Book: Rahm Emanuel Dumped Tons Of Freddie Mac Stock Days Before It Collapsed

[KoKo]

Book: Rahm Emanuel Dumped Tons Of Freddie Mac Stock Days Before It Collapsed

by Zeke Miller

Former White House Chief of Staff Rahm Emanuel is the latest lawmaker to get caught up in allegations of insider trading while a member of Congress.

Then-Rep. Emanuel reportedly sold up to $250,000 in Freddie Mac stock on February 21, 2003 days before it dropped by 10 percent — and weeks before it was publicly revealed that the entity was under criminal investigation for inflating earnings. The allegations are revealed in Peter Schwiezer'snew book "Throw Them All Out," which will hit bookshelves tomorrow.

Emanuel served on the board of the Government-backed lender before his election to Congress in 2003, and later held a seat on the House Financial Services' Committee's Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises — the very committee charged with regulating the Freddie Mac.
While by no means illegal; lawmakers are exempted from the insider trading laws they impose on private traders. But the timing of the trades is certainly suspect, especially given Emanuel's service on the board during the time period for with the federal government was investigating the actions of Freddie Mac executives.

Read more: http://www.businessinsider.com/book-rahm-emanuel-dumped-tons-of-freddie-mac-stock-days-before-it-collapsed-2011-11#ixzz1diWQNYH0

[Robb]

1. Well, if you can't trust Peter Schwiezer, who can you trust, eh?

:rofl:

[Swede]

5. Of the Hoover Institute,no less.

blech

[Skittles]

2. they're all corrupt bastards

[sixmile]

3. It's easy enough to prove

and near-fetched.

Insider trading needs to stop across the board.

[sufrommich]

4. From a book written by Sarah Palin's "foriegn policy advisor".

Here's another book he wrote:

Architects of Ruin: How a Gang of Radical Activists and Liberal Politicians Destroyed Trillions of Dollars in Wealth in the Pursuit of Social Justice, 2009 (ISBN 0-061-95334-2)

[mod mom]

20. It shouldn't matter who wrote it if it's true-prosecute him!

[ProSense]

6. The

book is by a RW hack with ties to Breitbart.

Still, why is this a focus? Rahm Emanuel was only a member of Congress less than a month before this alleged incident. Maybe he had to divest?

Here's something more current to focus on: One Day After Attending Private Economic Crisis Briefing, GOP Financial Services Chairman Bet On Stocks Tanking

[Electric Monk]

8. More important: Is the accusation true or false? nt

[ProSense]

9. Actually,

"More important: Is the accusation true or false?"

...this is more important.

Rahm could have sold the stock, but again, what does that have to do with anything. He was in his first couple of months in Congress. The context and details matter.

On the other hand, the context and details about Bachus' trades are current, detailed and relevant.

[Robb]

10. If Rahm would only show his birth certificate, we could put this all behind us.

[KoKo]

13. No one whose posted yet ...seems to be able to answer that question...so

it's "kill the messenger," not expose what is said as not the truth.

[FrenchieCat]

7. Really, Koko......

Why spread RW smut here? Are you just looking for negativity, without regard to where it emanates? :shrug:

[ProSense]

12. Then

"Why spread RW smut here?"

...people wonder who is emboldening these RW liars by giving them credibility.

[avaistheone1]

11. Trading on inside information, eh?

:wtf:

[mod mom]

19. aren't there laws against that? book him!

[tomp]

14. shocked!

not!

as if there wasn't enough to hate about rahm.

[mmonk]

15. Be careful or you will be accused of palling around with Grover Norquist.

[rpannier]

16. K&R

Because I didn't know...While by no means illegal; lawmakers are exempted from the insider trading laws they impose on private traders.
Why are they exempted from insider trading laws?

[eShirl]

17. because they are raiding the cookie jar with both hands

[CanonRay]

18. I'm starting to believe the gov't is almost completely corrupt

there are possibly a handfull of the 535 members of Congress who are not corrupt. Maybe 10 or less. This has got to stop.

[THobbes]

21. "While by no means illegal" THIS IS A LIE!

PROFESSOR: Oh Please, Of Course Congressional Insider Trading Is Totally Illegal

http://www.democraticunderground.com/discuss/duboard.php?az=post&forum=439&topic_id=2314533&mesg_id=2314553

[bvar22]

22. Martha Stewart went to JAIL for far less.

...but Rahm is a member of the Other America.

When you don't have an honest rebuttal,
ATTACK THE MESSENGER!!!




You will know them by their WORKS,
not by their excuses.
Solidarity99!
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[rpannier]

23. Martha wasn't in Congress

I guess that's the only criterion that matters.