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