Archive for March, 2009

Rahm Emanuel – Political Piggy Fed while Mortgage Giant Bled…

March 29, 2009

| Tribune reporters

March 26, 2009

Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator.

One of those allegedly asleep-at-the-switch board members was Chicago’s Rahm Emanuel—now chief of staff to President Barack Obama—who made at least $320,000 for a 14-month stint at Freddie Mac that required little effort.

As gatekeeper 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 résumé, 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.

Though just 49, Emanuel is a veteran Democratic strategist and fundraiser who served three terms in the U.S. House after helping elect Mayor Richard Daley and former President Bill Clinton. The Freddie Mac money was a small piece of the $16 million he made in a three-year interlude as an investment banker a decade ago.

In business as in politics, Emanuel has cultivated an aggressive, take-charge reputation that made him rich and propelled his rise to the front of the national stage. But buried deep in corporate and government documents on the Freddie Mac scandal is a little-known and very different story involving Emanuel.

He was named to the Freddie Mac board in February 2000 by Clinton, whom Emanuel had served as White House political director and vocal defender during the Whitewater and Monica Lewinsky scandals.

The board met no more than six times a year. Unlike most fellow directors, Emanuel was not assigned to any of the board’s working committees, according to company proxy statements. 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.

The board was throttled for its acquiescence to the accounting manipulation in a 2003 report by Armando Falcon Jr., head of a federal oversight agency for Freddie Mac. The scandal forced Freddie Mac to restate $5 billion in earnings and pay $585 million in fines and legal settlements. It also foreshadowed even harder times at the firm.

Many of those same risky investment practices tied to the accounting scandal eventually brought the firm to the brink of insolvency and led to its seizure last year by the Bush administration, which pledged to inject up to $100 billion in new capital to keep the firm afloat. The Obama administration has doubled that commitment.

Freddie Mac reported recently that it lost $50 billion in 2008. It so far has tapped $14 billion of the government’s guarantee and said it soon will need an additional $30 billion to keep operating.

Like its larger government-chartered cousin Fannie Mae, Freddie Mac was created by Congress to promote home ownership, though both are private corporations with shares traded on the New York Stock Exchange. The two firms hold stakes in half the nation’s residential mortgages.

Because of Freddie Mac’s federal charter, the board in Emanuel’s day was a hybrid of directors elected by shareholders and those appointed by the president.

In his final year in office, Clinton tapped three close pals: Emanuel, Washington lobbyist and golfing partner James Free, and Harold Ickes, a former White House aide instrumental in securing the election of Hillary Clinton to the U.S. Senate. Free’s appointment was good for four months, and Ickes’ only three months.

Falcon, director of the Office of Federal Housing Enterprise Oversight, found that presidential appointees played no “meaningful role” in overseeing the company and recommended that their positions be eliminated.

John Coffee, a law professor and expert on corporate governance at Columbia University, said the financial crisis at Freddie Mac was years in the making and fueled by chronically weak oversight by the firm’s directors. The presence of presidential appointees on the board didn’t help, he added.

“You know there was a patronage system and these people were only going to serve a short time,” Coffee said. “That’s why [they] get the stock upfront.”

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. The document did not detail whether he profited from the sale.

Sarah Feinberg, a spokeswoman for Emanuel, said there was no conflict between his stint at Freddie Mac and Obama’s vow to restore confidence in financial institutions and the executives who run them. At the same time, Feinberg said Emanuel now agrees that presidential appointees to the Freddie Mac board “are unnecessary and don’t have long enough terms to make a difference.”

State Police Report Labels Honest Americans as “Terrorists”

March 23, 2009

By Mary Starrett
March 22, 2009
NewsWithViews.com

Police Told Which Political Beliefs to Consider “Dangerous”

A secret police report targets millions of Americans as potential “domestic terrorists” if they support the Constitution, oppose unlawful taxation, supported 2008 presidential candidates Republican Ron Paul, Libertarian Bob Barr or Constitution Party candidate Chuck Baldwin, if they are opposed to abortion, are against unconstitutional gun control, if they display pro- Constitution bumper stickers or own copies of certain books and documentaries.

The report is part of an ongoing attempt by a number of organizations and movements to characterize law-abiding citizens as “white supremacists,” members of “hate groups” or, more recently as “terrorists.” The report was generated by the Missouri Information Analysis Center.

The Center is described as “the mechanism to collect incident reports of suspicious activities to be evaluated and analyzed in an effort to identify potential trends or patterns of terrorist or criminal operations within the state of Missouri. MIAC will also function as a vehicle for two-way communication between federal, state and local law enforcement community within our region.”

