The other day, when Rahm Emanuel was named to be Barack Obama’s White House chief of staff, I wondered how much Emanuel had been paid for “serving” 13 months on the Freddie Mac board of directors.
It turns out he was paid at least $297,774 for being a Freddie Mac director from April 2000 to May 2001, exactly when that mortgage lending institution was deceiving the public about its earnings and setting into motion today’s financial crisis.
Emanuel, former Joffrey Ballet dancer and adviser to President Clinton, was appointed to the Freddie Mac job by Clinton. For $297,774 in pay, Emanuel did no good.
Political connections are good for a steady income, if nothing else.
Frank Warner
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Update: Chicago Tribune says Emanuel was paid at least $320,000 for his Freddie Mac position "that required little effort."
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