Rahm Emanuel Was on Freddie Mac Board When They Cooked the Books

Of course this would only matter of Emanuel were a Republican and he was appointed White House Chief of Staff. But since he has that protective D after his name, it won't matter.

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 (click here to read) but the entire board was later accused by the Office of Federal Housing Enterprise Oversight (OFHEO) (click here to read) of having "failed in its duty to follow up on matters brought to its attention."

Say here Emanuel may have a little problem with paying his taxes.

Hmmm.

President Elect Obama - himself a connected, Chicago insider who has benefited from questionable land deals - may find it difficult to explain why his very own Chicago-based chief of staff doesn't pay property taxes like the "little guy" he claims to represent. Or perhaps allowing his wealthy friends to avoid taxes is part of Obama's trickle down redistribution economics. It's certainly the kind of "change" we Illinoisans can believe in...since we're quite familiar with it here in the federal indictment land of Daley, Blagojevich, Madigan, Jones, Cellini, Rezko, etc., etc.

Thanks to Hot Air for the link. Laura Ingraham and A Blog For All also link. Thanks!