Changes

'''Rahm Emanuel''' (b. 1959) is a powerful Democrat and former Chief of Staff to President [[Obama]]. [[File:Rahm Emanuel.jpg|thumb|200px|Rahm Emanuel]]  He represented [[Illinois]]' 5th Congressional District in the House of Representatives 2003-2008.  As chairman of the Democratic Congressional Campaign Committee, he took credit gaining a majority for the first time since 1994. He became a top leader as Chairman of the Democratic Caucus in the House.  A member of a prominent Jewish family, Emanuel is an enthusiastic defender of [[Israel]]. He was blasted by leftists for his staunch support of the war in Iraq. He was neutral during the 2008 primaries, but when Obama was elected president he immediately appointed Emanuel Chief of Staff. Emanuel resigned amidst charges of his direct involvement in [[Jobsgate]]<ref>http://www.denverpost.com/ci_15213784</ref><ref>http://voices.washingtonpost.com/thefix/white-house/how-the-sestak-job-offer-becam.html</ref> reportedly to run for Mayor of Chicago.<ref>http://biggovernment.com/tfitton/2010/10/14/is-scandal-ridden-rahmbo-chicagos-next-mayor/</ref>

'''Rahm Emanuel''' (b. 1959) is a powerful Democrat and former Chief of Staff to President [[Obama]]. [[File:Rahm Emanuel.jpg|thumb|200px|Rahm Emanuel]]  He represented [[Illinois]]' 5th Congressional District in the House of Representatives 2003-2008.  As chairman of the Democratic Congressional Campaign Committee, he took credit gaining a majority for the first time since 1994. He became a top leader as Chairman of the Democratic Caucus in the House.  Emanual was appointed to the Board of Directors of [[Freddie Mac]] by [[President Clinton]], shepherding the subprime lending abuses under the [[Community Reinvestment Act]]. [[Barack Obama]] was appointed Emanuel as his first Chief of Staff. Emanuel resigned amidst charges of his direct involvement in [[Jobsgate]]<ref>http://www.denverpost.com/ci_15213784</ref><ref>http://voices.washingtonpost.com/thefix/white-house/how-the-sestak-job-offer-becam.html</ref> and [[Fast and Furious]] reportedly to run for Mayor of Chicago.<ref>http://biggovernment.com/tfitton/2010/10/14/is-scandal-ridden-rahmbo-chicagos-next-mayor/</ref>

Illustrating Emanuel's penchant for exploiting crises for political gain, he remarked, "A crisis is a terrible thing to waste; they are opportunities to do big things." <ref>[http://www.youtube.com/watch?v=1yeA_kHHLow Rahm Emanuel]YouTube- you never want a serious crisis video</ref><ref>[http://online.wsj.com/article/SB122721278056345271.html?mod=googlenews_wsj]</ref>

Illustrating Emanuel's penchant for exploiting crises for political gain, he remarked, "A crisis is a terrible thing to waste; they are opportunities to do big things." <ref>[http://www.youtube.com/watch?v=1yeA_kHHLow Rahm Emanuel]YouTube- you never want a serious crisis video</ref><ref>[http://online.wsj.com/article/SB122721278056345271.html?mod=googlenews_wsj]</ref>

In President Obama's first year Emanuel was considered to be the most powerful White House chief of staff in decades.

In President Obama's first year Emanuel was considered to be the most powerful White House chief of staff in decades.

==Emanuel's role in the subprime lending crisis==

==Emanuel's role in Freddie Mac and the subprime lending crisis==

 

Emanuel was appointed to the board of scandal-plagued quasi-governmental mortgage giant Freddie Mac by [[President Clinton]]. <ref>http://online.wsj.com/article/SB122610420534009957.html</ref><ref>[http://abcnews.go.com/Blotter/story?id=6201900&page=1 Emanuel Was Director Of Freddie Mac During Scandal], ABC News,

Emanuel was appointed to the board of scandal-plagued quasi-governmental mortgage giant Freddie Mac by [[President Clinton]]. <ref>http://online.wsj.com/article/SB122610420534009957.html</ref><ref>[http://abcnews.go.com/Blotter/story?id=6201900&page=1 Emanuel Was Director Of Freddie Mac During Scandal], ABC News,

November 7, 2008.</ref>  While Emanuel was on the board, Freddie Mac misreported its net income in 2000 by 30.5 percent, in 2001 by 23.9 percent and 2002 by 42.9 percent, defrauding investors according to the SEC.  Freddie Mac's failure is regarded as one of the precipitating events of the [[Financial_Crisis_of_2008#2008_crises| Financial Crisis of 2008]].

November 7, 2008.</ref>  While Emanuel was on the board, Freddie Mac misreported its net income in 2000 by 30.5 percent, in 2001 by 23.9 percent and 2002 by 42.9 percent, defrauding investors according to the SEC.  Freddie Mac's failure is regarded as one of the precipitating events of the [[Financial_Crisis_of_2008#2008_crises| Financial Crisis of 2008]].