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Florida Foreclosures
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The Obama administration rejected a Tribune
request under the Freedom of Information Act to review Freddie Mac board
minutes and correspondence during Emanuel's time as a director.
Financial disclosure statements that are required of U.S. House members show
Emanuel made at least $320,000 from his time at Freddie Mac. Two years after
leaving the firm, Emanuel reported an additional sale of Freddie Mac stock
worth between $100,001 and $250,000.
As top advisor to Obama, Emanuel now plays a critical role in addressing the
nation's mortgage woes and fulfilling the administration's pledge to impose
responsibility on the financial world.
Emanuel's Freddie Mac involvement has been a prominent point on his
political resume 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.
By the time Emanuel joined Freddie Mac, the company had begun to loosen
lending standards and buy riskier sub-prime loans. It was a practice that
later blew up and contributed to the current foreclosure crisis
Another focus of Freddie during Emanuel's day and one that played to his
skill set, was a stepped-up effort to combat congressional demands for more
regulation.
During a September 2000 board meeting, midway through Emanuel's 14-month
term—Freddie Mac lobbyist R. Mitchell Delk laid out a strategy titled
"Political Risk Management" aimed at influencing lawmakers and blunting
pressure in Congress for more regulation. Through Delk's initiative, Freddie
Mac sponsored more than 80 fundraisers that raised at least $1.7 million for
congressional candidates despite a federal law that bans corporations from
direct political activity.
Immediately upon joining the board, Emanuel and other new directors
qualified for $380,000 in stock and options plus a $20,000 annual fee,
records indicate.
On Emanuel's watch, the board was told by executives of a plan to use
accounting tricks to mislead shareholders about outsize profits the
government-chartered firm was then reaping from risky investments. The goal
was to push earnings onto the books in future years, ensuring that Freddie
Mac would appear profitable on paper for years to come and helping maximize
annual bonuses for company brass.
The accounting scandal wasn't the only one that brewed during Emanuel's
tenure.
During his brief time on the board, the company hatched a plan to enhance
its political muscle. That scheme, also reviewed by the board, led to a
record $3.8 million fine from the Federal Election Commission for illegally
using corporate resources to host fundraisers for politicians. Emanuel was
the beneficiary of one of those parties after he left the board and ran in
2002 for a seat in Congress from the North Side of Chicago.
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