I’m not one to begrudge anyone from using their talents to make a lot of money, and I certainly don’t buy into the public witch hunt over the AIG bonuses, but I can’t help thinking a bit of a double standard is at play here after reading this story on Rahm Emanuel’s payout after his brief stint with Freddie Mac.
Emanuel served on the board of the failed mortgage giant Freddie Mac for fourteen months after his appointment in 2000 by then-President Bill Clinton. If the facts of the article are valid, the board met no more than six times a year, and Emanuel was not assigned to any of the board’s working committees. For his service, Emanuel received a $20,000 annual fee along with $380,000 in stock and options. Not a bad return on investment.
So while Jake DeSantis and other AIG executives are publicly flogged for accepting bonus payouts, Emanuel skirts by scrutiny. I think Emanuel will prove to be more a liability than asset for President Obama, and the President might want to consider developing an Emanuel exit strategy of his own.
Friday, March 27, 2009
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How about the news that members of congress who were calling for the heads of the AIG execs who received bonuses have received political contributions from firms who have received TARP money - what a friggin double standard!!
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