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Tuesday, November 15, 2011

Fleecing of America and Insider Trading | Rahm Emanuel Sold $250,000 of Freddie Mac Stock Conveniently Before It Lost Value


Chicago Mayor and former White House Chief of Staff Rahm Emanuel is alleged to have profited from insider trading while a member of Congress, according to a new book "Throw Them All Out" by Peter Schweizer addressing how politicians have exploited the public trust for personal gain.

Back in 2003, then Rahm Emanuel reportedly sold up to $250,000 in Freddie Mac stock, just days before it dropped 10 percent in value and weeks before it was revealed to the public the entity was under criminal investigation for inflated earnings.

Emanuel, a ballet dancer by education and political operative by experience, had been appointed by President Bill Clinton to the board of Freddie Mac, served on the board of Freddie Mac and later as Congressman held a seat on the House Financial Services Committee's Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, the very same committee with oversight of Freddie Mac.

In response, Mr. Emanuel is claiming the trades were made as part of a blind investment trust, but sources say that trust agreement wasn't created until after the trades.

Lawmakers have exempted themselves from insider trading laws everyone else must follow.

4 comments:

Anonymous said...

Lets not forget the money he made being on the board of Freddie Mac. He is a crook! See how he conveniently forgets about how he steered money to Solyndra to get campaign money for obonzo. Everyone should run away from the Chicago mob politicians, no matter where they show up.

Anonymous said...

The fact Rahm Emanuel was appointed to Freddie Mac in the first place shows how screwed up our system is.

Bill Clinton rewarded Rahm for all his political sleazeball tactics to get him elected and then WE pay for it all.

Anonymous said...

RECALL RAHM, RECALL RAHM, RECALL RAHM.

Anonymous said...

Funny how no reporters mentioned Fannie Mae and Freddie Mac when the liberal demonrats like rahm, gorelick, frank, and dodd were screwing up the housing market, but as soon as Gingrich admits to being a consultant it is now a bad thing. What a bunch of frigging hypocrites.