How Rahm Emanuel Made Mega-Millions and Bought His Way to Power

[laststeamtrain]

How Rahm Emanuel Made Mega-Millions and Bought His Way to Power
By Ben Protess, ProPublica
Posted on December 9, 2008, Printed on December 9, 2008
http://www.alternet.org/story/110396/

Since Rahm Emanuel was appointed the next White House chief of staff last month, ProPublica has been retracing his previous life as an investment banker, which earned him more than $18 million in less than three years.

The New York Times recently shed new light on Emanuel's Wall Street days -- and how they helped send him to Congress.

In late 1998, Emanuel left the Clinton White House to work for Wasserstein Perella, a now defunct investment bank run by Bruce Wasserstein, a major Democratic donor.

<snip>

Indeed, as we previously noted, Emanuel used his political connections to broker major deals while at the firm. (One deal was a $16 billion merger that created Exelon Corp., now one of the nation's largest electric utilities. Another involved SBC Communications, the telecommunications company run by William Daley, Clinton's commerce secretary and the brother of Chicago's mayor.)

After leaving the bank in 2001 to run for Congress, Emanuel benefited from the sale of Wasserstein Perella, which gave him an unusually large payout. Russ Gerson, global head of financial markets for A.T. Kearney Executive Search, told the Chicago Tribune in 2003 that Emanuel's compensation would put him "in the top 3 to 5 percent" of investment bankers at that time.

The cash proved helpful when Emanuel found himself in a tough fight for a seat in Congress. He contributed $450,000 out of his own pocket to the primary campaign, and his leading rival accused him of trying to buy his seat, the Times reports.

<more>

http://www.alternet.org/workplace/110396/how_rahm_emanuel_made_mega-millions_and_bought_his_way_to_power/
*

We're doomed.

And before anyone asks who 'we' are, I mean the democratic wing of the Democratic party.

[cali]

1. Yes, this is sleazy shit re Emanuel

But what do you mean by doomed? Do you mean that liberals/progressives won't have any influence in/with an Obama administration? Do you mean we're going to be herded into prison camps? Just what exactly do you mean by doomed?

[Behind the Aegis]

2. What is "sleazy" about this?

[cali]

3. the aisle between major financial corporations and

D.C. is far too broad. Same as with lobbying firms. Why was Emanuel hired? Because of his connections to those in power. And that's sleazy.

[Behind the Aegis]

6. Too broad? Or too narrow?

I would think the issue would be the aisle is too narrow. Perhaps I am not understanding your analogy.

"Why was Emanuel hired? Because of his connections to those in power. And that's sleazy." You may think that is 'sleazy,' but in the real world, many times it does come down to the adage of "it's not what you know, but who you know." I hardly think it is newsworthy. I was thinking the OP had something he had done illegal, but to me, it sounds like someone looking for something, anything, to impugn Emanuel.

[KharmaTrain]

14. When He's Too Broad, He's Too Narrow...

There's no win with many of those who feel the election was some sort of progressive mandate. That hasn't happened yet...and won't if Democrats play politics and have the same litmus test repugnicans do. Reality be damned, this is all about one's principals. I guess they didn't hear the part when President Obama said he wasn't representing one America, but all of it, and this means reaching out and building a working coalition that will clean things up.

I've had my beefs with Rahm...I cringe every time I see Peter Roscum in the House seat Tammy Duckworth should have won, but if there's anyone I want to get things done with that Congress, he's the man. It's not a matter of lobbyists when you have an economy in shatters and two wars that are going nowhere. We lived with 8 years of "ideology" trumping reality. I for one appreciate the change.

Cheers...

[laststeamtrain]

7. Fair questions.

I mean democracy is out of our hands.

Financial services, DoD contractors, etc, etc, count. Real people, at real kitchen tables, don't.

If you asked real people a set of real questions about what kind of government they wanted it would be a socialist democracy.

It wouldn't include the input of wall street insiders. But that's almost all we hear.

There's a difference between business and capitalism.

We're presented with sleazy shit as if it smells good.

A huge industry is devoted to making sleazy shit smell good. But it doesn't smell good.

I stand for keeping your eyes wide open, that's all.

[cali]

8. Maybe. Maybe it would be a socialist democracy

and maybe it would be a fascist empire rooted in "Christian" doctrine. If I've learned one thing in my life, it's that people are persuadable.

I think there's evidence that real people do indeed count to Obama. Quite a bit of it. And the latest bit of evidence is his stand re the workers at Republic Windows and Doors. Not to mention his appointment of Melody Barnes.

I'm all for remaining vigilant, but this insistence that progressives/liberals are doomed under a corrupt Obama administration is utter bullshit- and it stinks just the same as any shit.

[laststeamtrain]

9. OK. Let me break this down...

"a fascist empire rooted in "Christian" doctrine."

