More on Freddie Mac

[johncedarhill]

                  From the Chicago Tribune -  
 
 "Rahm Emanuel's profitable stint at mortgage giant
 Short Freddie Mac stay made him at least $320,000
 
 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."
 
"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."
 
 
 http://www.chicagotribune.com/news/politics/obama/chi-rahm-emanuel-profit-26-mar26,0,5682373.story                                      
                                   

               

 

               

 

                                                      

[Progun]

Hey John, good article, sad but true. When the foxes are guarding the hen house they have chicken for supper every night.I believe that God is still in control and things like this happen for a reason. Maybe if enough citizens become miserable and watch their life savings evaporate and their taxes go sky high then maybe we'll become a little wiser as a nation when it comes to moral principles and elections.When the blind lead the blind however, all fall into the ditch.Praise the Lord and pass the ammunition.

[Dutchspringer]

Good response Progun, and yes I too KNOW that God is in control.  I couldn't live a day not knowing that He is not.  If left to man's decisions and thoughts, this place would fall apart tomorrow.  Scripturally speaking, the Body of Christ (Christians) is the only thing holding a temporary "wrap" around things, and I believe with all my heart that this wrap is about to let loose as the rapture will remove this "stop gap" and indeed man will be faced with their own sin and sorrow over what they missed while they had a chance.  I believe this country will become a third world afterthought within hours or days after the news has hit of perhaps 25 million people inexplicably dissapear.  If we think 4000 illegals per day coming over our borders is bad, wait until this event makes even the most devoted border guard (the relatively few there are) leave his post to take care of his family.  The economy will surely fall when record numbers of mortgages, loans, credit card payments, taxes, failed businesses, etc. hit overnight.  Even if the government tries, which I believe it surely will, to instill martial law, the statistics TODAY tell us that the average American household has less than $1300 in savings of any kind.  Simply put, this country at any given moment is one paycheck away from disaster, thus the massive loaning that is currently underway.  God Bless,  Ross