 8th, 2008
[...] Pirate’s Cove, The Pink Flamingo, Celebrity Smack, Cao’s Blog, Democrat=Socialist, and Right Voices, thanks to Linkfest Haven Deluxe. Recommend this Post at Progressive [...]
November 8, 2008 - 04:39 PM on November 8th, 2008
Washington Post Ombudsman Confirms Obama Tilt…
…
November 8, 2008 - 10:46 PM on November 8th, 2008
The 14% Non-Solution…
If you enjoyed this post, make sure you subscribe to my RSS feed!……
November 9, 2008 - 11:05 AM on November 9th, 2008
Clarification…
A few days after watching a man be elected president, who couldn’t pass enough of a background check to serve as a Private in most positions in the military, I released my disgust for the GOP, the Republican party and all of the slime bags callin…
November 9, 2008 - 04:17 PM on November 9th, 2008
Bad Economy? Legalize Marijuana & Enact The Fair Tax…
Will it solve it all? Maybe not, but its a helluva start. Besides, aren’t you tired of hearing about what pet the Obama’s are going to choose and the Prop 8 garbage?
The two ideas are by no means linked so please don’t let your t…..
November 9, 2008 - 05:40 PM on November 9th, 2008
[...] Pirate’s Cove, , The Pink Flamingo, Celebrity Smack, CORSARI D’ITALIA, A Newt One, Right Voices, and Gone Hollywood, thanks to Linkfest Haven [...]
November 9, 2008 - 06:01 PM on November 9th, 2008
[...] Pirate’s Cove, , The Pink Flamingo, Celebrity Smack, CORSARI D’ITALIA, A Newt One, Right Voices, and Gone Hollywood, thanks to Linkfest Haven Deluxe. Possibly related posts: (automatically [...]
November 10, 2008 - 12:31 AM on November 10th, 2008
[...] Pirate’s Cove, , The Pink Flamingo, Celebrity Smack, CORSARI D’ITALIA, A Newt One, Right Voices, and Gone Hollywood, thanks to Linkfest Haven Deluxe. farkItButton(“Your [...]
November 10, 2008 - 03:07 AM on November 10th, 2008
Obama worship hits a new low…
Keep it up people, because the more you sink into this kind of insane idol worship, the worse you look.
Kool Aid anyone?
Are You Ready for the Obama National Holiday?
Hey, remember when presidents had to actually lead and accomplish things before hav….
November 10, 2008 - 01:03 PM on November 10th, 2008
Leaning Straight Up
LOL, “Kool Aid anyone?” hehehe. Loved that one
November 10, 2008 - 08:01 PM on November 10th, 2008
Veterans day…
I have posted about my feelings about Veteran’s day and the military. This year, I offer this post, edited from a blog I wrote in 2005 before the advent of this site.
What Veteran’s day means to me.
I posted my daughter’s feeling……
November 10, 2008 - 08:33 PM on November 10th, 2008
I Wanna Be Ben Bernanke’s Barber…
Get it?
If you haven’t heard by now, Ben Bernanke is playing tight lips when it comes to letting the tax payers know where two trillion scooby snacks are. Scooby snacks being dollars, not “joints” you stoners.
Fed Chairman Ben S. ….
November 10, 2008 - 10:30 PM on November 10th, 2008
Happy BirthdaY Marines!…
“What Part of Marine Don’t you Understand.”
……
November 11, 2008 - 02:21 AM on November 11th, 2008
Breaking! Obama Names Members Of Newly Formed “Office Of Urban Development”…
Inner city citizens praise the new found use for tax money the government doesn’t have! Yet…
By Al Kamen (WaPo)
The intense back-stabbing amongst Democrats for top jobs in the Obama administration assumes there are a fixed number of job….
November 11, 2008 - 03:01 PM on November 11th, 2008
On man to rule them all?…
Exaggeration? Perhaps.
Yet, shouldn’t we consider the phrasing of one of his supporters?
Obama Spokesman Says ‘Obama Ready to RULE on Day 1′
The co-chair of Barack Obama’s Transition Team, Valerie Jarrett, appeared on Meet……
December 25, 2008 - 11:46 PM on December 25th, 2008
They are already promoting obama commemerative coins, and commemorative plates. The guy hasn’t even assumed office and they are already commemorating him.
Apparently they understand the need to tap the market of the suckers caught up in the euphoria of “change we can believe in’ before reality sets in…