What? I find it hard to even think of such a thing. I don't know anyone who does. I hear people talk about such people on TV and radio but I don't know any. Sorry, I don't worry about it. I'm not sure this particular 'they' exists.

Obama's been OK. I believe in counting the small stuff. I'll be interested in watching S. Rice at the UN. The phrase 'occupied factory' excites me. I'd love to hear the phrase "waves of labor unrest" come out of the mouths of news bimbos and bimbi everyday.

In your third paragraph you're trying to pigeonhole me. I don't have an 'insistence'. I just watch what's going on.

:hi:

[BrklynLiberal]

23. Google "dominionists, Christian reconstructionists"

They are really out there.
Some of them own or finance companies that make voting machines.
Some of them own and/or finance Blackwater.
Some of them finance the anti-abortion, anti-gay rights movement.
They count on most people not knowing about them, and/or not caring.

Vigilance is always essential, as I am sure you know.

[laststeamtrain]

24. I know. You're right.

I read Sara Diamond's book Roads To Dominion (http://www.publiceye.org/diamond/sd_roads.html) years ago & I know it's real.

Rushdoony & the loonies at Chalcedon...

It's so bizarre it's hard take seriously sometimes.

'Sharia' is scary law, the Calvinist version is scarier.

I just don't think it will happen. Way before it could, average, tool-using, sports watching, not-too-bright, Americans would give it the Bronx cheer.

On a fundamental level we just don't like to be told what to do. I like that about us.

But you're right. American theocrats exist.

Money in politics is the greatest threat. It's bipartisan.

:hi:

[BrklynLiberal]

30. I hope your faith in the American voter is justified.

Sometimes I find it very scary. As you said, the money factor can be the weak link.

[Name removed]

4. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[caseymoz]

5. No, we're not doomed.

Abraham Lincoln had some questionable characters and downright enemies in his cabinet. It all comes down to how Obama manages his staff and cabinet. Unlike Bush, I'm anticipating that he keeps them on a tight reign, and he's not going to let them isolate him.

Give it chance.

[Buzz Clik]

11. We're not doomed even if the OP doesn't give it a chance.

These kinds of opinions voiced at DU are in the teeny tiny minority of those who are informed and politically active.

[truedelphi]

34. Please do the math. Abraham Lincoln did not have a King running our nation

At the time of his election.

With King Paulson in charge, and with Rahm, Geithner and Rubin getting important appointments, we are doomed.

Just do the math. We have currently allowed Paulson to hand over guarantees, loans, and outright monies to questionable entities like CitiGroup. These handovers now total 7.7 TRILLION dollars.

But these handouts represent only 7.7 TRILLION dollars of the repair measures needed on the still outstanding 180 TRILLION dollars of monies lost to the derivative markets by US firms.

So currently every single man woman and child owes the Treasuyr a measly $ 25,000 on this debt.

But once we have Bailed Out the remainder, each man woman and child will owe like $ 500,000.

Or as my husband so optimistically states it - we can all get second jobs (Never mind that he has not been able to work full time in his field for over three years. The poor job market hit us over-fifty somethings first.)

[Buzz Clik]

10. I love the DU, in which the D for "Democratic" is meant to be said with sarcasm.

The drama around this place has gone from silly to annoying. Unless, of course, you buy into this socialist bullshit without thinking.

[Romulox]

13. What is "Democratic" about buying power? nt

[laststeamtrain]

16. You can do the thinking for all of us. I'm sure you'd like that.

Do you know you're an authoritarian or are you just faking it?

What annoys you is the fact that anyone thinks differently than you.

Shaming & name-calling. It's a tip-off, buddy. There's no need to take you seriously.

[sufrommich]

12. Gosh,Rahm Emanuel went from the White House to successful

businessman with political connections,that's got to be a first in the history of government! :eyes:

[Bucky]

21. I don't know about you, but I'd be much more comfortable with an unsuccessful man on the job.

[truedelphi]

35. Or with Issa, Maxine Waters, or my avatar's

source, Mr Dennis Kucinich himself.

Of course, long before he was married to a beauty, and sitting in the halls of Congress, he was living in the backseat of a car, with outher members of his family. He knows that this a reality can happen.

And with 180 Trillion bucks in derivative losses, and Paulson cronies sitting at Obama's right hand, many of us might become familiar with that situation.

[madrchsod]

15. never have liked him since the 2006 election here in illinois but

barack trusts him until proven otherwise

[Greyhound]

17. The Democratic Rumsfeld or Cheney? I'm shocked. Not. n/t

[Nye Bevan]

18. I knew Emanuel was a smart politician and a brilliant campaign strategist

but I never realized that he was also a very successful businessman.

Rahm is a huge asset to the Democratic party and will be an excellent chief of staff for Obama.

[NashVegas]

19. I'm Glad to See This Posted Here

I was about to, myself.

Let's take another look at Blagojevich, k, in the light of the $18 million that Rahm was able to make as a result of his DC political status.

