Emanuel Was Director Of Freddie Mac During Scandal

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Anyone have any info on this? A right-winger I know is absolutely CROWING about this.

LINK

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.

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."
In a statement to ABCNews.com, a spokesperson said Emanuel served on the board for "13 months-a relatively short period of time."

The spokesperson said that while on the board, Emanuel "believed that Freddie Mac needed to address concerns raised by Congressional critics."

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1. The report also said . . .

. . . board members appointed by the President, such as Emanuel, serve terms that are far too short "for them to play a meaningful role on the Board."

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2. Perfect - thank-you!

:hi:

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3. Your right-winger acquaintance is a jerk. What was the catalyst for this crap was Phil Graham

and the deregulation and roll back of Glass Stegal Act.

That brought us lack of transparency with CDS and all other kinds of unregulated mortgage derivatives

He remembers phil graham doesn't he? He was McCain's financial adviser and had to step back when he called Americans a bunch of whiners

Your right winger cares NOTHING for this country

Obama hasn't even taken office and he is being bashed by the media and the right

Nothing like that was done with his boy bush

Obama is working his ass off right now, something that bush never did, and when he assumes office next year, we will be on the road to recovery after this eight year nightmare

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4. I will bring this stuff up to him - thanks!

He's being a real tool...