Wednesday, March 25, 2009

Steering Unsteady Freddie

Obama's chief of staff apparently has inside knowledge of how the mortgage crisis started:
Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator.

One of those allegedly asleep-at-the-switch board members was Chicago's Rahm Emanuel—now chief of staff to President Barack Obama—who made at least $320,000 for a 14-month stint at Freddie Mac that required little effort.
It must be nice to get rich
while asleep at the switch.

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