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Thread: Rahm Emanuel's board membership on Freddie Mac

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    Default Rahm Emanuel's board membership on Freddie Mac

    The story explains Emanuel's membership on the board of Freddie Mac.

    Eric

    http://www.chicagotribune.com/news/p...,5682373.story

    http://tinyurl.com/cfdzee

    Rahm Emanuel's profitable stint at mortgage giant
    Short Freddie Mac stay made him at least $320,000
    By Bob Secter and Andrew Zajac | Tribune reporters
    March 26, 2009

    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.

    -more-

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    Senior Member road kill's Avatar
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    Quote Originally Posted by Eric Johnson View Post
    The story explains Emanuel's membership on the board of Freddie Mac.

    Eric

    http://www.chicagotribune.com/news/p...,5682373.story

    http://tinyurl.com/cfdzee

    Rahm Emanuel's profitable stint at mortgage giant
    Short Freddie Mac stay made him at least $320,000
    By Bob Secter and Andrew Zajac | Tribune reporters
    March 26, 2009

    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.

    -more-
    Yeah, but.........
    Stan b & Elvis

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    Senior Member Franco's Avatar
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    I'd like to see an investigation into a coverup of the fiasco Barney Frank created and encouraged at Freddie & Fannie. Is Emanuel involved? This all started with the home mortgage crisis and as much as the Repubs raised concern, the Dems got thier way. Lets not forget which party gained control of both houses in early 06. We can blame Bush on his outrageous spending on the war in Iraq.
    Last edited by Franco; 03-26-2009 at 07:47 PM.
    Collecting more taxes than is absolutely necessary is legalized robbery. Calvin Coolidge



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    Quote Originally Posted by Mr Booty View Post
    I'd like to see an investigation into a coverup of the fiasco Barney Frank created and encouraged at Freddie & Fannie. Is Emanuel involved? This all started with the home mortgage crisis and as much as the Repubs raised concern, the Dems got thier way. Lets not forget which party gained control of both houses in early 06. We can blame Bush on his outrageous spending on the war in Iraq.
    The timing's off for blaming it on the Dems. The market bubble was already ripe and ready to split by the time the sun rose on 2006. The collapse of the mortgage market began with an unsustainable boom in 2002/2003 and by 2005 the market was already turning south as a result of increasing interest rates.
    Last edited by YardleyLabs; 03-26-2009 at 07:57 PM.

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    Senior Member Franco's Avatar
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    Quote Originally Posted by YardleyLabs View Post
    The timing's off for blaming it on the Dems. The market bubble was already ripe and ready to split by the time the sun rose on 2006. The collapse of the mortgage market began with an unsustainable boom in 2002/2003 and by 2005 the market was already turning south as a result of increasing interest rates.
    I'll have to reaserch when Barney Frank took over Freddie & Fannie. It was during the 02/03 window when Bush raised concern about the mortgage market and it was B Frank that said everything was fine! Lets not forget who started the encourgement of making mortgage loans to unqualified buyers. That began in the 90's under Clinton. It's the socialist mentallity that had us over-spending, over-borrowing and over-lending and now we are going to have more and bigger socialism.

    Do you not see this current administration as being socialist?
    Last edited by Franco; 03-26-2009 at 08:07 PM.
    Collecting more taxes than is absolutely necessary is legalized robbery. Calvin Coolidge



  6. #6
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    Quote Originally Posted by Mr Booty View Post
    I'll have to reaserch when Barney Frank took over Freddie & Fannie. It was during the 02/03 window when Bush raised concern about the mortgage market and it was B Frank that said everything was fine! Lets not forget who started the encourgement of making mortgage loans to unqualified buyers. That began in the 90's under Clinton. It's the socialist mentallity that had us overspending and over lending and now we are going to have more and bigger socialism.

    Do you not see this current administration as being socialist?
    It's not even close.

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    Senior Member Franco's Avatar
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    Quote Originally Posted by YardleyLabs View Post

    It's not even close.
    That's what I say!

    These guys are so far out of the closet that I'm surprised they are not wearing Mao jackets.

    It won't be long before they tell us ALL that we will have to wear "green friendly" uniforms.
    Last edited by Franco; 03-26-2009 at 08:13 PM.
    Collecting more taxes than is absolutely necessary is legalized robbery. Calvin Coolidge



  8. #8
    Senior Member YardleyLabs's Avatar
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    Quote Originally Posted by Mr Booty View Post
    That's what I say!

    These guys are so far out of the closet that I'm surprised they are not wearing Mao jackets.
    Maybe I should have been more explicit. It's not even close to being socialist. I have spent time in both communist and socialist countries and economies. There is a good reason why even the most communist of governments have moved towards market based economies. Planned economies don't work.

    However, the notion that somehow a completely free market will magically produce good results is no less of a fiction than believing that bureaucrats can run markets intelligently. Some level of regulation is essential. Similarly, believing that a society has responsibilities for providing some form of a "social safety net" is not the equivalent of launching a new Bolshevik revolution.

