“Why did Rahm want that job?”
Democrat politicians are all about money and power - personal money for themselves and personal power for themselves, that is (see, for example, the Clintons).
Rahm parlayed his connections with the Clintons into a job at a Chicago investment firm, at which he made some $16 million dollars (despite having no professional training in business). He was later appointed to the Board of Directors of Freddie Mac, where he pulled in some more bucks. So he’d taken care of the money end.
Mayor of Chicago was the power part - the machine dropped that position in his lap, despite the fact that he’d had no real residency in the city during the time required for his eligibility to run for that office.
If he had to run again today, he’d probably get tossed, despite the machine - the blacks hate him, the hispanics hate him, the teachers hate him, the cops hate him, and most of the remaining whites hate him - he’s an arrogant little sh!t and everybody knows it. The business community that profits from cronyism and the ward heelers who steer benefits to their constituencies are what kept in power in the last go round.
Thanks. I didn’t know all the details.
I know people who used to work at Freddie Mac. They had responsible high level positions.
They all said Rahm Emanuel pushed very hard for the policy of making questionable sub prime loans. The said the professionals were opposed to it. Rahm and the political types pushed hard for it.
They also said there was organized mortgage fraud in which criminal groups would organize applications for fraudulent mortgages to fictitious sub prime borrowers. All the documents were fraudulent. Emmanuel would push for these.
The heads of Fannie Mae and Freddie Mac were Clinton people during the time they went into bankruptcy. Franklin Raines, former Budget Director for President Clinton, CEO from 1999 to 2004, James Johnson, former aide to Democratic Vice-President Walter Mondale and ex-head of Obama’s Vice-Presidential Selection Committee, CEO from 1991 to 1998; and Jamie Gorelick, former Deputy Attorney General to President Clinton, and Vice-Chairman from 1998 to 2003. In his position, Johnson earned an estimated $21 million; Raines earned an estimated $90 million; and Gorelick earned an estimated $26 million. These top executives were also involved in mortgage-related financial scandals
Freddie Mac along with Fannie Mae went into Federal conservatorship in 2008. The bailout of Freddie Mac and Fannie Mae cost taxpayers over $150 billion