Feb
17
2009
19

New York Post: Rahm Emanuel Freddie Mac board member during fraud years.

[UPDATE]: Welcome, Instapundit readers.

Funny how this sort of thing takes forever to make the papers. From Dick Morris and Eileen McGann:

RAHM’S ‘RENT’ IS JUST THE TIP OF ETHICS ICEBERG

[snip]

Consider: Emanuel served on the Freddie Mac board of directors during the time that the government-backed lender lied about its earnings, a leading contributor to the current economic meltdown.

The Federal Housing Enterprise Oversight Agency later singled out the Freddie Mac board as contributing to the fraud in 2000 and 2001 for “failing in its duty to follow up on matters brought to its attention.” In other words, board members ignored the red flags waving in their faces.

The SEC later fined Freddie $50 million for its deliberate fraud in 2000, 2001 and 2002.

Meanwhile, Emanuel was paid more than $260,000 for his Freddie “service.” Plus, after he resigned from the board to run for Congress in 2002, the troubled agency’s PAC gave his campaign $25,000 – its largest single gift to a House candidate.

That’s what friends are for, isn’t it?

(more…)

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