The secret report, distributed to Missouri law enforcement and given to radio talk show host Alex Jones (www.infowars.com) lists as “dangerous” legitimate organizations including those who follow a Constitutionally- based ideology in regard to states’ rights, firearm ownership, free speech and sanctity of life.

I made numerous calls to MIAC and was told an “officer” would respond to questions regarding this report. No one at MIAC returned my calls.

The MIAC report states “rightwing” militia movements “continuously exploit world events in order to increase participation in their movements. Due to the current economical and political situation, a lush environment for militia activity has been created.”

The terms “constitutionalist” and “white supremacist” are often used interchangeably.

Page 7 of the report warns law enforcement that “militia members most commonly associate with 3rd party political groups. It is not uncommon for militia members to display Constitutional (sic) Party, Campaign for Liberty or Libertarian material. These members are usually supporters of former presidential candidate(s) Ron Paul Chuck Baldwin and Bob Barr.”


Issues of concern to those listed by MIAC as reason for law enforcement to label them “terrorists” include:

Opposition to illegal immigration, implementation of RFID (radio frequency identification) and the planned merger of the US, Canada and Mexico (North American Union).The so-called “militia movement” contains people who own copies of the late Aaron Russo’s anti-tax documentary America: Freedom to Fascism.

(FoundingFather1776 says: “If you have not watched Aaron Russo’s documentary, it is time you did.  Here is the entire film……of course, you realize watching it will immediately transmogrify you into a foaming-at-the-mouth terrorist bent on the destruction of America.   The politicians and police-state Nazi’s do not need your help.  They are destroying America quite effectively all by themselves! “)

Members of a so-called “patriot movement” are described as being “dangerous” to police in a section of the report titled “You Are the Enemy” which states:

“The militia subscribes to an anti-government and NWO mindset, which creates a threat to law enforcement officers. They view the military, National Guard, and law enforcement as a force that will confiscate their firearms and place them in FEMA concentration camps.”

The MIAC report distributed to Missouri law enforcement is a more virulent version of a similar report compiled by the FBI in Phoenix, AZ during the Clinton administration (see page one and page two of the document). The Phoenix FBI document calls “defenders” of the Constitution “right-wing extremists.”

Inquiries regarding this secret report may be made to: MIAC at 866-362-6422.

To see where citizens are encouraged to submit a report on someone who could be a “terrorist” based on their beliefs or the bumper stickers on their cars click here.

What would happen if law-abiding citizens across the country submitted thousands of reports turning themselves in for being “Constitutionalists” or for having voted for Ron Paul, Bob Barr or Chuck Baldwin? What if we all sent the MIAC our own names and addresses and admitted we were against the North American Union or that we opposed President Obama’s policies?

The attack on right-thinking Americans comes from the mainstream media as well. Recently, MSNBC host Chris Matthews called pro-life groups and individuals “terrorists” because they oppose the Obama administration’s nomination of Kansas governor Kathleen Sebelius for Secretary of Health and Human Services. Sebelius has been called “the pro-choice poster girl” by columnist Robert Novak. Sebelius, while a state representative, fought against parental notification laws and was involved with the political action committee of late term abortionist George Tiller. (Tiller, aka “Tiller the killer,” whose abortuary contained an incineration oven is currently on trial for performing scores of illegal abortions.) His political ally in the fight against the unborn, Kathleen Sebelius vetoed abortion facility regulation legislation, and a bill requiring bona fide medical reasons for any late-term abortion.

 Yet those who fly the flag, question the authority of the IRS, stand up for the 2nd amendment and rail against being “chipped” and tracked by the government are now de facto “terrorists.”

It’s time for all good “terrorists” to come to the aid of their country, stand firm against characterizations like those in the MIAC report and refuse to allow their lawful and deeply held beliefs to be used to silence them.

Mary Starrett was the Constitution Party candidate for Oregon governor in November, 2006, a TV news anchor and talk show host for 25 years and a radio talk show host for 5 years.

Executive Director, Oregonians for Life, Board of Directors, Christian Family Adoptions.

She is currently the Communications Director for the Constitution Party. The Constitution Party is the fastest-growing minor political party (www.ballot-access.org) and is made up of Americans who believe a return to constitutional government is imperative.

E-Mail: mstarrett@constitutionparty.com

 

Get off your butt and do something!

