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"Emanuel Was Director Of Freddie Mac During Scand

Published:

Wow a man of such accomplishment missing something that obvious!!!  Shame!!  No No

Two articles posted, second one about the busy work he's intending to assign us.

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"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

Source ABCnews.com

"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."

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."

Freddie Mac agreed to pay a $50 million penalty in 2007 to settle the SEC complaint and four top executives of the Federal Home Loan Mortgage Corporation were charged with negligent conduct and, like the company, agreed to settle the case without admitting or denying the allegations.

The actions by Freddie Mac are cited by some economists as the beginning of the country's economic meltdown.

The federal government this year was forced to take over Freddie Mac and a sister federal mortgage agency, Fannie Mae, pledging at least $200 billion in public funds.

Freddie Mac records have been subpoenaed by the Justice Department as part of its investigation of the suspect accounting procedures.

Emanuel was named to the Freddie Mac board by President Bill Clinton in 2000 and resigned his position when he ran for Congress in May, 2001.

Freddie Mac Misrepresented Income, Says SEC

During the years 2000, 2001 and 2002, according to the SEC, Freddie Mac substantially misrepresented its income to "present investors with the image of a company that would continue to generate predictable and growing earnings."

The role of the 18-member board of directors, including Emanuel, was not addressed in the SEC's public action but was heavily criticized by the oversight group (OFHEO) in 2003.

The oversight report said the board had been apprised of the suspect accounting tactics but "failed to make reasonable inquiries of management."

The report also said board members appointed by the President, such as Emanuel, serve terms that are far too short "for them to play a meaningful role on the Board."

As a Congressman, Emanuel recused himself from any votes dealing with Freddie Mac until just this year.

In dealing with the nation's economic crisis, the new White House chief of staff will almost certainly be involved in discussions about the house and mortgage markets.

Emanuel's spokesperson said, "As White House chief of staff he will work with President-elect Obama and his economic advisers to help ensure we protect taxpayers and homeowners." "

Click Here for the Investigative Homepage.  "

President-Elect Obama's real test on transparency is yet to come.


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

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"Emanuel volunteers Americans to do 'a lot'

'If you're worried about having to do 50 jumping jacks the answer is yes'

Posted: November 13, 2008
1:00 am Eastern

By Bob Unruh
Source  © 2008 WorldNetDaily

 

A video of a 2006 interview with now-Chief of Staff Rahm Emanuel for president-elect Barack Obama reveals plans for mandatory induction for all young adults into a civilian "force."

"If you're worried about, are you going to have to do 50 jumping jacks, the answer is yes," Emanuel told the interviewer, a reporter who was podcasting for the New York Daily News at the time.

WND reported last weekend when the official website for Obama, Change.gov, announced he would "require" all middle school through college students to participate in community service programs.

However, after a flurry of blogs protested children being drafted into Obama's proposed youth corps, officials softened the website's wording.

Originally, under the tab "America Serves," Change.gov read, "President-Elect Obama will expand national service programs like AmeriCorps and Peace Corps and will create a new Classroom Corps to help teachers in under served schools, as well as a new Health Corps, Clean Energy Corps, and Veterans Corps.

"Obama will call on citizens of all ages to serve America, by developing a plan to require 50 hours of community service in middle school and high school and 100 hours of community service in college every year," the site announced.

WND previously reported on a video of a marching squad of Obama youth and Obama's "civilian national security force," which he said in July would be just as powerful and well-funded as the U.S. military.

Now comes the Emanuel video, which has been embedded here:

In the interview, Emanuel was questioned whether participants in the proposed force would live in barracks.

"Somewhere between the age of 18 to 25 you will do three months of training. You can do it at some point in your college time," he said. "There can be nothing wrong with all Americans having a joint, similar experience of what we call civil defense training or civil service."

Emanuel said the planned requiring service "will give people a sense of what it means to be an American."

He said, of course, the plan at that point was flexible.

"We propose three months [but] at the end of the day [if] someone says it should be four … I'm not going sit here and hold up [plans]," Emanuel said.

When the reporter questioned the commitment, Emanuel responded, "Guess what. We have a lot more challenges. We are going to need a lot to do it. If you're worried about are you going to have to do 50 jumping jacks the answer is yes."

He chuckled at the reporters concerns.

"Rather than figure out if whether you take a train ride or a barrack. … Think of it this way, it will be a common experience.

"There will be a body of citizens who are ready, capable and trained," he said.

But the plan, especially its demand that Americans participate in a domestic "force," has been raising questions.

The blogger Gateway Pundit called Obama's plan the "creation of his Marxist youth corps," and DBKP commented, "'Choosing' to serve should be approved by parents – not required by the government. No amount of good intentions can sugar-coat words like 'mandatory,' 'compulsory' or 'required.'"

Emanuel uses his book, "The Plan: Big Ideas for America," to specify that he would propose, for all Americans ages 18 to 25, that they "serve their country by going through three months of basic training, civil defense preparation and community service."

Obama, meanwhile, also has yet to clarify what he meant during his July "Call to Service" speech in Colorado Springs in which he insisted the U.S. "cannot continue to rely only on our military in order to achieve the national security objectives we've set" and needs a "civilian national security force."

A video of his comments is here:  "

http://worldnetdaily.com/index.php?fa=PAGE.view&pageId=80829

Entry #981

Comments

1.
JAP69Comment by JAP69 - November 13, 2008, 2:35 pm
So what is going to happen when someone says they will not serve the mandatory term.
What they gonna do if you refuse? pack them up in trucks and rail road cars and truck them off to re education camps.
Welcome to socialism.
2.
konaneComment by konane - November 13, 2008, 2:54 pm
Thanks JAP!! Yup what we all warned about but so many wanted "change" .... now we'll see how they like it.

My question is how are they going to get illegals who've been partaking from the system and will continue doing so to a greater degree under glorious socialism to participate?
3.
ToadSchmodeComment by ToadSchmode - November 13, 2008, 10:01 pm
Where's the change if the same ole names are in play?
Isn't community service what they give "Criminals"?
And you made a good point with the illegals, they're not gonna do this, but they'll still be allowed to enjoy the american lifestyle.
Wish some of the BO supporters here would comments to see what they're thinking on these issues.
4.
konaneComment by konane - November 13, 2008, 10:35 pm
Thanks Toad!!! Campaigning this year was like an old fashioned southern tent revival, lots of feel good for the 'enraptured.'

Found this comment on Little Green Footballs blog which about sums up what's happening behind the scenes with Obama. Going to be an interesting show indeed.

"re: #616 David IV of Georgia

I still think Obama's briefings are going to school his ass so profoundly that he'll be rendered stupefied, internally. He will then rely on his advisors to prod him into action, and he's too inexperienced to distinguish good advice from bad. This will lead him to make snap judgments, and these will trend toward failure. This will make him lash out. Our enemies, sensing confusion at the top, will strike. And Obama will be forced into making decisions he'd never thought he'd have to make. "

http://littlegreenfootballs.com/article/31872/comments/#cc6207555

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