Archive for the ‘Rahm Emanuel’ Category

ABC News

President-elect Barack Obama’s newly appointed chief of staff, Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when scandal was brewing at the troubled agency and the board failed to spot “red flags,” according to government reports reviewed by ABCNews.com.

According to a complaint later filed by the Securities and Exchange Commission, Freddie Mac, known formally as the Federal Home Loan Mortgage Corporation, misreported profits by billions of dollars in order to deceive investors between the years 2000 and 2002.

Our President Elects new Chief of Staff of Staff was appointed to this board by Bill Clinton in 2000 when scandal was going on from within Freddie Mac.  He was later accused, as well as the rest of the board, by the Office of Federal Housing Enterprise Oversight of having “failed in its duty to follow up on matters brought to its attention.”

During the years 2000, 2001 and 2002, according to the SEC, Freddie Mac substantially misrepresented its income to “present investors with the image of a company that would continue to generate predictable and growing earnings.”

I don’t think that republicans are going to pursue this, but I know if it was a republican in the situation the Media would be all over this.  With some economists saying that Freddie Mac may have been the start to the whole economic problem we have been having recently.  Do we really want this guy running any part of our country.


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