Rahm Emanuel And His $320,000 Freddie Mac Stint

  Rahm Emanuel has a history with Freddie Mac and it isn’t a pretty one. Before Freddie Mac became infamous for helping to create the mortgage meltdown they were involved in another scandal and Rahm Emanuel was right in the midst of it.

  Freddie Mac was involved in a scheme to cook the books, but there was also another scandal that Freddie Mac was involved in during Emanuel’s 14 month stint there that paid him over $320,000, a plan to enhance Freddie Mac’s political clout and Rahm Emanuel benefited from this personally.

During his brief time on the board, the company hatched a plan to enhance its political muscle. That scheme, also reviewed by the board, led to a record $3.8 million fine from the Federal Election Commission for illegally using corporate resources to host fundraisers for politicians. Emanuel was the beneficiary of one of those parties after he left the board and ran in 2002 for a seat in Congress from the North Side of Chicago.

  On top of the exorbitant salary that Emanuel made and on top of the fund-raising money that  Freddie Mac made for Emanuel he also sold the stocks he was given by Freddie Mac for a little profit.

Financial disclosure statements that are required of U.S. House members show Emanuel made at least $320,000 from his time at Freddie Mac. Two years after leaving the firm, Emanuel reported an additional sale of Freddie Mac stock worth between $100,001 and $250,000. The document did not detail whether he profited from the sale.

  There are claims that Rahm Emanuel was directly involved in the strategies hatched by Freddie Mac to gain political clout and when he left the company he was the beneficiary of the strategy that he helped create. President Obama denied a request under the Freedom of Information Act to disclose exactly what Rahm Emanuel’s role with Freddie Mac was. We are left to draw our own conclusions and it seems very suspicious.