"Dirty Dancing"

Rahm Emmanuel serves as President Obama’s chief-of-staff and as part of the Clinton administration acquired a tough, no-holds, enforcer reputation. Little attention is paid to the period of time he resigned as Clinton’s aid in 1998 until 2001. Then, he successfully made a bid for the House Seat in the Illinois 5th District in 2002 elections.

It appears Mr. Emmanuel took the plunge into investment banking. I find this very interesting. After hearing this information, on Glen Beck’s program on Fox News (Aug. 13, 2009), I checked out some basic facts.

· Rahm Emmanuel graduated from Evanston School of Ballet, turned down a scholarship to the Joffrery Ballet to attend Sarah Lawrence College, a school with a strong dance program. There he received a B.A. in the Liberal Arts, followed by a M.A. in Speech and Communication. (Northwestern, University, 1985).
· With no background in business, or banking, he lands a plum job at Wasserstein Perella from 1998 –mid 2002. In 1998, he becomes director of the Chicago office.
· During this stint, he was involved in 8 deals and reaped a 16½ million dollar profit.
· One of those deals generated almost all of the profits. The sale of Southwestern Bell Company’s Security Link unit to GTCR Golder Rauner in order to facilitate SBC’s purchase of Ameritec. (Today through further morphs and mergers SBC has become AT&T.)
· In 2000, Pres. Clinton appointed, Emmanuel to the board of Freddie Mac for a salary and later stock sales of almost $320,000. He is not known to have attended board meetings, or to have been assigned to any working committees.
· Rahm Emmanuel headed the GTCR Golder Rauner investment group that picked up the bargain priced Security Link. *
· Who head SBC at the time of the Security Link Sale? Edward Whiteacre
· To what was Mr. Whiteacre recently appointed? The Treasury Department selected him to become the new chairman of GM.
· Emmanuel’s group sells it for over $1 billion*

*These items were the only one’s that I have not been able to cross check as of today:
1. That Security link was purchased by GTCR for a bargain price. 2. That GTCR group sold Security Link for between 1 and 1.5 billion dollars.

Remember these things:

· Rahm Emmanuel made almost all of that 16 ½ million from a deal that involved Mr. Whiteacre
· Mr. Emmanuel served during the time Freddie Mae was cooking the books and creating some of the most horrendous indiscretions in accounting and lending ever seen in the mortgage industry.
· In the House. Rep. Emmanuel sat on the Financial Service’s Committee, but recused himself from the subcommittee investigating Freddie Mac to supposedly avoid the appearance of impropriety, or conflict of interests
· The Obama administration, rejected a request by The Chicago Tribune under the Freedom Information Act to go over the board meeting minutes and correspondence of Freddie Mac during the time Emmanuel served there. The request was denied.

Well, it looks like while Rahm Emmanuel was studying ballet, he, also learned to the fine art of the political two-step in the heart of Chicago.

Mr. Emmanuel to you, I say that for someone so concerned about the appearance of impropriety you seem to like shutting the barn after the cow has escaped. For the administration to appoint Mr. Whiteacre as GM’s Chairman when you have had financial dealings that benefited you personally with him appears improper to others and me. There are other great businessmen that don’t have financial ties to you, or others, in the administration. (Not to mention this man has no automotive industry experience.)

You are a dirty dancer, Mr. Emmanuel, in an administration of dirty dancers. As for transparency, you and your crew would like to be wearing lead suits, the kind that Superman can’t see through. You have no intention of being transparent; but your deeds still find you out…the trail of slime is always left behind when you dance in the muck and mire.

“D”