Dreadnought From United States of America, joined Feb 2008, 8847 posts, RR: 24
Reply 1, posted (5 years 6 months 1 week 2 days 2 hours ago) and read 1676 times:
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.
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.
But since he is a democrat, he will be defended by the media and people on this board, instead of joining the ranks of the unemployed as he deserves.
CALTECH From Poland, joined May 2007, 2252 posts, RR: 26
Reply 5, posted (5 years 6 months 1 week 2 days ago) and read 1591 times:
Quoting Bok269 (Reply 3): You mean the legislation that the administration opposes?
Just words, the House and Senate will pass it, just listen to Chuckie Schumers' words, he'll take it from them.
Quoting Jcs17 (Reply 4): He should not. He was entitled to that money part of his compensation package, just like a high-ranking manager at AIG.
Of course, if Barack tries to force through the completely illegal 90% tax on AIG bonuses, Rahm would do well to give up his Freddie bonus.
They were entitled to their bonuses. AIG should not have begged for the money, a lot of it went overseas to foreign banks. Now AIG is stuck, many other companies including foreign ones are siphoning off employees by saying 'we still honor our bonuses'. A contract is a contract. While everyone was in a tizzy over 160 or so million given to AIG with no conditions, 1 trillion dollars was put into the money supply, devaluing the dollar ever more.
Looks like this whole administration has fundemental flaws in it, like the Tax Cheat Geithner, who now says he will go after other tax cheats but not himself. Wesley Snipes should be pardoned immediately, or the preferred solution throw Geithner into prison, along with all those other democrat nominees of Obamas' who didn't pay their taxes.
Aaron747 From Japan, joined Aug 2003, 8165 posts, RR: 26
Reply 7, posted (5 years 6 months 1 week 2 days ago) and read 1580 times:
Quoting Alias1024 (Reply 8): I really wish the Democrats would quit pushing the false outrage and get back to governing.
Well I'll be, while we're wishing...I'd like a Mooney Ovation Type S with the Garmin 1000 avionics package, a private landing strip anywhere of my choice, and the five additional ratings and 3500 additional PIC hours I would need to interview out this way. LOL, fun, isn't it?
If you need someone to blame / throw a rock in the air / you'll hit someone guilty
Alias1024 From United States of America, joined Oct 2004, 2765 posts, RR: 2
Reply 8, posted (5 years 6 months 1 week 2 days ago) and read 1580 times:
Quoting Aaron747 (Reply 10): Well I'll be, while we're wishing...I'd like a Mooney Ovation Type S with the Garmin 1000 avionics package, a private landing strip anywhere of my choice, and the five additional ratings and 3500 additional PIC hours I would need to interview out this way. LOL, fun, isn't it?
Well I never said it was likely, now did I?
It is a mistake to think you can solve any major problems with just potatoes.