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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…
Emanuel’s Freddie Mac involvement has been a prominent point on his political résumé, and his healthy payday from the firm has been no secret either. What is less known, however, is how little he apparently did for his money and how he benefited from the kind of cozy ties between Washington and Wall Street that have fueled the nation’s current economic mess.
More from Ken Silverstein:
Lucas Mann on hope and change in a minor-league-baseball city
Minimum number of baboons forced to smoke crack in a 1989 study testing the efficacy of cigarettes as a drug delivery device:
A reduction in distrust toward atheists was documented among pious Canadians who are reminded of the Vancouver police.
A Missouri cinema apologized for hiring an actor dressed in body armor and carrying a fake rifle to appear at a screening of Iron Man 3.
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