Chicago Daily Observer

President Bush is poised to sign the housing and Fannie Mae bailout bill, after the Senate passed it with 72 votes on the weekend. But an underreported part of this story is that Majority Leader Harry Reid refused to allow a vote on Republican Jim DeMint’s amendment to bar political donations and lobbying by Fannie and its sibling, Freddie Mac.

This is a rare parliamentary move for a body in which even Senators in the minority party have long been able to force votes. The strong-arm play illustrates how politically powerful these government-sponsored enterprises remain even after going hat in hand to taxpayers.

HT: Media Alert following Rahm Emanuel and Freddie Mac, finding a 2006 story

Freddie Mac, the home mortgage powerhouse, agreed on Tuesday to pay $3.8 million in civil penalties to the Federal Election Commission, which had accused it of improperly funneling corporate executives’ donations to candidates and holding lavish fund-raisers that often benefited congressmen on an influential House committee.

It is the largest fine that the F.E.C. has obtained in a civil case.

There does seem to be a pattern of distraught companies under the influence of politicians, and successful politicians in Washington DC.

Perhaps the politicians are also under the influence of the distraught companies, or previously on the Board of Directors of a very distressed bank, as in the case of Rahm Emanuel at Freddie Mac.

Here’s a $1000 for Rahm ‘02
from a Freddie Mac/Senior Vice President $1,000…and another $1000 from Freddie Mac/Senior VP Capital…just going through the A’s and B’s in a 6 year old list of campaign contributors.

My guess is that there is more money that came into the Emanuel campaign from Freddie Mac from other letters of the alphabet.

Perhaps ther could be some explanation from a former board member and “financial wiz” on how Freddie Mac has become one of the biggest banking problems in the United Sates.

With the Fannie and Freddie in the news.It’s important to look at how the GSE‘s lobbied Congress to build their dishonest balance sheets.NPR has a list of the politically connected that made it to the GSE boards.Before coming to Congress,Rahm Emanuel was a Freddie Mac board member.This means Rahm Emanuel has some explaining to do.The Chicago Sun-Times reported on Rahm Emanuel’s background :

Escapes controversy during impeachment. Leaves White House in 1998, never having to hire a lawyer. Clinton loyalist.

Chicago: Returns to Ravenswood, makes millions as an investment banker in a few deals; tapped by Clinton for a plum spot on Freddie Mac board; Daley appointee on CHA board. Wins House seat in 2002 with help of Daley Machine. Daley loyalist.

Here’s Rahm Emanuel promoting housing in front of a Congressional hearing,after he left Freddie Mac.What did Congressman Emanuel how about Freddie Mac’s balance sheet? What ... Read More...