CHESSNOID

Right now we have Bush, Bernanke, and Paulson running the financial show and we know how that is working out. We have spent 2 TRILLION DOLLARS on fraud bailouts.  Bear Stearns, AIG, Freddie Mac and Fannie Mae were 4 companies that put out their hand after they ran out money and made bad decisions.  These companies executives cooked the books and tricked investors.  Freddie Mac is not an exception to that rule. If Obama decides to rationalize Rahm’s term of 13 months was too short, then he will continue to erode any confidence in his ability to make smart decisions.  As our newly elected leader, he needs to show he is capable of recognizing a  bad decision and correct it.  We do not need another person in the White House with a shady past.

ABC:

President-elect Barack Obama’s newly appointed chief of staff, Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when scandal was brewing at the troubled agency and the board failed to spot “red flags,” according to government reports reviewed by ABCNews.com.

According to a complaint later filed by the Securities and Exchange Commission, Freddie Mac, known formally as the Federal Home Loan Mortgage Corporation, misreported profits by billions of dollars in order to deceive investors between the years 2000 and 2002.

Emanuel was not named in the SEC complaint (click here to read) but the entire board was later accused by the Office of Federal Housing Enterprise Oversight (OFHEO) (click here to read) of having “failed in its duty to follow up on matters brought to its attention.”

In a statement to ABCNews.com, a spokesperson said Emanuel served on the board for “13 months-a relatively short period of time.”

The spokesperson said that while on the board, Emanuel “believed that Freddie Mac needed to address concerns raised by Congressional critics.”

Freddie Mac agreed to pay a $50 million penalty in 2007 to settle the SEC complaint and four top executives of the Federal Home Loan Mortgage Corporation were charged with negligent conduct and, like the company, agreed to settle the case without admitting or denying the allegations.

The actions by Freddie Mac are cited by some economists as the beginning of the country’s economic meltdown.

The federal government this year was forced to take over Freddie Mac and a sister federal mortgage agency, Fannie Mae, pledging at least $200 billion in public funds.

Freddie Mac records have been subpoenaed by the Justice Department as part of its investigation of the suspect accounting procedures.

Everyone is allowed their opinions on this matter. The way I see it is he had a fiduciary responsibility and he failed.  They say he was there only for 13 months.  How much did he make in those 13 months and where did that money come from?  We just bailed this company out and this guy was previously on the board of directors. Those are 2 indisputable facts. Is he guilty of any wrongdoing? Based on just this one major incident costing tax payer’s over 50 billion dollars and investors more than that, I would be willing to put money on it.

So all this talk about fixing Washington and Wall Street by Obama is already losing credibility.  Don’t put a Wall Street former “Director” of a bankrupt company we just bailed out 6 months ago. If not, then OBAMA should put him out and FIRE him so we can believe in all this “CHANGE” he has been talking about. Change we can believe in doesn’t start with creating another 3 stooges team like Bush, Bernanke, and Paulson.  The mainstream media has fallen in love with Obama blindly, but I have not been hypnotized by their poor reporting.  In my opinion, it now looks like Obama is the new Democratic George Bush.