Saturday, November 8, 2008

Emanuel Was Director of Freddie Mac

Truth Leaks Begin: Emanuel Was Director of Freddie Mac

Now that Barack Obama has won his bid for the White House, Americans should get ready to learn some inconvenient truths about him and the folks surrounding the president-elect that media have safely hidden from the public in order to promote his messiah-like image.

First out of the gate were revelations about Rep. Rahm Emanuel (D-Ill.), the Obama supporter and Congressional Democratic Caucus chairman Obama has tapped to be his Chief of Staff (please see my colleague Jeff Poor's November 6 report on this subject).

On Friday, ABC's Brian Ross reported that Emanuel was on the Board of Directors of the failed financial institution Freddie Mac, a nice little tidbit conservatives on radio and in the blogosphere felt was important during this campaign, but for the most part mainstream media outlets didn't care about...conveniently until now (emphasis added, photo courtesy

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

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.

Emanuel was not named in the SEC complaint (click here to read) but the entire board was later accused by the Office of Federal Housing Enterprise Oversight (OFHEO) (click here to read) of having "failed in its duty to follow up on matters brought to its attention." [...]

The actions by Freddie Mac are cited by some economists as the beginning of the country's economic meltdown.

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