Monday, November 14, 2011

Rahm Emanuel Dumped Tons Of Freddie Mac Stock Days Before It Collapsed

In a new book, Throw Them All Out,Peter Schwiezer reports that former White House Chief of Staff Rahm Emanuel, while a congressman, sold up to $250,000 in Freddie Mac stock on February 21, 2003 days before it dropped by 10 percent — and weeks before it was publicly revealed that the entity was under criminal investigation for inflating earning, reports BI

Emanuel served on the board of the quasi-government lender before his election to Congress in 2003, and later held a seat on the House Financial Services' Committee's Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises — the committee charged with regulating the Freddie Mac.

The good news for Emanuel in all this is that there is no chance he will be headed to the slammer over this, members of Congress are exempt from insider trading laws.

1 comment:

  1. I am beginning to believe that these two entities were the Trojan horse used to pervert the housing market and thus bring about the subsequent boom and bust that has completely destroyed out economy enough to interestingly bring about a wave of revolutionary sentiment. There were too many insiders, apologists, and cover men in positions of power to where there must have been foresight on their part to know that these public/private partnerships were designed to collapse.