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Democrat Urges Corrupt Rahm Emanuel Be Investigated

Posted on August 14 2009 1:15 am
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Americans should be worried that Rahm Emanuel, who came out of the world of dirty Chicago politics, is President Obama‘s right hand man in the White House, Glenn Beck said on his TV show Thursday.

Emanuel is “no exception to the Chicago way,” said Beck. “He was known as the bag man in the Clinton White House. […] Now, in the Obama administration, his strong-arm tactics are helping make all of Obama’s dreams come true. It is scary but true.”

Democratic pollster and Fox News contributor Pat Caddell shed some light on some of Emanuel’s past shady financial dealings.

After Emanuel, who studied ballet dancing in college, left the Clinton White House he got two jobs, Caddell explained. He was placed on the board of Freddie Mac, the public-private hybrid active in the secondary mortgage market, and then he got a job with in the Chicago office of Wasserstein Perella, which is a major Wall Street financial firm.

“And he then made $16 million in less than two years,” Caddell said. This sum is in addition to the $250,000 Emanuel made at financially troubled Freddie Mac, which was plagued by scandals involving campaign contributions and accounting irregularities while he was on its board. “He was there when they were cooking the books,” Caddell said.

The Chicago Tribune laid out serious questions surrounding Emanuel concisely in a March article:

Emanuel’s Freddie Mac involvement has been a prominent point on his political résumé, and his healthy payday from the firm has been no secret either. What is less known, however, is how little he apparently did for his money and how he benefited from the kind of cozy ties between Washington and Wall Street that have fueled the nation’s current economic mess.

The Obama administration has rejected a request by the newspaper under the Freedom of Information Act to review Freddie Mac board minutes and correspondence from Emanuel’s time as a director.

When Emanuel was in finance, SBC Communications (now known as AT&T) bought telecom Ameritech but was ordered in 2000 by regulators to sell the property. Ameritech had spent $1.4 billion on its subsidiary — SecurityLink — and SBC hoped to sell it for about that much.

But an investment group headed by Emanuel bought it for just $479 million in December 2000 and then sold it seven months later for a cool $1 billion.

GM’s new government-approved chairman, Edward Whitaker, was the head of SBC at the time of the money-losing sale of Security Link that made Emanuel a fortune.

Corruption in both major political parties “is killing this country,” said Caddell.  He added:

It is a cancer on society. No one will touch this story. Nobody has made this connection in the media, well, because they have decided they have a new role, which is to serve as lackeys.

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