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Politics : I Will Continue to Continue, to Pretend....
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To: Sully- who wrote (28750)11/8/2008 1:37:31 AM
From: Sully-   of 35834
 
Imagine if this were Bush's Chief of Staff

Betsy's Page

ABC reminds us of Rahm Emmanuel's role in the mortgage crisis.


<<< 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." >>>

His spokesman is denying that he had any role in the financial crisis because he was only there for 13 months. Hmmm. Do government officials get a 13-month grace period for mistakes? I don't think so. At least Republican ones don't. Can you imagine if someone in the Bush administration had this connection to Freddie Mac? Or if he tried to use the "I was just on the board and didn't know what was going on" excuse?

betsyspage.blogspot.com
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