    Happily, the majority of Americans care little about ideology. They want some level of governments services and, being sane, would love to get those services for free. Failing that, they are prepared to pay for some services and not to pay for others. Today, among developed nations, America has one of the lowest tax rates and lowest levels of public spending. We spend more for the military than almost any other country, and less for social services. Over the last 30 years, the role of government has actually shrunk in economic areas and tfederal expenditures have declined as a percentage of GDP (from 22% to 20%). Our tax rates on high income families are less than half of what they were under Eisenhower and the disparity in incomes and wealth between the top 1% or 5% of the population and everyone else have grown dramatically. None of that strikes me as evidence that we are on the road to socialism.

    However, I believe that the pendulum has swung too far in one direction and it's time for it to swing back. We weren't socialist in 1960, 1970, 1980, or 1990. If we returned tax rates and income distribution levels to something closer to what existed in 1980 or 1990, we would still not be socialist, but our economy and our society might be stronger.

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    Senior Member Franco's Avatar
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    Quote Originally Posted by YardleyLabs View Post
    Maybe I should have been more explicit. It's not even close to being socialist. I have spent time in both communist and socialist countries and economies. There is a good reason why even the most communist of governments have moved towards market based economies. Planned economies don't work.

    However, the notion that somehow a completely free market will magically produce good results is no less of a fiction than believing that bureaucrats can run markets intelligently. Some level of regulation is essential. Similarly, believing that a society has responsibilities for providing some form of a "social safety net" is not the equivalent of launching a new Bolshevik revolution.

    Happily, the majority of Americans care little about ideology. They want some level of governments services and, being sane, would love to get those services for free. Failing that, they are prepared to pay for some services and not to pay for others. Today, among developed nations, America has one of the lowest tax rates and lowest levels of public spending. We spend more for the military than almost any other country, and less for social services. Over the last 30 years, the role of government has actually shrunk in economic areas and tfederal expenditures have declined as a percentage of GDP (from 22% to 20%). Our tax rates on high income families are less than half of what they were under Eisenhower and the disparity in incomes and wealth between the top 1% or 5% of the population and everyone else have grown dramatically. None of that strikes me as evidence that we are on the road to socialism.

    However, I believe that the pendulum has swung too far in one direction and it's time for it to swing back. We weren't socialist in 1960, 1970, 1980, or 1990. If we returned tax rates and income distribution levels to something closer to what existed in 1980 or 1990, we would still not be socialist, but our economy and our society might be stronger.
    I'll start at the top.

    I agree that planned economies don't work and that is why we are wasting TRILLIONS in the bogus stimulus bill. Most of that money is nothing more than political payback to those that supported the Dems. Like 2 BILLION to ACORN and jobs for organized labor. You may have heard that our creditors are getting ready to cut us off because they see the folly!

    I trust private business more than I trust the idiots in DC to get us out of this mess. Bigger government is never the solution. Only Socialist think so.

    Lowest level in public spending? That is because in the past were able to take care of ourselves. Now the government want to take care of us, more socialism.

    Now we have;
    Our government running businesses like AIG, telling them what they can and can't do.
    Same with many banks.
    Federalized Health Care is coming.
    Heavier tax burdens on the productive to give to the underachievers.
    Higher taxes for everyone to support massive social programs.

    If it walks like a duck, quacks like and duck, then guess what?
    Collecting more taxes than is absolutely necessary is legalized robbery. Calvin Coolidge



  10. #10
    Senior Member YardleyLabs's Avatar
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    Quote Originally Posted by Mr Booty View Post
    I'll start at the top.

    I agree that planned economies don't work and that is why we are wasting TRILLIONS in the bogus stimulus bill. Most of that money is nothing more than political payback to those that supported the Dems. Like 2 BILLION to ACORN and jobs for organized labor. You may have heard that our creditors are getting ready to cut us off because they see the folly!

    I trust private business more than I trust the idiots in DC to get us out of this mess. Bigger government is never the solution. Only Socialist think so.

    Lowest level in public spending? That is because in the past were able to take care of ourselves. Now the government want to take care of us, more socialism.

    Now we have;
    Our government running businesses like AIG, telling them what they can and can't do.
    Same with many banks.
    Federalized Health Care is coming.
    Heavier tax burdens on the productive to give to the underachievers.
    Higher taxes for everyone to support massive social programs.

    If it walks like a duck, quacks like and duck, then guess what?
    $2 billion to ACORN??? That must have been in a different bill. It isn't in the stimulus bill which provides no money to ACORN. With respect to being cut off by our creditors, I share your concern. Had it not been for the doubling of the deficit over the prior eight years because of increased spending combined with massive tax cuts we would not be facing that problem today and would probably not be an economic basket case as we are today. Obama's 10 year plan calls for continuing deficits even assuming the economy rebounds. I am opposed to that aspect of his plans.

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