Wow a man of such accomplishment missing something that obvious!!! Shame!!
Two articles posted, second one about the busy work he's intending to assign us.
"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
"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."
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." "
"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.
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: "