Emanuel isÂ “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.”
After Emanuel, who studied ballet dancing in college, left theÂ Clinton White HouseÂ he got two jobs, Caddell explained. He was placed on the board ofÂ 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 financialÂ 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 troubledÂ Freddie Mac, whichÂ was plagued by scandals involving campaign contributions and accounting irregularities while he was on its board.Â “He was there when they were cooking the books,” Caddell said.
The Chicago TribuneÂ laid outÂ serious questions surrounding Emanuel concisely in a March article:
Emanuel’s Freddie Mac involvement has been a prominent point on his political rÃ©sumÃ©, 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 hasÂ rejected aÂ 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,Â SBCÂ Communications (now known as AT&T) bought telecom Ameritech butÂ was ordered in 2000 byÂ 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,Â Edward Whitaker, wasÂ 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.Â He added:
It is a cancer onÂ 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.