Government reports reviewed by ABC News, Barack Obama’s newly appointed chief of staff, Rahm Emanuel, was a board director at Freddie Mac during the mortgage scandal and the board failed to spot “red flags.” More than a few economists believe that actions by Freddie Mac began the country’s “economic meltdown.” This year the federal government took over Freddie Mac and Fannie Mae “pledging at least $200 billion in public funds.” The Justice Department is currently investigating the accounting procedures of Freddie Mac . ABC reviewed a complaint filed by the Securities and Exchange Commission stating that Freddie Mac “misreported profits by billions of dollars in order to deceive investors between the years 2000 and 2002.” Emanuel was appointed to the Freddie Mac board by President Bill Clinton in 2000. Although Emanuel was not specifically named in the SEC complaint, the entire board was accused by the Office of Federal Housing Enterprise Oversight of having "failed in its duty to follow up on matters brought to its attention."Sadiq Green in Who is Rahm Emanuel? reports that:
Emanuel was a senior adviser to President Bill Clinton from 1993 to 1998, and was involved in developing the strategy behind many of the administration’s initiatives, including the ill-fated effort to push universal health care. Upon leaving the White House Emanuel went to the private sector and worked for investment banking firm Dresdner Kleinwort in Chicago. Served on the Board of Directors of the Federal Home Loan Mortgage Corporation, or “Freddie Mac,” from 2000 until 2004. In 2002, ran for Congress and won. Ooly member of the Illinois House delegation to support the 2002 joint Congressional resolution authorizing the war in Iraq. Emanuel’s views are generally center-right.
By selecting Emanuel, President-elect Obama may be sending a message to the Jewish community. Emanuel was born in Israel and was a former member of a militant Zionist organization. He had Israeli citizenship due to his father’s dual citizen status but he relinquished it when he turned 18. A strong supporter of Israel, Emanuel served as a civilian volunteer in the Israel Defense Forces during the 1991 Persian Gulf War. He is a strong supporter of the pro-Israel American Israel Public Affairs Committee (AIPAC) and helped introduce President-elect Obama to the 0rganization’s leadership during the campaign.
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