March 21, 2009

(FoundingFather1776 notes:  It appears Thomas Paine has been reincarnated into a present-day-patriot!  This is well worth hearing.  I agree with 98% of what is said.  I *disagree* entirely with the premise that “mandatory service” is compatible with the concept of freedom and liberty.  Indeed Rahm Emmanuel, President Obama’s Chief-of-Staff has proposed such an idea.  Rahm Emmanuel is NOT a friend of Liberty, he is not even dedicated to the United States as he holds dual-citizenship with Israel.

That small quibble aside, (and perhaps one or two other minor issues)  I do hope you will watch this!)

New Film Exposes the Shadow Govt.

March 16, 2009

Dear Readers,

I recently had the opportunity to view a brand-new documentary from Alex Jones called “The Obama Deception.”

This film is the perfect gift to give your favorite “Obamanoid” that thinks “Dear Leader” is going to be different than Bush and solve all our problems!

My only criticism (and it is a minor one) is that naming the documentary “The Obama Deception” is not quite accurate.

Yes, it clearly shows that Obama is a lying, devious, New World Order stooge. But more importantly, it shows that the same people that pulled Bush’s strings are also the ones behind Obama.

One of my favorite quotes from the film is Jesse Ventura stating that politics in America today is EXACTLY like professional wrestling: “We acted like we hated each other on stage, then we all go out to dinner afterward….the Democrats and Republicans are not really any different!”

This film is an excellent introduction to some very powerful groups that the main-stream media rarely reports on. If you don’t know about the Bilderberg Group, The Council on Foreign Relations, The Trilateral Commission and others, then you really need to check this film out.

It is interesting to note that one of the most critical commentator’s of Lord Obama in the film is historian Webster Tarpley. Tarpley correctly identifies just how subservient Obama is to the Wall Street money-masters.

A friend of mine tried to protest that Tarpley must be a “right-wing Republican” because he is so harsh on Obama. I then informed my friend that Webster Tarpley wrote the “Unauthorized Biography of George Bush” (Senior) which is extremely critical of the Bush Family. That book is available online for FREE right here:
George Bush: Unauthorized Biography

You see the truth is *NOT* Republican or Democrat…..it is truly non-partisan.

The Truth is, with very few exceptions, most of the politicians in Washington are criminals, busily betraying the American People for their corporate/globalist/banking masters.

I highly recommend everyone watch this film!  Here is the complete documentary, available for FREE:

Alex Jones does an amazing job of research and production.  I hope you will support Alex by going to his website and ordering a DVD copy of the film for yourself or by becoming a subscriber to his show.  The cost is negligible and the information is so important!

Go to http://www.prisonplanet.tv for more info.

Please help break-free your friends and family from the false “Left vs. Right” control paradigm most of us have been trapped in.  The ruling Elite don’t care if you are a “Republican” or a “Democrat” to them you are just scum and a “useless eater” (their actual words folks, not mine)!

Send everyone on your mailing list a link to this article or to Prisonplanet.tv.

Spread the word, help take your country back!

Regards,

FoundingFather1776

This Is What A Collapse Looks Like

March 7, 2009

Dear Readers,

Some of you may not realize that Argentina, a country rich in natural resources with a generally well-educated population, has undergone an economic collapse since 2001.

The primary reasons for this collapse are corrupt politicians, and fraudulent banking institutions that colluded to put the country into massive DEBT!

It is true that Argentina is much smaller than the United States, so I am not trying to say this is a perfect parallel to our current situation.  What I am saying is that the root cause of our troubles appear to be similar to Argentina’s.

I am presenting for you three short clips from a documentary (there are 12 in total, but you need only watch the first three to get the idea) that graphically details what an economic and banking collapse looks like.

These clips were originally posted on a blog by a fellow who details the daily struggle of life in present day Argentina.  As you can imagine, crime is rampant, and self-reliance is key to survival.

Lying politicians, massive debt, corrupt banks…..I don’t want to be alarmist but the governmental corruption that set Argentina’s collapse in motion appears shockingly similar to what is going on here in the USA.

I sure hope we are not going down that path, but Americans like to do everything bigger and more extravagant than anyone else.  Why should an economic collapse be any different?

You can read more about the situation in Argentina and the types of problems that occur during a collapse here:

http://www.silverbearcafe.com/private/10.08/tshtf1.html

The author’s blog which is updated regularly can be found here:

http://ferfal.blogspot.com/

During times like these, it is important to be positive, and take time to enjoy life and our loved ones.  I believe it is also prudent to make plans for possible problems.

Chance favors the prepared!

Yours in Freedom,

FoundingFather1776


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