Posted on 12/19/2008 5:55:46 AM PST by Liz
In late 1998, during the Monica Lewinsky scandal, Rahm Emanuel, a departing senior political aide to President Bill Clinton, ventured out to an elegant restaurant in Dupont Circle for something of a job interview....... John Simpson, of the investment banking boutique Wasserstein Perella & Company's Chicago office, flew to Washington to meet Emanuel at the behest of Simpson’s boss, Bruce Wasserstein, a major Dem donor and renowned Wall Street dealmaker.......“I had this idea that this could work and that it had upside,” Mr. Wasserstein, now CEO of Lazard, the investment bank.......
Over the course of a 3-hour-plus dinner, they discussed how they might work together......afterward, Mr. Emanuel accepted an offer, nudging him down a well-trodden gilded path out of politics and into the lucrative world of business.....then went on to make more than $18M in just 2 1/2 years, turning his substantial political Rolodex into paying clients and directing his negotiating prowess and trademark intensity to mergers and acquisitions. He benefited from the sale of Wasserstein Perella to a German bank, getting an unusually large payout.
Former colleagues said Emanuel's insight on the financial services sector is invaluable especially now. But Mr. Emanuel built up strong ties with an industry now at the heart of the economic crisis, one that will be girding for a pitched lobbying battle next year as the incoming Democratic administration considers a potentially sweeping regulatory overhaul.
After Mr. Emanuel left banking to run for Congress, members of the securities and investment industry became his biggest backers, donating more than $1.5M to his campaigns dating back to 2002, according to the Center for Responsive Politics. Mr. Emanuel also leaned heavily upon the industry as 2006 Dem Congressional Campaign Committee Chair. Financial industry donors contributed more than $5.8M to the Dem committee, behind only retirees.
(Excerpt) Read more at dealbook.blogs.nytimes.com ...
Ain't that sump'n? Rahm makes friends so easily----betcha he was voted "most likely to succeed."
After Mr. Emanuel left banking to run for Congress, members of the securities and investment industry became his biggest backers, donating more than $1.5 million to his campaigns dating back to 2002, according to the Center for Responsive Politics.
How much did Ponzi Madoff, and that ilk, donate to Rahm?
With Rahm in the WH, Madoff might be dreaming of a presidential pardon........not a White Christmas.
Madoff’s victims are starting to call for a bailout!
Where’s my bailout ?
“then went on to make more than $18M in just 2 1/2 years”
Rmember the outrage when Newt made 4 mil on his book deal? What exactly do you trade for this kind of loot?
I know, Terry McAuliffe! That's how much he sucked out of Global Crossing before it went belly up. He did it a year sooner than Rahm but Terry did pony up 100k to prime the pump, so to speak.
Well, now that we've set the price, too bad Blago didn't just ask for $18M himself instead of all that long, drawn out haggling that gave Fitz enough time to nail him.
Hey, how much did Madame Secretary-elect make on those cows?
Chump change by today's back room dealings......
N-i-c-e take.
That IS a coincidence (snicker). Must be the going rate for Dem schlmiels.
This continues to cascade...
Rahm’s story (and he’s sticking to it), is that he cut off the tip of his middle finger in a meat slicer. Guess he should have stuck with ballet — her trained at the Joffrey Ballet, but reportedly turned down a scholarship there.
We need expert FR photoshoppers to inser Rahm's pic here.
How did Rahm answer about gun ownership?
How about legal problems, including traffic violations with fines above $50?
How did Rahm outline his nunerous ties to financial institutions involved in the federal bailout.
Will Rahm's emails to Bernie Madoff embarass Obama?
Did he mention his position on the Board of the corrupt Freddie Mac?
Watta financial genius. Maybe Bernie Madoff gave him some inside tips? (snicker)
Quoting an astute poster: The idea that Emmanuel made $18 million dollars in 2 1/2 years because he was an “effective banker” is preposterous!
Consider that $18 million dollars is not coming out of thin air. It’s coming off the backs of illegal labor, sweat shops, slave labor in the Congo, outsourcing to the lowest bidder............
......so Rahm could meet that “number he had in his head. Rahm would do ANYTHING to make enough for his family” (his brother’s comment) before he “gave back” by working in the public sector.
In the public sector he’ll get a pension for life and a gold-plated health plan. He’s not “giving back”...... he’s taking even more.
Obama seemed better than Hillary Clinton her husband, and members of the Clinton administration.....who were too easily swayed by the easy money on Wall Street.....Chelsea works for a hedge fund.
How are we even going to begin to effect a change in this country if the president-elect’s closest advisor rationalized earning $18.5 million in two and a half years to......um......support his family???
Most Americans won’t earn a fraction of that amount of money in their entire lifetimes.
The money Rahm made did not come out of thin air......it was taken. Let’s drop this fatuous notion of “giving back” .......let's have a govt that make it possible for everyone to make it on their own.
I am shocked, shocked.
"Gee, is it me......or is it getting hot in here?"
"Gosh, I hope it not's ANOTHER Chicago Fire."
I’m convinced that most people become politicians for their own personal enrichment. It hasn’t much to do with public service.
Best true statements of the night IMHO. More people need to understand this about the backstabbing trash we keep sending to Washington!
The classic politician likes to say he is “for his fellow man” (and is willing to make a buck on it).
The connection may well be Wasserstein...his firm Lazard has been hired to oversee Madoff's finances.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.