theCL 2009-12-23 Freedom, Rights 1 Comment

2009-12-23 Freedom, Rights Comments 1

Check this out.

Jane Hamsher, Grover Norquist Call for Rahm Emanuel’s Resignation

Today, Grover Norquist and I are calling for an investigation into Rahm Emanuel’s activities at Freddie Mac, and the White House’s blocking of an Inspector General who would look into it.

Background information:

Rahm Emanuel was appointed to the board of Freddie Mac in February of 2000 by Bill Clinton, after serving as White House political director where he was a vocal defender of Mr. Clinton during the Monica Lewinski matter. He served there until leaving to run for Congress in 2001, which qualified him for $380,000 in stock and options and a $20,000 annual fee.

According to the Chicago Tribune, during his tenure the board was notified by executives of their plans to misstate the earnings of Freddie Mac: “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.” (3/5/2009)

The Tribune further reported that “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.”

Uh Oh, Cats and Dogs Getting Along

Today, Hamsher and Grover Norquist, who runs the conservative Americans for Tax Reform, have issued a joint letter demanding the resignation of Rahm Emanuel, and an investigation into Emanuel's activities at Freddie Mac before the statute of limitations runs out:

I like it! You see, there are issues both the left and right can agree upon. And these are the best issues too! Because they pit "we the people" against the State. Like it's supposed to be.