So how did twinkle-toes get rich?
How many multi-millionaires have only ever held government jobs?
Better question: How many politicians became multi-millionaires only after they were elected to office?
This is the funny part: He's one of those rich bankers Obama is always railing against. Even better, while Obama rails against the mortgage companies, Rahm was on the board of Freddie Mac during the scandal years!
After serving as an advisor to Bill Clinton, in 1998 Emanuel resigned from his position in the Clinton administration and joined the investment banking firm of Wasserstein Perella (now Dresdner Kleinwort), where he worked until 2002.
Although he did not have an MBA degree or prior banking experience, he became a managing director at the firm’s Chicago office in 1999 and, according to Congressional disclosures, made $16.2 million in his two-and-a-half-years as a banker.
Emanuel was named to the Board of Directors of the Federal Home Loan Mortgage Corporation (Freddie Mac) by President Bill Clinton in 2000. His position earned him at least $320,000, including later stock sales.
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January 2007 USA Today reported on Emanuel and his wife’s tax-exempt “foundation” (operated out of their Chicago residence). The tax-exempt “Rahm Emanuel and Amy Rule Charitable Trust” was formed in 2002, when the 4-term Chicagoan was first elected to Congress. Rahm and his wife, Amy Rule (a convert to Judaism), are its only donors. At one point the Emanuels did not pay real estate taxes b/c their residence is the tax-exempt foundation’s office. According to the Cook County Assessor’s website multi-millionaire Rahm Emanuel’s Chicago home doesn’t exist. There seems to be no public record of Emanuel ever paying property taxes on this home. The Cook County Assessor’s and Cook County Treasurer’s online records indicate Emanuel’s neighbors pay between $3,500-$7,000 annually. Illinois Review was unable to locate any evidence that Emanuel-— a multi-millionaire-—was paying taxes.
” Tax Collector “delisted” the property...”
During the past three years, Emanuel’s charity gave nearly $25,000 to the Anshe Emet synagogue and school [a private school that the Rahm/Rule children attend], and $15,000 to the foundation run by former president Bill Clinton.
Emanuel - the White House chief of staff reported 2008 investment income of at least $168,107 on a portfolio worth between $4.5 million and $11 million.
After leaving the Clinton White House — and before running for Congress from Chicago’s North Side — Emanuel made more than $16 million in 21/2 years as an investment banker.
Many of his investments are now in municipal bonds, a favored choice of the wealthy because their interest is tax-exempt. Emanuel has dozens of the bonds, whose issuers range from McHenry County to the Northeast Nebraska Solid Waste Coalition.
How did Emanuel make his money? The old fashioned way: by trading upon the government contacts that he made.
After leaving the Clinton Administration, Emanuel, with no previous business background, set himself up as an investment consultant and merger broker. When the local telephone company was sold, Emanuel and others, allegedly including former Commerce Secretary William Daley (brother of the Chicago mayor), scored millions in commissions and fees for helping to facilitate the deal. Allegedly, Rahm received close to $18 million.
This was the source of Rahm Emanuel’s personal wealth. Of course, he has a father and a brother who are doctors, plus the agent brother in Hollywood.
It begs the question why he was arguing over paying pennies to his tenants to cancel the remainder of their lease. His tightwad ways may cost him the prize that he covets.