Ka-Ching! Rahm Emanuel Raked in Big Bucks at Freddie Mac

I wonder if he'll be retroactively taxed at 100% for the money he made?

Before its portfolio of bad loans helped trigger the 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.

One of those board members was Rahm Emanuel, now chief of staff to President Obama. Emanuel earned at least $320,000 for his 14-month stint at Freddie Mac.

Emanuel plays a critical role in addressing the nation's mortgage woes and fulfilling the administration's pledge to impose responsibility on the financial world -- the type of responsibility that appeared to be absent at Freddie Mac.

Emanuel, 49, is a veteran Democratic strategist and fundraiser who served three terms in the U.S. House after helping elect President Clinton and serving as his White House political director. The Freddie Mac money was part of $16 million that Emanuel earned in three years as an investment banker a decade ago.

Clinton appointed him to the Freddie Mac board in February 2000.

The board met no more than six times a year. Unlike most directors, Emanuel was not assigned to any of the board's working committees, according to company proxy statements. A spokeswoman for Emanuel disputed that.

Emanuel and other new directors qualified for more than $300,000 in stock and options plus a $20,000 annual fee, records indicate.