Rahm Emanuel's profitable stint at mortgage giant [Freddie Mac]

Chicago Tribune ^ | 3/26/09 | Bob Secter and Andrew Zajac

[Timeout]

Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator.

One of those allegedly asleep-at-the-switch board members was Chicago's Rahm Emanuel—now chief of staff to President Barack Obama—who made at least $320,000 for a 14-month stint at Freddie Mac that required little effort.

[Girlene]

From that same NY Times article, In Banking, Emanuel Made Money and Connections

......Confidants of Mr. Emanuel’s said he decided to try his hand at business because he wanted financial security for his family, before eventually returning to public service.

“He had a number in his head to make enough for the family,” said Ezekiel J. Emanuel, one of Rahm’s two brothers and a prominent bioethicist at the National Institutes of Health...........

So it seems Rahm wanted to make enough money (18 +MIL?) so that he would be financially secure, then come back to public life to mess with our security.

Also from that article, Rahm got one of those pesky "retention bonuses" that seem so "troubling"

....his hefty paydays came from bonuses for the business he brought in , as is customary in investment banking , along with the company’s sale in 2001 to the German Dresdner Bank, which allowed him to benefit from an equity stake, as well a large retention bonus paid to him based on his prior performance.

[RtWngr]

Move along. Nothing to see here. Relax - he’s a liberal democrat so it’s OK.

[Timeout]

Lots of good material here for futher EIB investigation/commentary.

[STARWISE]

Emanuel’s 2009 Senate earmarks:

http://blogs.suntimes.com/sweet/2008/04/rahm_emanuels_fiscal_year_2009.html

[PhilCollins]

This is more proof that Emanuel is corrupt. Obama says that we should change the government. If the voters, of the 5th District, want to show that they support a large change, they’ll vote for Rosanna Pulido, the founder and director of the Illinois Minuteman Project. Please read her site, www.rosannapulido2009.com.

[BookmanTheJanitor]

All that money...and he still had to wake up to this every morning (rent free, mind you)

[RoadKingSE]

Right now everyone should make a clever comment on a discussion board and send some email jokes to friends and co workers!

You go first.