Just Some Poor Schmuck

Emanuel tied to Freddie Mac collapse; Update: The numbers for Emanuel

“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.

www.dcexaminer.com >> Timothy Carney

Sixteen years ago, when Bill Clinton was moving into the White House, good-government liberals were disheartened that the President-elect named his campaign’s top fundraiser, Rahm Emanuel, as White House political director. They read this as a sign that cash would be king in the Clinton Administration. They were right.

Four elections later, after getting rich in a brief stint in finance, Emanuel is the favorite congressman of Wall Street, measuring by campaign contributions. In the midst of a financial crisis that President-elect Barack Obama blames on Wall Street’s greed and excessive influence in Washington, Emanuel is once again headed to a perch of power in a Democratic White House, this time as chief of staff.
Four elections later, after getting rich in a brief stint in finance, Emanuel is the favorite congressman of Wall Street, measuring by campaign contributions. In the midst of a financial crisis that President-elect Barack Obama blames on Wall Street’s greed and excessive influence in Washington, Emanuel is once again headed to a perch of power in a Democratic White House, this time as chief of staff.