Friday, November 7, 2008

Paul Kanjorski, Rahm Emanuel, and Freddie Mac

The ink isn't dry on this election before we start to hear the horror stories. Here is the latest about Rahm Emanuel.

Emanuel Was Director Of Freddie Mac During Scandal By BRIAN ROSS and RHONDA SCHWARTZ
November 7, 2008

New Obama Chief of Staff, Others on Board, Missed "Red Flags" of Alleged Fraud Scheme

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.

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."

Paul Kanjorski is part of the fraud perpetrated on American citizens. It is not coincidental that all the players live in the same House.

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