Emanuel Was Director Of Freddie Mac During Scandal

[SlowDownFast]

What do folks make of this?

Emanuel Was Director Of Freddie Mac During Scandal

New Obama Chief of Staff, Others on Board, Missed "Red Flags" of Alleged Fraud Scheme

By BRIAN ROSS and RHONDA SCHWARTZ
November 7, 2008

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 but the entire board was later accused by the Office of Federal Housing Enterprise Oversight (OFHEO) 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."

more:
http://www.abcnews.go.com/Blotter/story?id=6201900&page=1

[HeresyLives]

1. Nothing.

He was there for how long? How many years ago?

And the article clears him.

[SlowDownFast]

2. Not trying to start anything by it....

I'm discussing it on another forum with a member who's using this article to assign blame to Emanuel as an architect/enabler of our current financial crisis.

Looking for solid rebuttals.

[Narkos]

3. I think it's bullshit. The whole Fannie/Freddie meme has

been debunked by this
http://www.mcclatchydc.com/251/story/53802.html

and this
howdidthishappen.org

[Shoelace]

4. thanks, I'm on another forum discussing the same issue

apparently the conservative blogs are hot on this right now so it's good to have ammo when needed to stop them dead in their tracks.