Suddenly, Blagojevich demanding to be let on that gravy train looks like nothing more than business as usual - if anything, it looks like he deserves it.

[sufrommich]

28. Except that he made his money in the private sector,not

auctioning off senate seats.

[Bucky]

20. I don't think I've even seen someone write "We're doomed" nonsarcastically

For that matter, "the democratic wing of the Democratic party" is getting a little stale, too. It's probably just me on that score, however. I have a hard time taking "true believers" seriously. Intolerance of differing viewpoints just strikes me as being undemocratic and in my heart I naively expect Democrats to be democrats, too.

[laststeamtrain]

27. It was a semi-moment of semi-clarity. It's semi-over now.

I used 'democratic wing...' because I thought people would understand it.

What words can one use anymore? Nobody seems to know what anything means.

I'm comfortable with democratic socialist but there's no such thing. It's not on TV, anyway.

There's just one party, the Money Party. It has two wings. A conservative wing called democrats and a reactionary wing call republicans.

Hey, you seem to know something, if I'm a 'true believer', what is it I truly believe in?

Any help will be appreciated. Let me know what's OK for me to think.

[bvar22]

31. Democratic Wing of the Democratic Party works for me....

...AND a majority of DU members.
Kucinich WON early straw polls by wide margins at DU.
The numbers of conservative screamers (excuse me..."Centrist" screamers) seems larger because they are so LOUD in their demands for "Purity" to their ideology.

"Centrism"...a Dogmatic Ideology without the nuisance of Ideals.


"There are forces within the Democratic Party who want us to sound like kinder, gentler Republicans. I want us to compete for that great mass of voters that want a party that will stand up for working Americans, family farmers, and people who haven't felt the benefits of the economic upturn."---Paul Wellstone

[Bucky]

32. If you want me to tell you what to think...

... you better start calling me "sir".
:)

[leftchick]

36. I think we/I have a name

even though it is not even remotely true "extreme left wing democrats", or Lefists. The reality is they are the majority of the party and the RW dems (I can not even call them centrists) are a minority that has taken over the name DEMOCRAT.

[AmyCamus]

22. It's OK! that Emanuel sold out and cashed in, cuz he's on our side.

That's the spin, apparently.

[EFerrari]

25. Anybody seen Howard Dean lately? n/t

[Pastiche423]

29. I would not be surprised if

rahm won't allow Howard Dean any part of the new administration. This I will never forget:

Emanuel had witnessed this struggle in Illinois, too: it was the party regulars versus the goo-goos. Emanuel, the Daley protégé, is a regular who believes money and a disciplined organization win elections. He seemed to see Dean as a goo-goo, a good-government reformer with a base of liberal idealists who are more educated and individualistic than your average Democratic machine foot soldier, but less reliable when you need someone to hand out palm cards on Election Day. The machine has been paving over goo-goos since the 19th century. As a beery alderman once put it, "Chicago ain't ready for reform."

When Emanuel and Sen. Charles Schumer of New York met with Dean to ask him to shift money to congressional races, Emanuel mocked the former Vermont governor as a political lightweight from a tiny, rural, homogenous state. "No disrespect, but some of us are arrogant enough, we come from Chicago, we think we know what it means to knock on a door," Bendavid quotes Emanuel as telling Dean. Emanuel "slammed his hand on the table," then continued his tirade: "Look, Chuck comes from Brooklyn. I come from Chicago. It ain't Burlington, Vermont. Now, we understand that Burlington knows a lot about grassroots politics and we know nothing. I know your field plan -- it doesn't exist. I've gone around the country with these races. I've seen your people. There's no plan, Howard."

According to Bendavid, Emanuel left the room vowing not to be seen with Dean if the Democrats lost on Election Day. When Dean eventually offered $20,000 a race, Emanuel told him to fuck off. (Not literally -- although it's plausible.) Eventually, Dean ponied up a $12 million nationwide get-out-the-vote drive."

http://journals.democraticunderground.com/madfloridian/1360

I amuses me to read how uninformed so many people on DU are.

[RB TexLa]

26. Oh my God, the son of a bitch made money! Money! Oh no!

:crazy:

[anonymous171]

33. Good. If he's this corrupt and heartless I expect Lieberman dead within a week.

[Laelth]

37. I disagree with your assessment.

Obama's move is brilliant. He pulled Emanuel out of the house and put him in a position where he can be fired at will if he doesn't toe the line. Obama effectively chopped off one head of the DLC. I hope he finds a job for Schumer too. Same with Hillary. She's out of the Senate (a position from which she could have been a pain in Obama's derrierre) and now in a job where she serves at the pleasure of the President-Elect. Obama can even control Bill from this position with a threat to fire Hill. It's brilliant.

The more I see of Obama, the more I like him, and I do not believe he's going to be a centrist President. Each move he has made could work out well for progressives.

The United States is a LIBERAL Country.

:dem:

-Laelth