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.”
http://www.abcnews.go.com/Blotter/Story?id=6201900&page=1
One of the first steps Obama will take in destroying the economy, is appointing incompetents responsible for the collapse of the mortgage market. I guess it makes sense. The assholes responsible for shoving the subprime lending down the throats of taxpayers and denying the impending crisis, are still in office. Guess the party.
Matt Barney (aka “Scientific Leader),
The risk factor was addressed by Republicans in 2004, when they argued with the Democrats over their lack of regulation. The Dems response? “Move along, nothing to see here”. You can place the train wreck squarely in the laps of asshats like Maxine Waters, Christopher Dodd, Barney Frank (who had an affair with Herb Moses, a Fannie Mae executive), and the rest of the party who blocked every attempt to regulate the disaster.
SFC MAC
I presume Mr Emanuel was also involved in their Risk Management practices of the sort described here: http://blog.scientificleader.com/2008/11/10/ironic-freddie-mac-risk-management-and-funny-reputational-risk/