New Boss, Old Boss, Etc.

Rahm Emanuel missed “red flags” during his tenure at Freddie Mac:

According to a complaint later filed by the Securities and Exchange Commission, Freddie Mac, known formally as the Federal Home Loan Mortgage Corporation, misreported profits by billions of dollars in order to deceive investors between the years 2000 and 2002.

Emanuel was not named in the SEC complaint (click here to read) but the entire board was later accused by the Office of Federal Housing Enterprise Oversight (OFHEO) (click here to read) of having “failed in its duty to follow up on matters brought to its attention.”

Every time a new party comes to power, we’re promised clean government. (“Most ethical White House in history…” “Most ethical Congress in history…”) And every time, we get… well, we get what we get.