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1/10/2011 From the archives: Rahm Emanuel, Freddie Mac and the big bucks years
From Rahm Emanuel's profitable stint at mortgage giant and Freddie Mac scandals began during Emanuel's watch by Bob Secter and Andrew Zajac, and The House Rahm Built -- How Chicago's profane, ruthless, savvy operative, remade the Democrats in his image by Naftali Bendavid. Highlights: 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.... 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..... (Chicago Tribune)
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posted: 4/2/11                   0       1
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10/24/2006 Emanuel's War Plan for Democrats: The Book of Rahm
Last week in CounterPunch (1), I wrote that the chair of the Democratic Congressional Campaign Committee (DCCC), Congressman Rahm Emanuel, had worked hard to guarantee that Democratic candidates in key toss-up House races were pro-war. In this he was largely successful, because of the money he commands and the celebrity politicians who reliably respond to his call, ensuring that 20 of the 22 Democratic candidates in these districts are pro-war. So the fix is in for the coming elections.

"A New Strategy to Win the War on Terror" ("War on Terror," as George Soros points out, is a false metaphor used by those who would drag us into military adventures not in our interest or that of humanity.) "We need to use all the roots of American power to make our country safe. (He begins by playing on fear.) America must lead the world's fight against the spread of evil and totalitarianism, but we must stop trying to win that battle on our own. (Messianic imperialism.) We should reform and strengthen multilateral institutions for the twenty-first century, not walk away from them. We need to fortify the military's "thin green line" around the world by adding to the U.S. Special Forces and the Marines, and by expanding the U.S. army by 100,000 more troops. (An even bigger military for the world's most powerful armed forces, a very militaristic view of the way to handle the conflicts among nations. What uses does Emanuel have in mind for those troops?) We should give our troops a new GI Bill to come home to. (More material incentives to induce the financially strapped to sign up as cannon fodder.) Finally we must protect our homeland and civil liberties by creating a new domestic counterterrorism force like Britain's MI5. (A new domestic spying operation is an obvious threat to our civil liberties; MI5 holds secret files on one in 160 adults in Britain along with files on 53,000 organizations.)

But in some respects, Emanuel is a mysterious fellow, as evidenced by his biography, which is readily available on Wikipedia and in the piece in Fortune (3). But there are a few things missing or not fully explained. First, as is often pointed out, Emanuel's physician father was an Israeli émigré; but, according to Leon Hadar, he also worked during the 1940s with the notorious Irgun, which was labeled as a terrorist organization by the British authorities.(6) Perhaps Rahm's current interest in terrorism was first kindled at his father's Irgun knee. Second, during the 1991 Gulf War, Emanuel was a civilian volunteer in Israel, "rust-proofing brakes on an army base in northern Israel." (Wikipedia, New Republic). This is peculiar on two counts. Here the U.S. goes to war with Iraq, but Emanuel, a U.S. citizen, volunteers not for his country, but for Israel. Moreover, here is a well-connected Illinois political figure with a father who had been in the Irgun, but he is assigned to "rust-proof brakes" on "an army base." Maybe. Third, immediately upon his return from his desert sojourn, Emanuel at once became a major figure in the Clinton campaign "who wowed the team from the start, opening a spigot on needed campaign funds."(3) How did he do that after being isolated overseas, and with no experience in national politics? Fourth, after leaving the Clinton White House, he decided that he needed some accumulated wealth and "security" if he were to stay in politics. So he went to work for Bruce Wasserstein, a major Democratic donor and Wall Street financier. (Counter Punch)
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posted: 9/24/10                   0       4
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4/8/2006 Whistleblower outs NSA's secret spy room at AT&T
Mark Klein, a retired AT&T communications technician, said the company shunted all Internet traffic--including traffic from peering links connecting to other Internet backbone providers-- to semantic traffic analyzers, installed in a secret room inside the AT&T central office on Folsom Street in San Francisco. Similar rooms were built in Seattle, San Jose, Los Angeles and San Diego. "Based on my understanding of the connections and equipment at issue, it appears the NSA (National Security Agency) is capable of conducting what amounts to vacuum-cleaner surveillance of all the data crossing the Internet," Klein said. "This potential spying appears to be applied wholesale to all sorts of Internet communications of countless citizens." (Spam Daily News)
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posted: 6/1/09                   1       23
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11/29/1959 Rahm Emanuel: Career in finance
After serving as an advisor to Bill Clinton, in 1998 Emanuel resigned from his position in the Clinton administration and joined the investment banking firm of Wasserstein Perella (now Dresdner Kleinwort), where he worked until 2002. Although he did not have an MBA degree or prior banking experience, he became a managing director at the firm’s Chicago office in 1999 and, according to Congressional disclosures, made $16.2 million in his two-and-a-half-years as a banker.

The Obama Administration rejected a request under the Freedom of Information Act to review Freddie Mac board minutes and correspondence during Emanuel's time as a director. (Wikipedia)
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posted: 6/4/10                   0       6
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